Your clients trust you with their financial future. One E&O claim, one data breach, or one slip-and-fall in your office can put your practice — and your personal assets — at risk. We build coverage around how financial professionals actually operate.
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Not a generic business policy with your name on it. These are the specific exposures that financial planners, CPAs, and advisory firms face in Utah.
A client alleges your investment recommendation lost them money. A tax filing error triggers IRS penalties. A missed deadline costs a client a business opportunity. E&O covers your legal defense and damages — even for meritless claims that still cost six figures to defend.
Most Critical CoverageA client trips over a cable in your office. A water leak from your suite damages the firm below you. General liability covers bodily injury and property damage from your business operations — and your landlord almost certainly requires it in your lease.
Required in Utah if you have employees — including part-time staff, admin assistants, and junior associates. Covers medical costs and lost wages for on-the-job injuries. Even in an office setting, repetitive strain injuries, falls, and auto accidents during business travel are real exposures.
After reviewing policies for Utah financial advisors and CPAs, these are the exposures that are most often missing or dangerously underinsured.
Your BD's E&O policy typically covers only activities conducted through the broker-dealer. Financial planning advice, outside business activities, tax guidance, or estate planning referrals outside the BD's scope? Those exposures are on you, personally, unless you carry your own E&O.
CPAs and financial planners hold Social Security numbers, tax returns, bank details, and net worth statements. A ransomware attack or email compromise triggers notification requirements, credit monitoring costs, regulatory fines, and client lawsuits. Standard GL does not cover any of this.
Switched E&O carriers recently? If your new policy has a "prior acts" exclusion or a retroactive date that doesn't reach back far enough, any claim arising from advice given before the policy inception date is not covered — even if you had continuous coverage and the claim is filed today.
Many E&O policies are "defense within limits" — meaning your legal defense costs reduce the amount available to pay a settlement or judgment. A $1M policy can be exhausted by legal fees alone. The alternative — "defense outside limits" — is critical and often not the default.
Whether you're a solo CPA or a multi-advisor RIA, we build coverage around your specific practice model and compliance requirements.
CFP® professionals providing comprehensive financial planning to individual and family clients.
Tax preparation, audit, review, and advisory services — solo practitioners through mid-size firms.
Fee-based and fee-only RIAs managing client portfolios and providing fiduciary advice.
Agents and advisors who also offer financial planning alongside insurance products.
Multi-service firms offering investment management, estate planning, and tax strategy.
Non-CPA tax professionals and bookkeeping practices serving small businesses and individuals.
"They are very knowledgeable about the types of insurance my business needs."
From Silicon Slopes' growing advisory firms to Salt Lake City's established CPA practices, we serve financial professionals statewide.
Established firms & downtown practices
Silicon Slopes advisory firms
University-area CPA practices
Growing financial services hub
High-net-worth advisory firms
Southern Utah's expanding market
While Utah doesn't legally mandate E&O for financial planners, most broker-dealers, RIA custodians, and compliance frameworks require it. If a client alleges your advice caused a monetary loss — even without merit — E&O covers legal defense and damages. Without it, you're personally liable for those costs, which can reach six figures even for baseless claims.
Professional liability for CPAs covers claims alleging negligent acts, errors, or omissions in your services. This includes tax preparation errors resulting in IRS penalties, audit mistakes, missed filing deadlines, and incorrect financial statements that third parties rely upon. It covers your legal defense costs and any damages awarded against you.
E&O premiums typically range from $1,500 to $5,000 per year for a solo practitioner, depending on assets under management, services offered, claims history, and chosen limits. Larger firms see premiums of $5,000 to $15,000 or more. Your specific practice profile determines the cost, which is why a tailored consultation is the only way to get an accurate figure.
CPAs handle some of the most sensitive data in existence — Social Security numbers, tax returns, bank details, financial statements. A breach triggers regulatory fines, client notification costs, credit monitoring, and lawsuits. Standard general liability does not cover data breaches. Cyber liability is increasingly considered essential for any accounting practice.
Completely. General liability covers bodily injury and property damage — a client trips in your office, your employee damages someone's property. Professional liability (E&O) covers claims from your professional advice and services — a client alleges your recommendation caused financial harm. You need both, and they cannot substitute for each other.
Often less than you think. Many BD policies only cover activities conducted through the broker-dealer. Financial planning outside the BD's scope, outside business activities, tax guidance, or independent RIA work may not be covered. You may need your own E&O policy to fill the gap — have an agent review your BD agreement to find out.
