There are a variety of financial institutions operating within the US, from captive financial companies to community banks. People, small businesses, and large corporations require the right combination of processes, employees, and the right vision to navigate through the fast-moving landscape that is the banking industry.
Banks must constantly be adapting to regulatory changes, focus on minimizing any exposures to systemic risk, while correctly anticipating the effects of economic shifts that may occur, underlying the need for an insurance carrier that understands these unique risks and challenges and can provide the necessary Insurance for Banks as well as answer any questions regarding what policies will best serve these giants of the industry.
Some important policies to consider
As a whole, lending institutions need directors and officers insurance along with a commercial general liability policy. Some may determine that a fidelity bond is a better insurance solution for their needs. There is an intrinsic need to adhere to all regulatory compliance regulations or face possible penalties and fines. This is an area where an Enterprise Risk Management (ERM) strategy really comes in handy.
Whether your concerns lie in internal employee misconduct, executive liability issues or technology system attacks, you need a comprehensive program that addresses each individual concern. An insurer familiar with dealing in banking and financial institution practices and that serves commercial banks, credit unions, investment banks, business development corporations, private equity funds, mortgage companies and consumer finance organizations is best prepared to serve these needs.
Protecting assets is a priority for any bank, regardless of their size. One of your goals should be to extend your protection beyond traditional coverages with programs designed to surpass many of the industry guidelines. In today’s competitive market, banks and other financial institutions increasingly offer services that go beyond traditional banking. The more services offered, the greater the chances of being sued. Don’t sell your customers or clients short: get the coverage that is designed specifically to help protect you from claims arising out of the professional services you render to your customers.
The right time to buy Insurance for Banks is before any exposures you may be facing come to light. Partner with an insurer that is focused on delivering a positive financial impact while navigating a complex, evolving industry.