What is Financial Services Insurance?

Financial services insurance is designed to meet the unique needs of financial institutions and other businesses in the financial services sector. At Freeland Insurance, in Oklahoma City, OK, we offer financial services insurance for many businesses and institutions.

Who Needs Financial Services Insurance?

Businesses that have an impact on the client’s financial future will need financial services insurance. These include financial advisors, stockbrokers, investment advisors, and debt counselors. Those involved in bookkeeping or accounting and insurance agents may also need financial services insurance.  

What is Covered Under Financial Services Insurance?

Financial insurance coverage will vary based on your specific industry and associated risks. It is normally customized to meet your needs. Professional liability is one common type of insurance for financial services. A mistake for a financial services business can be very costly, and lawsuits add to the cost of damages. Professional liability protects against lawsuits due to accusations of misrepresentation, negligence, and fraud. 

Cyber liability insurance is often recommended as well. Financial services businesses often handle sensitive information, making them a target for hackers. Cyber liability can protect your business in the event of a data breach from hackers, employee error, and malicious software. 

Management liability insurance can include many subtypes. Directors, officers, and liability coverage. These policies protect businesses and management from claims resulting from the day to day operations of the business.  Fiduciary coverage provides liability protection from employment claims related to company benefit plans. Employment practices liability coverage protects companies from costs related to employee-related disputes including sexual harassment and wrongful termination claims. 

Business insurance, including financial services insurance, is a complex subject that requires an understanding of the business and the risks involved. Freeland Insurance agents in Oklahoma City, OK are happy to help you select the right coverage for your financial services business.