Financial Advisory Firms Secret Weapon Hidden in EPLI Review
Cost Considerations and Potential Savings
While the cost of EPLI can vary depending on the size of the firm, the number of employees, and the specific coverage needs, the investment is often outweighed by the potential savings from avoiding litigation costs and the associated negative publicity. Premiums for EPLI typically range from $800 to $3,000 annually for small to medium-sized firms, with larger firms seeing higher costs commensurate with their risk exposure5.
Firms can further optimize their EPLI investment by working closely with insurance providers to tailor coverage to their unique operational risks, ensuring they are neither underinsured nor overpaying for unnecessary coverage. This strategic alignment of insurance policies with business objectives not only fortifies the firm’s risk management framework but also enhances overall financial performance6.