Financial institutions house people’s most valuable assets, so you need comprehensive insurance solutions to make sure your own assets are protected in the process.
With comprehensive insurance coverage for your financial institution, you protect your business from a wide range of risks it faces on a daily basis.
What is financial institution insurance?
Financial institutions include banks, credit unions, investment firms, and other businesses that conduct financial transactions like loans, deposits, currency exchange, and investments.
What does financial institution insurance cover in Salt Lake City?
Depending on the type of financial transactions your business deals with, you can choose financial institution insurance coverage that protects you from the specific risks involved with those transactions, and much more.
Financial institution insurance coverage options can include:
- Property damage: If your commercial property is damaged, financial institution insurance with property damage coverage can help cover the costs of repairing or replacing your damaged property.
- Liability coverage: Because financial institutions are tasked with managing money, they can be charged with negligence or failure to render professional services. If you’re found liable, you can face paying the costs of your clients’ legal bills or lost money out of your own pocket.
- Errors and Omission Insurance – If you or one of your employees has made an error or omission that has resulted in your client losing money, errors and omission insurance can protect you from the costs associated with judgments, settlements, defense costs, and other legal fees.
There are many other things a financial institution insurance policy can cover, and being caught without this coverage can result in paying exorbitant fees out of your own pocket. For many businesses, this means bankruptcy, which is why a comprehensive plan is so critical.
Each financial institution insurance policy is different, and the team at Salt Lake City Insurance will work with you to find the perfect plan for your business.