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Essential coverages when you have equipment or operate from an office
Errors and Omissions (E&O) protects your financial institution against the errors or omissions done by your business or employees that have caused your client financial harm. The insurance will make sure that if a covered risk occurs, you won’t have to risk your business and personal assets to keep your business afloat.
Cyber Liability covers the lawsuits against you because of a data breach that leaks your customers' sensitive information. Whether it is stolen by a hacker or criminals that have gained access to your firm’s electronic network, this coverage will help with data recovery costs and much more that could otherwise deplete your business assets.
Commercial Property insurance protects your business’s physical assets from explosions, fire, storms, theft, vandalism, and most natural disasters. The insurance will cover the cost to repair or replace the building including the contents in it so you can easily get back on your feet after a disaster.
General Liability insurance will provide coverage to business from advertising mistakes, property damage, personal injury and other related risks that you may face during your regular business operations. All expenses for lawsuits, claims, and defense will be paid up to the covered limits of the policy.
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.
Here are some common risks financial institutions face:
These are just some of the many risks financial institutions can face.
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.
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