Insurance for Financial Advisors, CPAs in NY, NJ & CT
Financial services firms in the Tri-State area operate in an environment defined by regulation, client expectations, and constant exposure to liability. Whether you are an independent financial advisor, a CPA firm, or a wealth manager, your reputation and client trust are at the center of your business. Insurance provides the protection necessary to safeguard your practice, your assets, and your future.
Refine Risk designs insurance programs tailored to the unique needs of financial professionals in New York, New Jersey, and Connecticut. We understand the regulatory pressures and litigation risks that come with advising clients, handling sensitive data, and managing investments.
Core Coverages for Financial Services Firms
Errors & Omissions (E&O) / Professional Liability
Protection against claims of negligence, errors in advice, or failure to deliver promised services. Essential for advisors, accountants, and consultants.
Cyber Liability Insurance
Coverage for data breaches, ransomware, and cyberattacks targeting firms that store client financial data. Includes forensic support, notification costs, and liability protection.
Fiduciary Liability Insurance
Protection for firms managing retirement plans or employee benefits, covering claims of mismanagement or breach of fiduciary duty.
Crime and Employee Dishonesty Coverage
Reimbursement for losses due to theft, fraud, forgery, or embezzlement committed by employees or third parties.
Directors & Officers (D&O) Liability
Protects firm leadership from personal liability related to mismanagement, compliance failures, or investor claims.
Business Owners Package (BOP)
A bundled policy that combines property insurance and general liability coverage for firms with offices.
Specialized Insurance For Finance Professionals
- Registered Investment Advisors (RIAs) – subject to SEC and state regulation
- Independent Financial Planners – offering personalized client advice
- Accounting and CPA Firms – handling tax filings, audits, and financial reporting
- Bookkeepers and Tax Preparers – responsible for financial accuracy
- Wealth Managers and Family Offices – managing multi-generational assets
- Boutique Investment Consultants – advising on capital allocation and strategy
- Fintech and Payment Startups – exposed to cyber and regulatory risk
The Importance of Carrying The Right Insurance
New York, New Jersey, and Connecticut represent one of the most highly regulated and litigious regions in the country.
Financial professionals face:
- Strict oversight from state regulators, the SEC, and FINRA
- High client expectations for risk management and fiduciary duty
- Litigation exposure in the event of market losses or compliance failures
- Growing cyber threats targeting sensitive client information
Insurance provides the stability and financial backing to withstand these risks while maintaining client trust.
Commonly Faced Claims for Financial Firms in the Tri-State Area
- A client sues a financial advisor for investment losses, alleging negligence in portfolio management.
- A CPA firm suffers a ransomware attack, exposing sensitive tax and financial data.
- An employee embezzles funds from a bookkeeping practice.
- A wealth management firm faces a regulatory inquiry into fiduciary practices.
- A fintech startup is sued after a system error delays client payments.
These risks are real and increasingly common. Without coverage, firms may face losses beyond their financial capacity to recover.
Benefits of Working with a Local Advisor
Financial firms in the Tri-State require insurance partners who understand:
- State-specific requirements in NY, NJ, and CT
- The regulatory and litigation climate facing financial professionals
- The need for tailored coverage that integrates with compliance strategies
Refine Risk provides this local expertise while maintaining access to national carriers and specialized programs.
Advantages of Working with Refine Risk
- Programs tailored to financial services firms and professionals
- Local knowledge of Tri-State regulatory and litigation environments
- Integration of professional liability, cyber, and business coverage
- Direct advisor access for claims support and policy guidance
- Annual reviews to ensure coverage evolves with firm growth and regulatory changes
Serving Financial Professionals Across NY, NJ & CT
We serve financial services firms throughout:
- New York City and all boroughs
- Westchester, Rockland, and Long Island
- Northern New Jersey including Bergen, Essex, and Morris Counties
- Connecticut including Fairfield and New Haven Counties
Our advisors understand both the regulatory requirements and the business realities of financial services firms in the region.
How to Get Started
- Schedule a consultation with a Refine Risk advisor
- Share details of your firm’s structure, services, and compliance requirements
- Review tailored proposals with integrated coverage options
- Select a program designed for stability and long-term protection
What Financial Advisors & Firms Should Know About Insurance
What insurance do financial advisors need?
Most advisors require errors and omissions (E&O) insurance, cyber liability coverage, and often fiduciary liability insurance depending on services offered.
Is E&O insurance required for RIAs?
While not federally mandated, many states and custodians require RIAs to carry E&O coverage. Clients increasingly expect advisors to have this protection.
Does professional liability cover cyber breaches?
Not usually. E&O protects against advice-related claims, while cyber liability covers breaches and data loss. Many firms carry both for comprehensive protection.
How much does financial services insurance cost?
Premiums vary by firm size, services, and claims history. Typical costs range from $2,000 to $10,000 annually.
Can insurance help with regulatory investigations?
Certain policies may include coverage for defense costs and regulatory response assistance, depending on the program.
Ready to Protect Your Firm?
Safeguard your practice, your clients, and your reputation with financial services insurance designed for the Tri-State area. Request a consultation with Refine Risk today to secure coverage that meets both regulatory demands and long-term business needs.
You May Like: Errors & Omissions Insurance | Cyber Liability Insurance