Insurance Solutions for Finance Institutions
Every business benefits from risk management, from finding ways to minimize property loss to the professional liability exposure of client services. Minimizing the financial impact of an event and transferring risk to an insurance company are all essential components of a business risk management strategy.
Whether your financial institution wants to strengthen a current risk management program or start from scratch, Mason-McBride can help you get where you want to be.
With over a century of experience, we understand your business and the daily risks you face. We counsel all financial institutions, including local and community banks, credit unions, national banks, investment firms, and mortgage brokers.
What Needs to be Covered?
There are several different coverage options to choose from to best fit your business. Notable exposures currently getting attention in the marketplace are:
General liability insurance can help protect your business against claims for bodily injury, property damage, advertising injury, errors, or omissions. In addition, without this coverage, you may be responsible for paying out of pocket for legal costs, such as attorney fees and settlement amounts.
Also known as Errors and Omissions (E&O), professional liability insurance can help protect your business from consequential loss resulting from negligence claims associated with your professional service. Professional liability claims involve allegations whereby the customer alleges they lost revenue or incurred expense because of the negligent rendering of professional services.
Worker compensation insurance gives employees benefits to help recover from work-related injuries or illnesses. It can also benefit your employee’s families if they lose their lives in a workplace accident. Different factors, such as job risk, claims history, and payroll size, can affect workers’ compensation costs.
Commercial umbrella insurance extends the coverage limits for some of your liability policies. So, if a claim exceeds the limits on your policy, your umbrella insurance can help cover the difference.
Business property insurance covers equipment, signage, inventory, and furniture in the event of a fire, storm, or theft. However, it doesn’t cover mass-destruction events like floods and earthquakes.
Cyber liability insurance helps your business respond to a data breach if personally, identifiable information gets lost or stolen. In addition, many policies will include extortion coverage, business income protection, and systems failure, all caused by a breach.
Our professional team can help you navigate the insurance marketplace and conduct a risk review. We advise not waiting for an event to audit your program and make necessary adjustments.
Why Work With Mason-McBride?
As a locally owned Michigan business, our clients are at the core of everything we do. We are committed to providing superior customer service and personalized advice and counsel.
Mason-McBride has partnered with a select group of reputable insurance companies to offer premier business insurance coverage at a price your company can afford.
Among the reasons we differ from the competition is our ability to service our policyholders proactively. But, again, this is because of our knowledge of the industry, products, and the different situations that may arise.