Business insurance for banks

Crime Coverage to Protect Your Bank

Banks are not different from other businesses in having to protect their assets from crime, except possibly in the regard that they have to be more careful due to the nature of their trade, i.e. money. Since money is highly fungible, people may be even more inclined to try and steal it, so a bank should make sure it knows how to protect itself from such an unfortunate event. Business insurance for banks can help against the sorts of situations listed below.

There are two broad categories in banking when it comes to crimes committed to a bank from outside. The first sort of crime is often called soft crime as it is not so easily provable. Offenses in this topic include extortion, crimes committed over the Internet and various kinds of fraud. The other kind is called hard crime, which is easier to prove. The categories in this topic vary generally between someone harming your property and someone robbing your bank.

There are also a few different kinds of crimes that can be committed inside by people who work at the bank. People being abducted and ransomed can be covered by insurance. In addition, your insurance provider can support you with measures against wire fraud. And most generally, there are multiple products for different kinds of bonds.

Your bank should work with a trained professional about business insurance for banks to meet your institution’s needs if you seek a more detailed understanding of the previous categories.