Insurance policies offered to financial institutions are constantly being refined to follow the way we deal with money today. Below, we’ll show you the four main types of insurance that financial guaranty insurance brokers have to offer.
1. Professional Liability
One of the biggest challenges faced today by banks, mortgage lenders and other types of financial investment firms is professional liabilities. If any of the following risks pertain to your financial institution, then you will likely consider purchasing this type of coverage.
- Shareholder disputes-Banking law -Violation of security-Consumer fraud-Lender liability -Breach of fiduciary duty-Errors and omissions
2. Cyber Liability
The rising escalation of data sabotage and theft poses a constant threat to the financial industry. Whether your company deals with bank account information, financial records or stock market information, you may need to purchase cyber liability insurance to prevent losses from data leaks or breaches.
3. Crime Insurance
It’s no secret that many financial institutions and lenders experience scams or theft from the inside out. If your company is at risk of any type of criminal offenses, you may certainly consider purchasing crime insurance which offers the following types of coverages.
- Employee dishonesty-Wire fraud-Financial institution bond-Banks blanket bond-Stock brokers blanket bond-Mortgage blanket bond-Ransom, extortion and kidnapping
Talk to reputable financial insurance brokers to protect your company from on-going financial risks today.