Protect Your Financial Institution When Servicing Third Parties

Protect Your Financial Institution When Servicing Third Parties

When running a financial business, protecting your company’s wealth is an important part of your job. The best way to do this is through sound business practices, trusted employees and insurance. With so many insurance products on the market, how do you know which ones will best protect your institution? Bankers Blanket Bond insurance is a sound financial investment when both money and third parties are involved in your business scope.

What exactly is Bankers Blanket Bond insurance? This insurance policy protects your company from direct losses caused by criminal activity. Unfortunately, there are many different types of crimes that can occur when financial institutions are involved. Regrettably, sometimes an employee of a bank or investment company, for example, gets greedy and engages in illegal acts for personal gain. This may include forgery, counterfeiting bills or cyber fraud. Other possible areas covered by this specialized insurance include damage to the physical business space, or damage or loss to company property while being transported. If third parties are involved in a similar criminal act, you are still protected. When managing a financial or investment corporation, check with state regulatory agencies to see if this policy is a requirement. If not required by your state, it should be required by your good business sense.

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