Financial Services in Joliet, IL
Working in the financial sector can be a lucrative and rewarding venture, but given the inherently high stakes of even daily and ordinary tasks, such business operations also require careful risk management. The slightest miscalculation or oversight could have devastating ramifications for your clients and, subsequently, your company. Understanding and securing appropriate insurance should, therefore, be considered a top priority.
What Types of Coverage Does My Business Need?
While you may have heard terms like “financial services insurance” and “financial business insurance,” you should be aware that such phrasing does not typically refer to a single type of insurance product. Rather, you’ll likely need to combine several policies, each with its own coverage and financial protections, to suitably address your insurance needs. 
Every financial services business may have somewhat unique characteristics that influence its risk levels and subsequent coverage needs, but many can still benefit from similar types of policies, such as the following:
- Errors and omissions (E&O) insurance, also known as professional liability insurance, can offer critical financial aid if a client alleges that your business made a mistake from which they accrued losses, such as making a miscalculation or missing a deadline.
- Cyber liability insurance can offset losses arising from data breaches, including those affecting your clients. Given the potentially sensitive information with which you work, such as banking records and Social Security numbers, these policies are a wise investment.
- Commercial property insurance may be necessary to help manage repair, rebuild or replacement costs if your tangible assets, such as buildings, equipment and electronics, are damaged by covered incidents.
- Business interruption insurance can help you recoup lost income and pay for continuing bills should you need to temporarily shut down or alter normal operations.
- General liability insurance may assist with third-party bodily injuries, property damage and personal and advertising injuries for which you’re responsible. For example, if someone visits your offices and is injured after slipping on a wet floor, your policy could help pay for their medical bills.
- Directors and officers liability insurance can financially protect your company and its leaders from fiscal consequences arising from mismanagement or misjudgment that lead to monetary losses.
- Workers’ compensation insurance is often required by law and may help pay for losses and expenses resulting from employees’ work-related injuries and illnesses.
- Commercial umbrella insurance may provide additional liability coverage beyond the limits of other policies, although certain exclusions may apply. For instance, these policies cannot typically offer aid for professional errors or other claims that may exhaust E&O insurance.
We’re Here to Help
Contact Insure One Way today to discuss your business’s coverage needs and establish a suitable insurance package.