Financial Services Insurance
Coverage Built for Advisors, Firms, and Fiduciaries
Chicago financial services professionals face unique risks—from client claims of bad advice to data breaches and regulatory inquiries. Standard commercial policies aren’t built for these exposures.
At Truska Insurance, we design tailored insurance programs for investment advisors, RIAs, wealth managers, accountants, and law firms—comparing top carriers to protect your firm, your clients, and your professional reputation.
Why Financial Firms Choose Truska
Financial firms choose Truska because these risks are too specialized for a generalist broker. From complex professional liability claims involving FINRA or SEC scrutiny to cyber exposure tied to sensitive client data, the stakes are higher—and more nuanced. We build Chicago-based financial services insurance programs with expert carriers and policy language designed to perform when it matters most.
Law Firms
Wealth Managers
Asset Managers
Accountants
Law Firms
Wealth Management
Asset Managers
Accountants
Coverage Built for Financial Services
Commercial property insurance protects buildings and physical assets owned or used by a business. It typically covers damage to structures, equipment, inventory, furniture, and other business property caused by risks such as fire, theft, vandalism, and certain weather events. It can also help businesses recover financially by covering repair or replacement costs after a covered loss, thereby reducing downtime and operational disruption.
General liability protects your firm from third-party claims of bodily injury and property damage — a client injured during a meeting at your Chicago office, or damage that occurs during an off-site event. For financial advisory and accounting firms that regularly host clients, general liability is the baseline of any complete commercial insurance program.
Financial firms are among the most targeted industries for cyberattacks — and one of the most heavily regulated when a breach occurs. Cyber liability coverage for Chicago financial services firms covers forensic investigation, client notification, regulatory fines, legal defense, and reputational management costs following a breach. We work with carriers who understand the specific data obligations of RIAs, broker-dealers, and accounting firms under SEC, FINRA, and Illinois regulatory requirements.
Financial firms handle client assets, confidential account information, and significant transaction volumes — making fidelity and crime coverage essential, not optional. It protects against employee theft, embezzlement, fraudulent wire transfers, and forgery. For investment advisors and wealth managers, many custodians and institutional clients require a minimum fidelity bond as a condition of doing business. We make sure your coverage meets those requirements and reflects the actual assets under management or custody.
Commercial Umbrella Liability insurance provides an extra layer of protection above your existing general liability, commercial auto, and employers liability policies. It kicks in when underlying coverage limits are exhausted, helping protect your business from large claims or catastrophic losses.
claim Scenarios
FREQUENTLY ASKED QUESTIONS
E&O (errors and omissions) covers claims that your professional advice or services caused a client financial harm — a wrong recommendation, a missed deadline, a processing error. Fiduciary liability covers claims that you breached your duty as a fiduciary — that you failed to act in a client’s best interest when managing a retirement plan or trust. Many financial advisors need both, and the line between the two types of claims isn’t always clear until a claim is filed. We help advisors and firms understand which coverages apply to their specific services and structure them correctly.
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.
Rob is such a great person who has fully gained my trust. I appreciate all of his experience and knowledge. I know when I talk to him about what I need, he is always looking out for me and, most importantly, he is honest with me. I can’t tell you how much I’ve come to value honest and trustworthy professionals who are exceptional at what they do. Truska Insurance is definitely one of those places and I recommend his services to everyone I know.
K. Sparks
