Financial institutions face a range of challenges unique to them. Serving your customers and achieving lasting business success requires that you have an insurance company that can provide you with coverage options suited to the particular work you do. Choose to work with a company that can provide you with the professional liability financial institutions require.
The Coverage Needs of Financial Institutions
Financial institutions such as banks, investment brokers, credit unions, managed care groups, and other large depository institutions have to have a range of coverage policies. These include:
- Errors and omissions specifically address accounting and real estate practices
- Identity fraud
- Directors and officers liability specific to private companies, public companies, or non-profit organizations
- Fiduciary liability
- Employment practices liability
- Business property
These are just some of the forms of professional liability financial institutions require.
Coverage is a Necessity
Without these and other specialized lines of coverage you put your institution at risk. Lawsuits brought by disgruntled clients, employees, and third party agents can disrupt business; comprehensive insurance coverage helps pay for legal defense and for any award that the court may order paid. Many of the regulatory bodies within the financial industry require institutions to carry certain forms of insurance in order to comply with licensing guidelines. Your institution may face sanction as a result of not complying with these regulations.
Comprehensive insurance coverage is necessary for business security and future growth. Your policies will provide the support required by today’s top institutions.