Property & Casualty Insurance for Financial Institutions
Considering that the financial services industry is evolving constantly, it’s more critical than ever to have robust insurance coverage against possible risks and liabilities. Through HUB Financial Services, a comprehensive Property & Casualty Insurance (P&C) plan can be tailored to the unique needs of financial institutions.
Services Overview
Our P&C insurance products offer the protection your financial services organization needs to meet risk from multiple angles. Your organization gets coverage for a range of situations, such as:
Property Insurance
Protect your organization’s physical assets from damage and loss. This aspect of P&C insurance covers such assets as buildings, equipment and documents against a range of threats like fires, floods, earthquakes and tornadoes. Human threats that may be covered under your P&C insurance policy include theft, arson, vandalism and more.
General Liability Insurance
Through HUB Financial Services, get P&C insurance protection against claims of bodily injury and property damage (BI/PD) to others arising out of nonprofessional negligent acts or liability arising out of the bank’s business operations . Consider that a client or visitor could get injured on your property or suffer losses due to your business activities. Instead of incurring financial loss, you can rest easy knowing the claim is covered.
Commercial Auto Insurance
Commercial Auto Insurance protects the bank for bodily injury and property damage caused by owned, hired and non-owned vehicles used for business. The policy can be endorsed to include Repossessed Autos and Drive Other Car Coverage for Executive Officers.
Commercial Umbrella
Commercial Umbrella Insurance provides an extra layer of protection by covering costs that go beyond the financial institution’s primary liability coverage limits. Coverage is written on a “duty to defend” basis and can include the following financial institution enhancements:
- Foreclosed Property and Repossessed Auto Liability, if covered on an underlying auto policy
- Expected or Intended Injury Exclusion does not apply to property damage
- 180 days automatic coverage for newly acquired organizations
- Advertising Injury and Personal Injury definitions include “electronic publications”
- Bodily Injury definition includes “emotional distress”
Workers Compensation Insurance
Just as there is risk from clients and executive actions or inactions, there is risk from employee claims. This area of coverage under P&C insurance helps to protect your financial organization against claims by employees from medical care, lost wages, death benefits, disability and rehabilitation benefits for workers who are injured on the job. The amount paid to an injured employee is determined by the Workers’ Compensation board in each state, taking into consideration the employee’s weekly salary and the severity of the injury. Workers’ Compensation also covers injuries that happen at work as a result of workplace violence, terrorism and natural disasters. Coverage requirements and availability varies by state.
How P&C Insurance Protects Financial Institutions
At HUB Financial Services, our goal is to protect financial institutions by mitigating risks and vulnerabilities arising out of business practices. Our team has decades of combined experience and expertise in the insurance needs of the financial services sector. We’re committed to staying informed about the latest industry developments and leveraging this knowledge to provide you with the most effective coverage and risk management strategies.
Ensuring the Future Security of Your Financial Institution
In a sector as dynamic as financial services, it’s crucial to have P&C insurance that not only responds to current needs but also anticipates future risks. Partnering with HUB Financial Services means choosing a provider that is dedicated to protecting the long-term viability of your institution. Reach out to us today to discover how specialized P&C insurance solutions can secure your financial institution against a wide range of risks, allowing your company to operate with confidence and focus on growth.