What Does Financial Services Insurance Cover?

Like most industries, the financial service sector is rapidly growing, leading to the emergence of new risks. Without a valid insurance policy, the risk of things going south is high in this competitive, highly-regulated sector. At Freeland Insurance in Oklahoma City, OK, we offer financial services insurance, and here is how this coverage protects your institution.

• Cyber liability protection: Given the amount of personal data that financial institutions store, one cyberattack will likely cause untold financial consequences. While you may have installed risk mitigation measures, hackers may still be one step ahead of you, and data breaches can occur. Luckily, you can run to your insurance coverage to help you cushion yourself from the financial consequences of a cyberattack.
• Professional liability: If a stakeholder sues you for negligence, missed deadlines, or incomplete work, you can run to your financial services insurance for protection.
• General liability: Like any other business, financial institutions aren’t safe from liability claims. Luckily, financial services insurance can always bail you out when facing property damage, bodily injury, and advertising injury claims.
• Property coverage: Your business must have invested in multiple assets to deliver seamless financial services. In light of this, you must invest in insurance coverage that protects your assets when the worst happens.
• Worker’s comp insurance: This insurance protects your employees against illnesses and work-related injuries. This means that you don’t have to enter your pocket to cover medical costs for your injured or sick employees.
• D&O coverage: This insurance protects individuals when they are sued because of serving as an officer or director of a financial institution.

One of the best ways to set your business apart is investing in financial services insurance coverage. This way, you will have taken care of your risks to concentrate on the most critical aspects of your business. To get financial services insurance in Oklahoma City, OK, please contact Freeland Insurance.