Yes — and most institutional clients, custodians, and compliance consultants will expect it. Professional liability insurance (also called E&O — errors and omissions) protects RIAs against claims that their advice caused a client financial loss. In Illinois, while it’s not mandated by state law for all advisors, it is increasingly required by contract, and it’s essential risk management for any advisor with discretionary authority over client assets. We work with carriers who specialize in RIA coverage and understand the regulatory environment advisors operate in.