As an operator or owner of a banking institution, you are no stranger to risks and exposures associated with running a company of this nature, especially in a business environment with tight regulations. Add to this the fact that banking is and always will be an area of stiff competition to add more customers and expand into new areas, and you can see how difficult things can get.
You must constantly adapt to changing times and technologies in your institution’s operations and services in order to stay ahead of the curve. This also means understanding and recognizing your vulnerability to a wide variety of financial threats. Apart from common concerns, such as slip-and-fall claims, robbery, and employee theft, you must also be aware of the concerns of cyber breaches and the fall out and liabilities associated with these crimes. Lending Insurance for Banks can offer protection for any and all issues related to running a safe and successful operation.
Known and unknown perils to be cautious of
Every day brings new and old concerns for banking institutions nationwide. Your facility can only benefit from a well-rounded insurance program that can both protect your operations and help you manage any costs that may be associated with lawsuits that you may incur. For example, you need to protect your operations from the possibility of a fire that could damage or destroy your institution’s building.
Insurance helps to pay the replacement cost to rebuild the building, including the cost to comply with any ordinances or laws, up to the policy limit. There’s also business income and extra expense to consider. A catastrophic storm could wreak havoc on your location, even causing you to have to close for weeks. Having an all-risk property/business income perils policy helps protect you from the impact of lost revenue. Extra expense coverage allows for mobile operations to be put into place, enabling you to bring operations as close to normal as possible.
You can be hit with a wide range of actions from employees, shareholders, customers, creditors, competitors, government agencies, and other third parties. This can significantly impact your bottom line. Your employees may also be a constant threat to your institution’s bottom line through fraud, extortion, and other criminal activities. To go without a well thought out banking institution’s insurance program is just not practical,
So speak to a professional about Lending Insurance for Banks, including management liability coverages, as well as protection from criminal acts.