Insurance for Financial Institutions

Get business insurance with optimized coverage to meet your exact needs

Prefer to speak with a CoverWallet consultant? Call (646) 844-9933 anytime.

Better, Regardless of Your Size

  • Fast processing gets your financial institution insured before opening

  • 24/7 access to insurance applications

  • Affordable insurance that is unique to your business

  • Best-in-class service made just for financial institutions

Coverage Plans for All Your Needs


Essential coverages when you have equipment or operate from an office

Business Owners Policy (BOP)

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  • Bodily Injury
  • Damage to third party property
  • Business personal property
  • Personal injury
  • Lost business income
  • Equipment breakdown


Protect your business against service errors

Business Owners Policy (BOP) + Errors & Omissions (E&O)

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All Basic plan benefits and:

  • Professional negligence
  • Retroactive claims (previous contracted work)
  • Subcontractor errors


Get protected against Data Breach

BOP + E&O + Workers Compensation*

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All Standard plan benefits and:

  • Coverage for work-related accidents and disease and subsequent:
    • Ongoing medical care (such as rehab)
    • Missed wages during recovery

*plus Workers Compensation


When you have specific requirements

Including Workers Compensation, Hired & Non-Owned Auto, etc.

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We will take care of the switching hassle.

Call us at (646) 844-9933 for help and more information

Act Now, Get Protected Easily, Quickly and Affordably

See how much you could be saving, with best in class insurance partners.

Start your application and get a free quote in minutes.

Or call (646) 844-9933 anytime.

Get protected easily with CoverWallet

Frequently Asked Questions

Why do Financial Institutions need insurance?

This industry includes establishments involved in various aspects of banking. This includes businesses focused on securities and commodities exchanges, savings institutions, industrial depository banks, commercial banks, and credit unions.

Financial institutions are exposed to a wide range of risks. These risks keep changing as regulations change. There is also the inherent risk of managing other people’s money. Having insurance will protect you from the many known and unknown risks that financial institutions can face by paying for the covered expenses. This ensures that when a covered risk occurs, your business and personal assets are protected.

What risks do Financial Institutions face?

Here are some common risks financial institutions face:

  • Credit risk. If a person borrows money from the bank and is unable to repay, the financial institution faces a risk.
  • Failure to process transactions in time. An exchange rate is crucial, particularly for customers sending and receiving money internationally. The higher amounts sent or received, the more risks your financial institutions can face. If your financial institution is unable to process the transaction at an expected time or during a time duration, your business will be at risk.
  • Operational risks like human errors, hack or data breach, and potential losses due to improper information processing.

These are just some of the many risks financial institutions can face.

How much does insurance cost for Financial Institutions?

There is no fixed cost of insurance for financial institutions as every business has unique needs and risks. Insurance carriers usually ask for the type of business, the number of employees and the coverage needed in order to get a price for your insurance policies. To find out the cost of your insurance policy, apply for a quote online or give us a call. We’ll be glad to assist you with your business needs.

Peace of Mind, At Your Fingertips

CoverWallet utilizes state of the art technology to help small businesses understand and buy customized coverage, get significant savings and conveniently manage their insurance, in a matter of minutes, all through our online platform.

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Our mission is to help small businesses to be better protected, informed and served. See what our customers are saying.

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Personalized Service

5 stars service

John White, Restaurant Owner

I didn’t know what type of insurance I needed for my new business so I called CoverWallet and the agent provided me with everything in under an hour!

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Quick and Easy!

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Laura Campbell, Distributor

There is nothing more that CoverWallet could have done to make the process any faster or easier. They made it as painless as possible.

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Honest and Transparent

5 stars service

Anthony Williams, Contractor

I was extremely satisfied with all services and communications with customer support. I would definitely recommend to others. Thank you CoverWallet!

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You wanted better protection and cheaper pricing. So did we. We baked that dream into everything we've set out to accomplish in building our award winning platform.

Customized, Intelligent Application

We have one! How much could we have really improved the insurance purchase process? Try us! We ask only the questions you need to answer, nothing more.

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