Get Covered: Liability Insurance for Family Offices
Durham Business Insurance to Keep Your Risks at Bay
Family offices are the ones that offer financial services for high-net-worth investments. These distinct and distinguished private wealth management firms and advisors offer particular skills and services that are highly sought after. Charitable donations, wealth transfer, estate planning, tax services, budgeting, and business and investment management may all be provided under one roof. While these skills and services are in-demand and essential, they also open up companies to a range of risks and liabilities.
Business insurance is important for every company, big or small, to truly enjoy success and security. For family offices, this becomes even more critical. Single family offices and multi-family offices alike need to have the right Durham business insurance in place in order to be protected from litigation and minimize future risk. Since the team is intimately involved in personal affairs and family planning, dealing with personal and inherited wealth, protection for all employees of a family office and the company as a whole is recommended.
3 Tips for Finding the Right Business Insurance Coverage
If you require a new Business Insurance Policy, take heed of this practical advice from our experienced brokers in Oshawa:
- Categories Count: No one understands your business concerns, strengths, and vulnerabilities better than you. The industry, operations, and size of your company will all play a role in determining the type of business insurance you require. Choose from the following categories to find the right policy: property and liability, automobile or fleet, directors and officers, crime/employee dishonesty, pollution, equipment breakdown, cyber liability, aircraft or watercraft, benefits and life insurance, errors and omissions, professional liability, marine/cargo. For most family offices, professional liability is essential and cyber liability, crime/employee dishonesty, directors and officers, property and liability, errors and omissions, and benefits and life insurance are applicable; hence they should be considered.
- Be Specific: From pre-packaged industry policies to hypothetical claims, getting as specific with your insurance coverage as possible is recommended. Petley-Hare will be able to walk you through the steps required to find coverage that is not only designed for your particular type of business, but also takes into account your specific concerns for possible litigation, liability, and vulnerability.
- Check Regulations: Financial experts are no strangers to regulations, and insurance coverage for your business is no different. At minimum, ensure you meet legal regulations for business insurance. Once the basic coverage that is required to operate in Canada has been established, your insurance broker will work with you to find an affordable and truly comprehensive policy that follows standards and suits your business structure.
Get Tailored Durham Business Insurance
Specialized insurance coverage is available that has been designed with this distinct area of the finance and wealth management industry in mind. A customized insurance policy can be adapted to suit your company needs, size, budget, and operations when you work with the dedicated team at Petley-Hare. Our insurance brokers in Durham offer attentive, personal service that brings together a thorough understanding of your business with years of professional experience in business insurance. We offer competitive rates and reliable service to ensure your business interests are protected and your company is kept safe from liability and the unique risks and demands of family offices.
Call Petley-Hare toll-free at 1-800-216-5324 for more information about Durham business insurance. Get a Free, no obligation quote online.