Liability allegations are often lodged against a corporation because of the assumption that it holds greater assets than an individual. Many corporations are required by law or industry regulators to carry a minimum of certain types of liability insurance, but these minimums are often insufficient to fully protect the corporation.
Provincial regulators are now mandating separate and distinct corporate E&O coverage for financial advisor agencies regardless of what personal coverage an advisor might hold. Regulators have determined that the vicarious liability extensions of an advisor's personal coverage is insufficient to fully comply with regulators consumer protection expectations. It is important for advisors to not only consider regulatory requirements but also what will fully protect their incorporated entity.
More than just E&O insurance, ABS offers a full suite of corporate liability insurance solutions to protect all aspects of your business