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Financial Institutions Insurance

EMC Insurance Companies has the knowledge and expertise to provide you with the right financial institutions insurance. We offer a full range of commercial insurance policies for banks and financial institutions including commercial banks, federal or state-chartered banks, central reserve depository institutions, federal home loan banks, savings institutions and credit unions.

Types of Insurance Policies for Banks

Insurance for financial services can include a variety of individual coverages, including:

Comprehensive Business Auto Coverage

covers company vehicles driven by your employees and provides protection for repossessed vehicles.

Essential Property Coverage

helps protect your buildings, ATMs, vaults, drive-thru windows and other property against physical damage.

General Liability Insurance for Financial Institutions

protects your business from liability exposures such as injuries, faulty work or damage to a customer’s property.

Mortgage Errors and Omissions (E&O)

provides protection from any errors or omissions made between loan origination and closing.

Umbrella Coverage

provides your business with additional security in the event of a catastrophic liability claim that would otherwise exceed your coverage limits.

Workers’ Compensation Insurance

covers medical expenses and compensation for workers who get injured while on the job (available in select states).

Do Banks Need Cyber Insurance?

Banks and other financial institutions are at an increased risk of cyberattacks. Financial institutions should consider cyber insurance to help them recover from a data breach or a hack. Cyber insurance can help banks investigate and notify their customers if information has been stolen or exposed.

In addition to unique cyber exposures, financial institutions have other coverage needs that go beyond the standard package policy. To meet these needs, EMC has entered into a unique partnership with U.S. Risk Group, LLC.

EMC’s Partnership with U.S. Risk

EMC partners with U.S. Risk to offer bond, directors and officers (D&O), mortgage protection, force-placed REO property, and cyber coverages for banks. U.S. Risk is a privately owned specialty lines underwriting manager and wholesale broker headquartered in Dallas, Texas.

How Much Is Financial Institutions Insurance?

The cost of insurance for financial institutions and banks can vary depending on the size of your business and the type of services you provide. EMC can customize your insurance policy so it works for you. Contact a local independent agent and ask about EMC’s insurance for financial institutions.

Our Financial Institutions Insurance Stats

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EMC proudly provides insurance for financial institutions to more than 200 policyholders. We have over $6.8 million in written premium.

Types of Insurance Coverages for Financial Service Companies

Property and Inland Marine Insurance
  • Accounts receivable
  • ATM at unreported premises
  • Extra expense
  • False pretense
  • Foreclosed property blanket (subject to underwriting standards)
  • Ordinance or law
  • Outdoor property
  • Personal effects/Property of others
  • Water backup and sump overflow
Liability Insurance
  • Blanket additional insured
  • Blanket waiver of subrogation
  • Care, custody and control
  • Errors and omissions
    • Odometer statutes
    • Truth in lending and leasing
  • Fellow employee
  • Repossessed watercraft coverage
  • Stop payment legal liability
Commercial Auto Insurance
  • Blanket additional insured
  • Blanket repossessed autos (subject to underwriting standards)
  • Hired auto physical damage
  • Personal property of others
  • Rental reimbursement
  • Repossessed autos (optional)
  • Towing: Increased limits
  • Waiver of deductible for glass repair and replacement

These are just some of the coverages offered through the EMC Financial Institutions Program. Talk with your independent insurance agent to learn more.

Disclaimer: This is a summary of coverages available. Coverage is subject to policy terms and conditions, limitations and exclusions, and may vary from state to state. Read your policy for specific terms and conditions, or contact your local agent for details.

Hear From an EMC Agent

“Financial Institutions have many challenges today. EMC has financial institution programs that allow for flexibility in rate structure and coverage enhancements to properly cover every facet of exposure. The availability and knowledge of their underwriters is unsurpassed in the insurance industry, which dramatically aids in client retention.”

Merle Scheirber
— President and CEO CorInsurance

Hear from an EMC agent about our financial institution programs.

Safety and Loss Control Resources for Financial Institutions

EMC has provided loss control services for our policyholders since 1926. Our experienced loss control professionals can give you suggestions and solutions that can lessen your risks.

Essential Property Coverage*

to identify ergonomic issues before losses occur. We also offer online resources to help you spot problems and educate your employees.

Hazard Control Assessments

to identify hazards that pose the greatest potential safety risks to your operations. We then recommend viable solutions to control or reduce these risks.

Injury Management Programs**

to help reduce the impact of injuries, including select provider, return to work, prework screening and worksite wellness programs.

Slip and Fall Prevention

to help you develop a proactive approach to reducing these incidents at your jobsite. We also offer many online resources to help prevent slips and falls—a leading cause of workplace injuries.

Online Safety Training

to give your employees convenient access to short training segments, complete with quizzes to check for understanding. You can register, assign training and track your employeesʼ training progress through our easy-to-use online training system.

Visit the Loss Control page to learn more and access our extensive collection of online safety resources.

Count on EMC® for Quality Financial Institutions Insurance

Whether you need insurance for a commercial bank or a credit union, EMC has a wide range of insurance policies for financial services companies. With more than 110 years of experience, customers know they can Count on EMC — and you can too.

*This program is not available in all states.

**These services are available only in territories where EMC provides workers' compensation coverage.

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Contact a local independent insurance agent and ask about EMC's financial institutions insurance.

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