According to the U.S. Department of Commerce, financial services companies were responsible for $1.24 trillion dollars (or 7.9 percent) of this country’s gross domestic product. Indeed, financial experts in the United States offer some of the most comprehensive packages of financial instruments to consumers who wish to manage risk, increase wealth or simply meet their financial needs.
If you own a business that offers financial or insurance-related services, you will face some inherent risks. As a professional within the industry, you likely understand the importance of protecting your investment with a solid insurance policy. By comparing policy offerings and quotes from a number of insurance companies, you can be certain that you are making a choice that is of the most financial benefit to your firm.
The National American Industry Classification System, or NAICS, categorizes businesses into a number of sectors and subsectors for the purpose of economic data collection, analysis and reporting. There are currently 740,017 American businesses classified under the NAIC’s Finance and Insurance Sector. These include the following business types:
Whether you are running a small community bank, an investment advisory firm or any other business within the financial services and insurance sector, you will need to protect your business from a number of risks including theft and property loss or damage.
While all business plans will provide general liability and property damage coverage, plans for financial services companies will likely offer additional coverage options that are most suitable for companies dealing with large sums of money and providing professional financial assistance.
Some coverage types you may want to consider include:
As with any type of insurance policy, it is a good idea to discuss your many options with an insurance professional before making a purchase.
Navigating through the many options offered by financial services insurance providers can be time consuming and complex. Independent insurance agents in the Trusted Choice® network are equipped to answer your insurance-related questions and help you find a policy that is well-suited to your financial services company.
Because these agents are independent, they can work with a number of different, highly-rated insurance companies to present you with a selection of policies from which to choose. Speak with a Trusted Choice network agent near you to learn more.