Why do Financial Services need insurance?
Establishments in this industry provide alternative forms of credit and financial services including real estate as collateral, home equity credit lending, collateralized goods, special purpose investment vehicles, investment clubs, mineral royalties, pawnshops, unsecured cash loans, and credit card issuing. Companies can include those whose services are in real estate, sales, and consumer lending.
Your business needs insurance to protect against the many risks that you may encounter. This makes sure that you can survive a lawsuit when it happens, pay medical expenses as needed, as well as any other incidents and the related costs that arise. Insurance can cover all these and offer a peace of mind knowing that you won't go bankrupt when a lawsuit or other large expense happens.
What risks do Financial Services face?
Here are some potential risks that financial services may face:
How much does insurance for Financial Services cost?
The cost of insurance for other financial services is calculated by the size of your business, the number of employees you have and the coverage required. To find out the cost of your insurance fast, simply apply online to get a free quote in less than five minutes.
General Liability Insurance protects your small business against claims of third-party bodily injury and property damage, reputational harm and advertising injury. It covers medical bills, repair costs & legal fees.
Cyber Liability Insurance protects you from the theft of sensitive data. If you suffer a data breach or software attack, Cyber Liability Insurance will cover the costs of notifying and restoring affected customers, recovering data and repairing security systems.
Business crime insurance, also known as commercial crime insurance, protects against organization-related crime and the resulting losses for your small business. When someone defrauds, embezzles, forges documents, or commits theft, you're covered for the losses.
Errors & Omission Insurance (E&O), is a type of professional liability insurance. It protects you from being legal claims that you made a mistake when offering your services. E&O covers your defense fees & settlement costs.