It is a changing world out there, and new threats to your business emerge almost daily. The bad guys develop novel and ingenious ways to hack into computer systems, steal data and extort money from banks, technology companies and retail platforms. You can cover your company from these threats with financial institutions insurance that is affordable and customized to your needs.
Good business insurance is all about protecting your assets from an unlimited list of possible disruptions. In today’s techno-centric world that may mean rethinking some of your insurance strategies and getting coverage for events that were unthinkable just a few years ago. In the realm of cyber insurance, your company can be covered for cyber-attacks, viruses, malware and interruption of service. Unfortunately, these schemes are becoming more common every year.
Financial institutions insurance can also be designed to protect against a variety of crimes such as extortion and embezzlement. One of the most common areas of actions against a company is employee malfeasance, whether it is simply stealing money or even selling company data and secrets to a third party.
Whatever your insurance needs, whether you run a large or small business, having the proper level of insurance makes good business sense. Protect your company and your assets from the bad guys with a smart insurance strategy.
Financial institutions’ insurance needs can be addressed by a myriad of insurance policies. To find out which policy may be right for your institution, continue reading below.
Errors and omissions can cost your financial institution significant sums without the right insurance policy. If you face legal claims because of alleged or actual errors and omissions, an E&O policy can provide defense costs and imbursement for any settlement (up to limits defined in policy) which might arise.
Whether a lawsuit is levied against your individual directors and officers or pit against your corporation as a single entity, a D&O policy can provide financial protection. These policies can reimburse you for defense-related costs as well as provide coverage for financial losses which result from the lawsuit itself.
While D&O insurance typically only covers the top-tier of employees in your financial institution, bankers’ professional liability insurance can offer a protective umbrella for all employees. BPL insurance can cover losses resulting from employee mistakes, software errors, and much more depending on the needs of your institution. These policies can be standalone or combined with other policies to provide your institution with the optimal level of financial and legal protection.
Financial institutions’ insurance policies can range from simple to expansive and are available in many varieties to meet different institutional needs. The above are just a few policy types which are available to financial institutions and should in no way be considered an exhaustive list.