Financial Services Information
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. Contact John L Spraque Agency today to learn more about how we can help your financial services firm get the right insurance.
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?
Financial services firms need to obtain a wide variety of commercial insurance options. Common coverages may include:
Commercial property insurance:
If something damages physical property—such as your building or possessions—then this coverage can help you repair or replace it.
General liability insurance:
This coverage helps protect your business in the event it causes property damage or bodily injuries to another party, like a client or vendor.
Cyber liability insurance:
This coverage helps address the risks that come with using modern technology; risks that other types of business liability coverage simply won’t.
Business interruption insurance:
This coverage helps you pay the bills if you must temporarily close after a damaging accident.
Workers’ compensation insurance:
If an employee suffers a work-related injury or illness, this coverage helps provide wage replacement and pay for medical costs.
Errors & omissions insurance:
Professional advice or mistakes could cause clients a financial loss. This coverage can compensate them on behalf of the business.
Employment practices liability (EPLI) coverage:
This coverage helps 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 may 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-sit
The insurance your specific financial services firm may need will vary based on your unique needs. Contact John L Spraque Agency to discuss your insurance needs.
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. Call us at John L Spraque Agency or request your free insurance quote now.