Financial Institution Insurance

Manage your risk while managing the assets of others.

Financial institution insurance provided by 3R Insurance Agency.

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As a financial institution, people trust you with their money and assets. Community banks, credit unions, regional banks, thrifts, investment advisors, private equity, hedge funds, and REITs all have one thing in common. They need specialized financial institution insurance that suits their unique needs.

Financial institution insurance needs, addressed.

It’s crucial that you have an insurance plan that protects your complex risk. Having the proper insurance will protect your operations. It will also help with managing the financial and reputational risks your business faces. We understand that your needs can vary depending on the type of clients you serve and the business you conduct. We also understand your specific financial institution’s insurance needs.

Your name is important. Protect it.

In today’s world, many things can go wrong that affect a business’s reputation. In the financial industry, a bad reputation can seriously impact the bottom line, and not in a good way. Reputational risk insurance can provide funds to cover crisis management and pay for reputation restoration efforts. It can also protect from business losses on account of reputational damage.

We help you get the liability insurance you need.

Your directors and officers carry a lot of weight on their shoulders. This includes the risk of being accused of mismanagement. Directors and officers liability insurance (D&O) can help protect those steering the ship. Similarly, lawsuits can arise from lending activities, including class action demands and counteractions against foreclosures. Specialized liability coverage to defend such actions is a must.

Cover your business in case of employee fraud.

Financial institutions have access to tremendous amounts of money. That’s why you do everything in your power to only hire the best employees and screen out potential thieves. However, there is still a need to protect your business against dishonesty, forgery, and other fraudulent activities committed by employees.

Financial institutions are prime targets for cyber crime.

Most businesses can benefit from cyber liability insurance, and financial institutions are no exception. There are many kinds of cyber attacks, as well as data breaches. The losses in such cases can grow very quickly. This includes costs to repair systems, notification requirements, identity protection for those affected, and other expenses.

Financial institution insurance needs include common policies, too.

Coverages like general liability, property (including broadened coverage for ATMs), business auto, EPLI, workers’ compensation insurance, and more are also necessary for financial institutions. When conducting risk management reviews, standard business insurance needs should not be overlooked. A comprehensive review of policies should be conducted regularly to make sure there are no gaps.

For more information about your specialized financial institution insurance needs, contact us today.

Financial Institution Insurance - Banker Meeting with a Prospecting Housing Couple Interested in a Loan

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