When shopping for business insurance for banks, it is important to recognize the many threats that financial institutions face. Whether it is the risk of cyberattack, identity theft, or a more basic claim, banks are at risk for a variety of legal challenges. While insurance is available to meet virtually any kind of special circumstance, at a minimum, all banks should have property and liability insurance.
All businesses should carry a comprehensive property insurance policy. That’s because if a storm, fire, or other calamity destroys the business’s property, it will bring production to a standstill. This is particularly true for banks that store customer’s money and other property in their vaults. At a minimum, a business’s property insurance should cover the building, inventory, goods, furniture, equipment, and other items necessary to conduct business.
Similarly, every responsible banking professional should carry a professional liability policy. Even if you are very careful in the job you do, you will eventually make a mistake. A good liability policy will cover errors and omissions, so you will have protection from consequences flowing from the mistakes you make and the things you forget to do altogether.
If you are shopping for business insurance for banks, at a minimum you should buy property and liability coverage.