Financial Services Information
Financial Services Insurance in Maryland
As a financial services firm, customers trust you with their hard-earned money. Whether you provide checking or savings accounts, wealth management services, loans, or cash and wire transfers, your financial services firm may be exposed to risks you’ve never considered before.
John L Sprague Agency is committed to providing every client with quality insurance benefits, and we’re experts in in optimizing policies to the advantage of every consumer. Your insurance portfolio needs to include a variety of policies, but they must all be customized uniquely to the specifications of your company. We offer benefits from a network of trusted carriers. We’ll make sure that with our help, you’ll be able to get those coverage solutions at precisely the costs you deserve.
Call us at 301-934-6010
or request your free insurance quote now!
Common Financial Services Insurance Questions
What is financial services insurance?
You never know when a hazardous event like a fire, severe storm, robbery or accident lawsuit will threaten your business, and you don’t want to face the prospect of having to pay for your recovery costs out of pocket. Because your firm deals with customers’ finances, it’s of the utmost importance that you secure the proper coverage that protects your business and the finances of your customers.
What coverage do financial services firms need?
To accomplish this task, financial services firms need to obtain a wide variety of commercial insurance options. Among the critical benefits you are likely to need for your business are:
• Commercial property insurance:
If something damages physical property—such as your building or possessions—then this coverage can help you repair or replace them.
• General liability insurance:
This covers the business in the event it causes property damage or bodily injuries to another party, like a client or vendor.
• Cyber liability insurance:
This coverage will help you get control of a situation such as a data breach or a ransomware attack, when your firm’s private data might become compromised. This coverage can help you protect yourself and customers.
• Business interruption insurance:
This helps you pay the bills if you must temporarily close after a damaging accident.
• Workers’ compensation insurance:
If an employee gets hurt on the job, they are often eligible for workers compensation. It will supply them supplementary income during their recovery.
• Errors & omissions insurance:
Professional advice or mistakes could cause clients a financial loss. This coverage can compensate them on behalf of the business.
• Surety bonds:
If you are contractually bound to certain clients, then bonds will guarantee them that you will repay them if you cannot meet your obligations.
• Employment practices liability (EPLI) coverage:
This coverage protects your firm from claims of misconduct. For example, it might help you respond to lawsuits brought by employees who allege discrimination, harassment or wrongful termination.
• Umbrella liability insurance:
An umbrella policy might be able to step in to help you cover outstanding costs not covered within your standard liability policies. It’s an extra layer of liability protection for multiple standard policies.
• Employee dishonesty coverage:
Should one of your employees steal from the business, this coverage can help you recover your losses.
• Commercial crime insurance:
Crime insurance policies can provide protection from losses following a business-related crime. Covered events typically include burglary, forgery, fraud, extortion, employee dishonesty and the theft, destruction or damage of money, securities or other property. These policies can provide coverage both at your place of business and while you or your employees are conducting business off-site.
Of course, there are many other policies available designed to protect you against specific risks and liabilities. These include:
Inland Marine Insurance
Products/Completed Operations Liability Insurance
Hired/Non-owned Auto Liability Coverage
You may benefit financially by bundling your essential coverage into a business owners policy (BOP) which allows you to get several benefits (property, general liability, business interruption) in one place and at one price.
Many of these policies are mandatory for businesses based on both local insurance regulations and contractual demands set by clients. Speak to your agent to learn more about these benefits.
What will my financial services insurance benefits cost?
All of your different plans will have different costs, based both on the coverage you choose and the risk factors that the insurer assumes by covering you.
We understand that you might have concerns about the burden that your benefits will have on your overhead costs, but we are committed to working with you to get you the coverage that offers you the best value on the market. Call us at 301-934-6010
or request your free insurance quote now!