Financial institutions are at risk for a broad array of both internal and external crime. It is vital, therefore, to have financial institution insurance policies that protect you against any losses you might experience as a result of crime or fraud. From internal issues such as employee dishonesty to external problems such as outright robbery, a proper insurance policy can cover the damages these crimes do to your business.
A financial institution can be a target for many different crimes. Disgruntled or opportunistic employees might choose to embezzle money from the company. Wire fraud occurs anytime an entity obtains an unauthorized wire transfer. Forgeries of any kinds, such as forged checks, are losses that can be covered by a financial institution insurance policy. Such a policy can also protect against losses caused by theft, use of counterfeit currency and any property damage sustained during a robbery. As successful people and organizations are often targeted in kidnap, ransom and extortion schemes, it is important to have an insurance policy that protects employees and relatives in case of such a crime.
Being fully insured against potential crimes is part of the cost of doing business. A good insurance policy can cover legal fees and any losses that you suffer as the result of a crime committed against you or your institution.