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Like many industries, the finance and insurance industry provides valuable services to millions of customers. Those who work in this industry know the risks that come with handling finances.
Both financial and insurance companies should also be aware of the dangers that can occur while doing business in the 21st century. The best solution is to purchase insurance policies that will secure against many different types of claims.
Read on to understand what insurance you may need.
Insurance needs within the finance and insurance industry vary depending on the type of business. Any company doing business in this industry should strongly consider all of the following types of insurance:
Professional Liability covers claims of:
Negligence: A Professional Liability Insurance policy will cover claims of negligence on the part of your company or employees.
Litigation Defense: This insurance policy will cover the cost of your company’s defense if a claim goes into litigation.
If an employee of an insurance company miscalculates the amount of money a client should have received as a result of a claim, this may result in a claim made directly against the insurance company.
These bonds focus on two key areas:
If you are legally considered a “fiduciary” under ERISA, you need to obtain this insurance policy immediately. Anyone who handles pensions, 401(k) plans, 403(b) plans, savings plans or any type of retirement account will be considered a fiduciary.
A Surety Bond may be required for your business. Many businesses that offer services are legally required to purchase varying amounts of Surety Bond insurance as a prerequisite to acquiring a business license in some states and cities.
Directors and Officers Insurance will cover:
Right away. Every company is at risk for claims related to mismanagement at the leadership level.
If the board of directors for an asset management company makes an unpopular decision for how to handle declining stock values, each director may be sued by shareholders. A Directors and Officers Insurance policy may cover the legal defense costs of this claim.
All businesses within the finance and insurance industry should carry this type of insurance. A common misconception by small business owners is that this type of insurance is only for larger, publicly traded corporations. However, any director or officer of any business, large or small, can be sued due to issues stemming from mismanagement of any kind.
Commercial Property Insurance covers two key areas:
You should purchase this type of insurance from the moment you begin operating your business. Any building or piece of equipment that helps generate income should be covered.
If a fire breaks out in your office, you may lose the building and the necessary equipment inside. Commercial Property Insurance will cover the cost of everything that was lost as long as it was written into the policy.
Commercial Property Insurance may not extend all the way to commercial vehicles. While some forms of vehicles may be covered, vehicles such as trucks or cars used for the business would need to be covered with a Commercial Auto Insurance policy.
General Liability Insurance covers two important areas:
Finance and Insurance companies that welcome customers and clients into a physical office should consider this insurance. While this is not true for all businesses in this industry, it is true of many small to medium-sized companies, as well as businesses work in consultation.
If a customer receives an injury in your office while receiving tax advice, your business will be held liable for damages. This type of insurance will cover this claim..
General Liability insurance is primarily designed to free your business of financial liability related to property damage and bodily injuries. However, it will not cover your company’s losses should your own property get damaged, nor will it cover your business should such instances result in a loss of business.
Many insurance companies own and use company vehicles. These should be insured through an auto insurance policy for commercial vehicles.
The finance and insurance industry should be concerned with cyber crimes. Lost data as a result of a cyber attack can be extremely damaging to a company and its clients. As insurance and finance companies house a tremendous amount of personal data for clients, maintaining a Cyber Liability Insurance policy should be considered.
Always check with your advisor to make sure you have all the insurance you need to be covered at all times.
Every insurance policy is different. The total cost of any insurance policy you purchase will vary depending on the size and location of your company. In some cases, the number of assets that your company manages will have a direct impact on the cost of certain insurance policies.
The best way to determine the cost of your insurance policy is to obtain a quote.
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