Commercial financial institutions insurance–coverage written to your benefit.

As a commercial financial institution, you know even the littlest detail can make a huge impact—such as those tiny footnotes in the back of a prospectus or annual report. For your firm’s professional insurance coverage, the details are also important. That’s why your firm needs insurance coverage developed for financial service professionals to protect you, your firm, and your assets.

Why commercial financial institutions need insurance

Our professional liability insurance program is recommended by top industry associations. We call this coverage tailoring – you can keep your policy even if you change broker-dealer or life company affiliations. Secondly, as it is not uncommon for practitioners to gradually move their practice from fees and commissions to fee-only, your policy can be structured to cover both fee activities and product sales coverage. We call this coverage tailoring.


Our panel of risk management experts is available to answer general risk management related questions.

Insurance coverage for commercial financial institutions

The right insurance protection is one that provides coverage options and limits that can fit your firm. What makes us the right choice is our underwriting teams that have financial services backgrounds.

Our commercial financial institutions policy includes coverage for your*:

  • In-house chief compliance officer
  • Acts as a fiduciary
  • Mainstream investments including ETFs and alternatives
  • Professional liability only
We are the obvious choice for thousands of financial services professionals:
  • Registered investment advisors
  • Pension consultants
  • Family offices
  • Municipal advisors
  • Registered funds
  • Private funds
  • US-based non-depository lending institutions
  • Broker-dealers
  • Miscellaneous financial services
  • Non-bank trust
  • Registered investment advisor with firm exposure

*Coverages are subject to policy terms, exclusions, conditions and limitations. The commercial financial institutions insurance is offered through Markel Assurance and Markel Specialty.

Errors & Omissions (E&O) liability
  • Limits up to $10 million
  • Deductibles options from $1,000
  • Execution error coverage included
  • Claims made basis
Directors & Officers (D&O) liability
  • Limits up to $10 million
  • Variable deductibles available
  • Shared or separate limits
  • Sides A, B, and C are available
Cyber 360®: Cyber, funds transfer fraud, media liability, and social engineering

If a covered event occurs that may result in damage to your practice, Markel's insurance can offer the following:

  • Separate limits up to $2 million
  • Funds-transfer-fraud/social engineering
  • Privacy liability
  • Forensic expense
  • Public relations expense
  • Variable deductibles available
  • Ransomware
  • Business interruption
  • PCI assessments

Policyholders have access to the Markel® Cyber Hotline, which provides 24/7 access to a breach coach and the eRiskHub portal which provides various cyber resources.

Extended coverages for your services:
  • Product sales
  • Tax preparation
  • Limited trustee services
  • Divorce financial consulting
  • Accounting services
  • Life insurance agents

Some of the major differences you may find in our commercial financial institutions policy:

Defense provision

“Right and duty” to defend

  • This is the most protective option available to policyholders
  • We have a contractual obligation to defend you against covered wrongful acts as set forth in the terms of the policy
Incident trigger

Critical for early intervention in a potential claim

  • A “written demand” is not required to trigger loss control
  • Policyholders have access to our risk management and loss prevention hotline. This hotline allows policyholders to discuss potential claim scenarios with an attorney. We will pay up to $10,000 (without triggering the deductible) in investigative costs if the policyholder calls us before a claim is filed.
Broad coverage for your firm’s business activities
  • Professional services rendered or advice given to others by the insured for a fee, remuneration, or other consideration
  • Activities as a financial planner, registered representative, registered investment advisor, pension consultant, investment consultant, investment manager, or life insurance agent
  • Automatic coverage for acts as a fiduciary
    • Management of clients’ retirement plans
    • Personal liability protection from the Pension Protection Act of 2006
Our broad definition of covered activities encompasses a variety of professional services:
  • Financial advice given to others for a fee, remuneration, or other consideration
  • Includes pro bono advisory services
  • Educational training such as ERISA 404 (c)
  • Additional payment for loss control and investigative expenses
We also offer premium credits for professional designations and risk management strategies for:
  • Fee-only financial advisors
  • Practices dedicated to financial planning only
  • Firms with multiple advisors
  • Members of affinity partner financial associations and professional organizations

Our panel of risk management experts is available to answer general risk management related questions


We recommend you ask these questions anytime you are purchasing professional liability coverage regardless of carrier.



View our philosophy, affinity partners, and available compliance consultants.


Are you an agent or broker looking for applications?

Applications for the commercial financial institutions products an be found in Markel's Agent portal, mPortal. Log in and click the training tab to access the applications and other valuable agent resources.

Straight-forward insurance coverage for commercial financial institutions.

Request an information package with instructions on how to apply for E&O coverage.