From small community credit unions to huge metropolitan commercial lenders, every bank needs insurance financial institutions. There are numerous threats to safety and security in the banking industry, and a good business insurance portfolio will protect your assets and give you peace of mind.
Insurance financial institutions should include the following coverage;
- Cyber liability to provide protection in the event of a malicious hack or virus attack
- Professional liability to cover errors and omissions, employment practices, and directors and officers
- Crime insurance to protect your business from employee theft, kidnapping and ransom, and wire fraud
If your company needs additional protection from natural disasters, business interruption, or force-placed insurance, a qualified insurance agent can add these coverages to your portfolio.
In the rapidly changing world of finance and technology, it’s important to stay on top of FinTech trends. As mobile payments, fundraising, money lending, and money transfers become increasingly quick and easy, the opportunities for fraud increase as well.
It’s crucial to have a risk assessment performed for your business to determine where the vulnerabilities lie. An insurance agent can examine the exposures your company faces and tailor the portfolio to make sure your coverage is current and keeping up with technology.