Business insurance for financial and legal businesses


A financial or legal institution often juggles asks from both clients and regulatory bodies, so insurance provides broad-ranging support when problems arise.

Commercial cover does more than support law firms with the cost of compensation and help financiers recover from technical setbacks. It also aids with everyday operational obstructions, from accidents and break-ins to data breaches – allowing you to focus on the bigger picture.

Whether you’re a self-employed financial adviser in need of errors and omissions (E&O) insurance or the director of a legal services firm which requires protection against corporate legal liability risks, insurance could bolster your business. Build expert cover and, in the event of a claim, you’ll receive guidance to mitigate the cost of commercial obstacles.

 

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Why choose Hiscox for financial and legal business insurance?


1

Award-winning insurer

Hiscox has achieved Chartered Insurer status and is the proud winner of the Feefo Platinum Service award.

2

Tailored cover

Hiscox helps build custom cover, so you only pay for what's needed.

3

Receive up to £100 when you recommend us

Our refer-a-friend scheme makes it possible to share the benefits of great insurance. T&Cs apply

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Why do financial and legal businesses need insurance?


Accidents or illness

Heading out on a sailing weekend may not seem like a high-risk activity, even to an actuarial consultant who deals with the fine detail of financial risk every day. Slip on a rain-soaked tiller, however, and a broken collarbone could sink your plans for an exciting new overseas project. When personal accidents leave you unable to get the job done, specialist cover can provide a weekly business income supplement and help with rehabilitation expenses, giving you time and space to recover.

Technical problems

Floods, fires and overnight robberies can leave a financial institution out in the cold – especially if recovering investment records from your damaged server may take a while. Arriving to the office to discover the power is down, computers are missing, or live display screens damaged is a business leader’s nightmare. With comprehensive property insurance, however, you’ll get help with the cost of repair or replacement so you can quickly get back to business as usual.  

Slips and spills

Working as a mediator requires close contact with families or industrial bodies – if a child is scalded by coffee from your desk, there’s a chance the family could file a claim. A trade union representative may say they slipped on unmarked wet flooring – even if the case wouldn’t stand up in court, you might still need to fund a defence. Insurance helps offset public liability risks by paying fees and, if necessary, compensation.

Key types of insurance for finance and legal businesses


Some financial and legal enterprises may also benefit from insurance to cover public liability, professional indemnity and cyber risks.

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If you’re not sure what you need, tell us a little more about your finance or legal business. We’ll help you to build your quote and explore any other insurance needs.

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Insurance for financial and legal businesses: FAQs


What business insurance do I need for working from home?

A lot of the standard insurance types remain relevant when working from home and often your standard home insurance policy won’t cover you for business activities at home. Our home-based business insurance page outlines some of the key considerations.  

Depending on the type of work you do, covers such as public liability insurance could remain relevant – for instance if you still hold client meetings in your home.

If your remote working is temporary or part-time, then standard office insurance might still be required to safeguard your commercial premises.

When would a financial institution need employers’ liability insurance?

 Employers’ liability insurance is legally required for most UK businesses which employ staff, so a financial institution would typically take out this cover as soon as it has its first employee.

Even voluntary and casual staff can bring liability risks, but there are a few exceptions to the requirement (external link) – for instance, for family helpers.

Nonetheless, in most cases you will need to consider employers’ liability insurance as soon as your financial institution receives staffing assistance from anyone other than yourself.

Do financial and legal directors need insurance?

As a legal partner or the director of a financial institution, you shoulder additional responsibility. This means you may stand to benefit from directors’ and officers’ insurance, depending on the nature of your field and company structure.

This cover works by providing personal protection to those in charge of an organisation – the idea is to guard your personal assets from the impact of events such as legal action.

If you hold a position of responsibility and answer to investors, shareholders or regulatory bodies, then this type of cover could help if you make an error that leads to a complaint.

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