Independent Financial Brokers of Canada | Individual E&O - Independent Financial Brokers of Canada

Tailored plans to fit your business perfectly

IFB E&O Insurance Program

Protect your business and your clients with a comprehensive E&O program designed specifically for the needs of independent professionals.

IFB has partnered with Willis Canada Inc, the dedicated broker for this program, to deliver broadly worded, competitively priced coverage backed by AXIS Reinsurance Company.

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OVERVIEW

What is Errors & Omissions (E&O) Insurance?

Errors & Omissions (E&O) insurance, also known as professional liability coverage, helps protect you if a client alleges financial loss due to an error, omission, or act of negligence. Even the most diligent professionals can face misunderstandings or unforeseen issues, and E&O coverage can help cover legal defence costs, settlements, or damages.

For licensed financial professionals, E&O insurance is a regulatory requirement in most provinces. Our coverage is designed to go beyond basic compliance, helping protect not only your business, but also your reputation and financial security.

$750

$1M per claim
$2M aggregate

$950

$2M per claim
$2M aggregate

$1,375

$3M per claim
$3M aggregate

$1,925

$4M per claim
$4M aggregate

$2,275

$5M per claim
$5M aggregate

Flexible limits

Coverage from $1M to $5M per claim. Choose the level that’s right for you.

Simplified premiums

No complex rate charts. Level premiums across Canada for life brokers and mutual fund advisors.

No Broker fees

Transparent, flat pricing with no hidden charges. When comparing providers, check whether they add these charges on top.

50% off for newly licensed advisors

First-term discount for advisors who have never previously held a licence or E&O coverage.

Coverage for referrals

Referral business is covered, including fee-based referrals as long as there is written disclosure to your client.

Your employees are covered

Unlicensed assistants and licensed mutual fund associates are automatically covered at no extra cost.

Vanishing deductible

Deductible waived on Life, A&S, or Mutual Fund claims after 3 consecutive claims-free years.

AD&D insurance included

Accidental Death & Dismemberment coverage during working hours is included automatically with your plan.

OUR BROKER

A Team That Knows Your Program

The IFB Insurance program is managed by Willis Canada Inc, a global brokerage with extensive experience in professional liability insurance.

Willis administers the IFB E&O program on IFB's behalf, and is your direct point of contact for:

Enrolment and policy applications
Certificate of insurance requests
Coverage and policy questions
Changes and endorsements
Claims reporting and guidance

A team of dedicated specialists is available Monday-Friday from 8:30 AM – 7:00 PM ET.

Toll-free: 1-877-341-0561 Local: 416-646-8300 ifb.insurance@wtwco.com

GET STARTED

ACCESS THE PROGRAM

If you're not yet an IFB Member, joining IFB is the first step to gaining access to the E&O program and the many other benefits membership provides.

Coverage can be purchased and renewed through Willis's secure online digital portal. Please log in for access to the portal, where you can complete your application, bind coverage, pay premiums, and access policy documents

Join IFB Member Login

IFB Corporate E&O Insurance

Your individual plan protects you as an advisor, but your corporation can still be named in a suit independently. IFB's Corporate E&O program covers direct liability brought against your firm, including:

Suits where your corporation is named alone or where direct liability allegations against the firm are made
Allegations involving a former advisor who no longer holds individual coverage
Errors made by unlicensed administrative employees of the corporation

Learn more about our corporate coverage

Newly licensed advisors get 50% off

We want to give a helping hand to people who are just starting out in the industry. IFB offers up to 50% off your first E&O premium if you’re a new financial broker. To qualify for this discount, you must be a newly licensed Life or Mutual Fund representative; never held a license before, and never held E&O coverage before.

NOTE: Discount for Newly Licensed Advisors only applies to the first policy term of coverage

Coverage for Referrals

Subject to the terms of the policy, your referral business is covered provided you disclose in writing to your clients any compensation arrangement that you receive for the referral.

Your Employees are Covered

Subject to the terms of the policy and at no additional cost:

For Life/A&S Advisors, unlicensed assistants are automatically covered
For Mutual Fund Representative Advisors, both mutual fund licensed assistants and unlicensed assistants are automatically covered

Deductible Waiver

Waiver of deductible in the event of a Life, A&S, or Mutual Fund claim if you have been insured under the IFB members’ plan and have been claims free for at least 3 years.

If You’re Leaving the Business

Extended Reporting Period (ERP or tail coverage) is available for those retiring or leaving the business.

Various Term options of Extended Reporting Period (ERP) coverage available, including Lifetime

Accidental Death and Dismemberment Insurance

Accident Death and Dismemberment insurance will automatically be included in your new or renewing plan. This coverage will protect you during YOUR working hours – so, in other words, any time you are travelling to or from a client meeting, whether it’s during regular business hours or an evening or weekend!

E&O insurance for Certified Financial Planners®

E&O insurance is now available for unlicensed fee-for-service financial planners who hold a valid CFP® designation.

Premiums are as follows:

$1 Million PerClaim / $2 Million Aggregate – $605

$2 Million Per Claim / $2 Million Aggregate – $1,025

Premiums do not include applicable provincial tax, as follows:

ON – add 8% tax; QC – add 9% tax; MB – add 8%; NL – add 15%; SK – add 6%.

IFB ELITE Endorsement

The endorsement provides you with the option to upgrade your E&O insurance coverage for a $250 flat premium (excluding any applicable taxes).

