Protected. That is how you feel with your current financial institution insurance coverage. You have crime insurance in the event of a theft, forgery, fraud or dishonest employee. The cyber world is covered too in case there is a security breach. Finally, you have professional liability insurance to defend the corporation from lawsuits. Do you have any gaps in your insurance policy portfolio? The answer is, maybe. Depending on the specific needs of your business, the best way to discover gaps is to consult a professional, such as Financial Guaranty Insurance Brokers (FGIB).
You may wonder what FGIB offers that you do not already have in your portfolio. One additional option is commercial property insurance, which covers repairs in the event of a disaster such as a flood or fire. Business interruption insurance is separate, designed to cover the costs of operating your company during the process of restoration. Depending on where your business is located, earthquake insurance may be a good match as well. Adding workers’ compensation benefits to your portfolio protects your business and your employees if there happens to be an illness or injury related to the workplace. There are other options available, subject to your corporation’s specific needs. Identify and fill the gaps to confidently keep your institution protected.