Owning a bank can be incredibly risky. Numerous people are putting your business in the care of their finances and you need to guarantee safety. However, security breaches, unfortunately, happen. PNW Financial Guaranty Insurance can be an essential part of your business organization, giving your business additional protection in the case of something going wrong. Various insurance policies can cover different areas and risks of your business, so working with someone specifically insuring financial businesses allows for a program that has been built for banks and other institutions in the financial industry.
An important part of PNW Financial Guaranty Insurance, Professional Liability can offer protection to the directors of your bank. There are often a few parts to this program which cover different cases of accusations against wrongful business practices.
- Directors & Officers (D&O) Liability
- Errors & Omissions (E&O)
- Employment Practices Liability (EPL)
General liability typically won’t cover cases of crime. This is harmful to banks, as they are at high risk of robbery, employee dishonesty, business scams and various other crimes. Not all crime can be prevented, so it’s important to stay secure and ensure your clients that you’ll be able to handle the situation.
More of today’s businesses handle many of their transactions electronically. Hackers can find and exploit cyber vulnerabilities, causing problems and stealing funds. Any business today can benefit greatly from cyber insurance policies.