Lending institutions can take on different forms, from captive financial companies to community banks. Regardless, they all require obtaining and developing the right combination of process, people and vision in order to be successful while constantly navigate an evolving and fast-moving landscape. Banks and other financial institutions face challenges in having to adapt to regulatory changes, while minimizing exposure to systemic risk and anticipating the effects of economic shifts in a global community.
These institutions are no strangers to risk, especially in a business environment featuring stiffer competition and more regulation than ever before. Yet, by adapting these institution’s operations and services to stay in compliance and remain competitive, there’s the added risk of compounding its vulnerability to a variety of financial threats.
Banks face mounting risks
With the risks and exposures you face you need an insurance carrier that understands these complex operations and can determine what type of insurance for financial institutions will best suit your needs. The choices range from directors and officers insurance to commercial general liability policy, as well as a fidelity bond, which may offer a better insurance solution for your needs. Most banks agree that cyber, professional liability coverage is now an important policy to have, as well as property/casualty coverages, and others, many of which can be purchased as standalone coverage or you may opt for a suite of coverages.
You must also be protected from the types of things that can result in an injury just walking through the doors, like common slip-and-fall claims. Then there are the far more complex, evolving, and perhaps unknown perils that may lurk over the horizon. Bank robberies, while glamorized in films, are far more frightening in real-life, where tensions run high and life and death scenarios can put customers and employees at risk. In times like these, it’s critical to have a stable, experienced insurer that understands all of the ins and outs of your institution’s operations and can help with the many options available.
Speak to an insurer that really understands insurance for financial institutions and make sure to get the right coverage for all of your needs.