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Products October 18, 2010
RIA in a Box Offering E&O Insurance
RIA in a Box, a registered investment adviser (RIA) consultancy firm, has partnered with Lloyds of London and the North American Professional Liability Insurance Agency (NAPLIA) to provide errors and omissions (E&O) insurance.
Reported by Nicole Bliman
RIA in a Box is offering E&O insurance for a discounted price, only to its clients, with premiums starting at $1,250.
Errors and omissions insurance is not required, although it is strongly recommended for all RIAs.
RIA in a Box says many firms choose not to get the insurance for a few years once a practice is up and running, because of the costs involved. However, everything the firm worked on before the insurance was purchased is not covered by a newly-purchased plan – which can be detrimental if something goes wrong.
“This insurance can really be very important if there is ever a problem which crops up, because without it an RIA could really be put out of business” said Tom Schrandt, Vice President, NAPLIA.