In order to ensure the stability of your bank and the duties it performs, financial institution insurance is a necessity. While there is a variety of insurance types to consider, it’s important to find ones that suit your bank best. While this list includes a few important coverage areas, try to work with an insurance company to build the best portfolio for you.
1. General Liability or Business Insurance
General liability covers the general risks that most businesses are likely to face, such as basic property damage, medical and legal fees in cases of injury, etc. However, business insurance is likely to include general liability while also including other insurance types important for businesses that help extend coverage.
2. Cyber Liability
Technology has become a vital part of most businesses. Cyber coverage should be included in financial institution insurance policies in order to safeguard private information and bank accounts since these are mostly stored and accessed digitally.
3. Professional Liability
Being sued for claims of negligence and general wrongdoing can be a strong financial hit to any business. Professional liability policies can offer protection by covering the costs of legal fees involved in these types of lawsuits.
4. Crime Insurance
While the idea of masked bank robbers is a common one, there are a variety of ways that criminals can harm financial institutions. Crime insurance is important for a bank to have, as they are a prime victim of criminal acts.