In the debt collection and debt buying industry, insurance isn’t optional – it’s critical. From frivolous lawsuits to sophisticated cyber-attacks, agencies face constant risks in today’s litigious and digital environment. The right coverage, especially Errors & Omissions (E&O)—also known as Professional Liability—and Cyber Liability insurance, can mean the difference between a minor setback and a business-ending catastrophe. Protect your company’s reputation, financial stability, and future by securing the proper insurance solutions.
Key Offerings & Cornerstone Differentiators
Errors & Ommisions (E&O) Insurance
Even a single mistake or allegation can cost your business dearly. Lawsuits under consumer protection laws like the FDCPA have surged (around 12,000 cases filed annually), and even frivolous claims cost money to defend. An E&O policy covers legal defense and settlements for claims related to your professional services. Our E&O coverage is tailored to the debt collection industry, ensuring common exposures (FDCPA, FCRA, TCPA claims, etc.) are covered. With the average professional liability lawsuit costing over $180,000 (and defense alone ranging from $100K–$500K), E&O insurance is essential peace of mind.
Cyber Liability Insurance
Data is the lifeblood of the collection business – and a prime target for hackers. Cyber Liability insurance fills that gap, covering breach response expenses, legal liability, and business interruption losses. Small businesses are far from immune: 43% of cyber attacks target small enterprises, and 60% of those hit by a major breach go out of business within six months. Our cyber coverage helps mitigate these threats, providing financial protection and expert resources if your company’s data is compromised. In an era of growing breaches, this coverage is critical to keep your business running strong.
Whole-Market Brokerage Advantage
Unlike captive agents or carriers that offer one-size-fits-all policies, we shop the entire insurance market to find coverage tailored to your specific needs and aligned with your professional services—at competitive prices. We leverage our network of leading insurers to secure quotes and specialized policy enhancements that many other agents may not have access to. This whole-market approach creates competition among carriers, helping reduce premiums without sacrificing coverage quality. The result? More robust protection for your business delivered at a cost-effective rate.
27 Years of Industry Experience
Founded in 1998, Cornerstone has specialized exclusively in the debt collection and debt buying industry for over 27 years. That depth of experience means we don’t just understand insurance – we understand your business. We’re familiar with the regulatory hurdles, client demands, licensing requirements, and operational risks unique to the ARM space. Our team tailors each policy to your actual exposures, helping ensure you’re fully protected without paying for unnecessary coverage.
Surety Bonds, Licensing & Business Services
More than an insurance partner – we’re a one-stop compliance shop. We help clients secure the required surety bonds and maintain proper state licensing in every jurisdiction where they operate. Need a registered agent or resident manager in multiple states? Looking to form a new business entity? We’ve got you covered there too. By bundling these services with your insurance, we simplify the regulatory process and remove administrative burdens so you can focus on running and growing your business.
The Cornerstone Competitive Advantage
Peace of mind starts with the right partner — one who truly understands the collections and ARM space. Our team delivers insurance solutions designed specifically for your risks, not just a generic policy pulled off the shelf. Because we are an independent broker with deep specialization, we offer insurance options that other agents may not have. From broader definitions of “damages” in E&O coverage to cyber policies designed for financial data breaches, our solutions go above and beyond the basics. And thanks to our whole-market approach, our superior policies often come at lower premiums than more limited options you’d get elsewhere. It’s like having an entire insurance marketplace competing for your business – with experts on your side to ensuring you win every time.
Above all, our focus on the debt collection industry means you get insightful service and advice. We stay on top of industry trends, legal developments, and insurance market changes that affect ARM companies. This translates into better risk management guidance for you and coverage that evolves with your needs. You’re not just buying insurance, you’re gaining a long-term risk management partner dedicated to the success of your business.
Please note: Cornerstone does not offer personal insurance such as health, life, auto, or homeowners coverage. Our solutions are designed specifically for commercial and professional risks within the financial services sector. Insurance products are offered through Integrity First Insurance Services, LLC, a licensed agency affiliated with Cornerstone Insurance Services.