Coverage Details:

Enhancement A: Increased Regulatory Investigation limit to $50,000 (currently a $25,000 limit).
Enhancement B: Unlimited Defense Costs on covered claims (currently included within limit of insurance carried).
Enhancement C: Accidental Death and Dismemberment Insurance with 24/7 Personal and Business coverage (currently Business coverage only).

Optional Privacy and Network Security Breach Response Insurance

Data security is a paramount exposure in the financial services industry. A breach of data can be ruinous in terms of costs to comply with notification requirements, potential liability claims, and damage to your business reputation. The optional coverage available to IFB members addresses these evolving exposures: it protects your business from claims and other exposures resulting from a breach of data security.

Limit/Premium information is as follows:

Limit: $100,000

Deductible: $1,000

Flat rate Premium: $375

For more information on our Privacy and Network Security Breach Response Insurance, click here.

Optional E&O Insurance Coverage for Exempt Market Dealer Representatives (EMDR):

IFB plan members can now purchase coverage for their activities as a registered Exempt Market Dealer Rep, provided these activities are conducted through a Registered Exempt Market Dealer. Coverage is issued as an endorsement on your certificate of insurance.

Limit of Insurance: $250,000 per claim/$250,000 aggregate limit

Deductible: $25,000

Premium: $695 (plus tax, where applicable)

NOTE: This limit is included in the overall E&O coverage limit selected as a financial advisor, and is not in addition to the overall limit.

Who underwrites the IFB E&O program?

Your coverage is backed by AXIS Reinsurance Company, rated A+ by S&P and A (Excellent) by A.M. Best, giving you confidence that your insurer has strong financial security and claims paying confidence.

Do I need to be an IFB Member to access the program?

Yes, active IFB membership is required to participate in the E&O program.

This is a group insurance program, meaning coverage is made available collectively to IFB members as a whole, rather than offered to individuals on the open market. Because the program is negotiated, structured, and administered on behalf of IFB members, participation is limited to those who are current, active members in good standing.

Membership ensures that all participants share a common professional standard, which helps maintain the integrity of the group and keeps the program viable and competitively priced for everyone.

What are the benefits of being part of a group program?

Participating in a group insurance program offers several advantages that are often unavailable through individual policies:

Stronger coverage terms negotiated on behalf of the group, often with broader protection and fewer restrictive conditions
Competitive pricing through collective buying power, helping keep premiums stable and affordable
No shared limits—your coverage is not impacted by claims made by other participants
Access to financially strong insurers selected specifically for the program
Simplified administration, with streamlined applications, renewals, and documentation
Program stability and continuity, designed for the long‑term needs of members
Coverage tailored to your profession, reflecting the real risks you face in practice

Together, these benefits provide greater protection, value, and peace of mind than many stand‑alone insurance options.

How do I purchase coverage?

Coverage is purchased through Willis’s s secure online portal, which is accessible directly from our website. Through the portal, members can complete their application, bind coverage, pay premiums, and access policy documents (including Certificates of Insurance) in real time.

To get started, log in to your account on our website and click the "Renew or Purchase E&O" button. This will redirect you to the Willis portal, where you will need to create an account if you don't already have one. From there, simply follow the prompts to review your coverage options, make your selections, and complete payment.

If you're not yet a member, joining IFB is the first step to gaining access to the E&O program and the many other benefits membership provides.

Is coverage for regulatory investigations included?

Yes.
The IFB program provides $25,000 in legal costs per member if you are called to appear before a regulatory body. There is no plan cap on this coverage - unlike some competing programs that limit or exclude it entirely.

What should I do if I have a claim or a potential incident?

If something happens that makes you wonder whether you should call the broker — call the broker. Early reporting is always the right approach. The Willis Canada team is accessible, knowledgeable, and familiar with the IFB plan.
Contact them at 1-877-341-0561 or ifb.insurance@wtwco.com.

Does the IFB plan have a group aggregate that caps total claims across all members?

No.
The IFB E&O program does not have a plan aggregate limit. Some industry programs place a cap on the total amount paid out across all participants—meaning coverage may be unavailable once that limit is reached.
With IFB, your coverage is not affected by other members’ claims. Your policy limits are fully available to you, regardless of activity elsewhere in the program.

What else do I get with membership?

Access to the IFB E&O Program is one of the many benefits available to IFB Members. IFB Membership, also includes:

Advocacy: IFB represents independent advisors in regulatory and policy discussions at the provincial and federal level. Your membership gives the association a stronger voice on issues that directly affect your practice.
Coming Up Next: An exclusive transition enablement platform, featuring powerful planning tools to support the long-term success of your business, whether that’s growing your book, planning an eventual transition, or preparing for unexpected events.
High-Quality Education: We offer a robust calendar of professional development opportunities throughout the year. Members enjoy preferred pricing on all IFB events, and courses available on CE Central – our on-demand learning platform.
Member resources: regulatory updates, compliance tools, and practice management resources available through the member portal.
Savings and discounts: an exclusive member benefits program with discounts on business and personal expenses.
Community: connection to a national network of independent advisors who share the same practice model and professional values.

To learn more about the value of membership, click here or reach out to us at general@ifbc.ca or 905-279-2727.

Does IFB offer educational sessions on E&O and claims prevention?

Yes.
Willis Canada presents at IFB Summits and events throughout the year on E&O topics including claims prevention and key coverage features. In-office presentations for groups of advisors can also be arranged. Contact Nancy Allan (allan@ifbc.ca) to organize one in your area.