Financial Professional Indemnity & Public Liability Insurance

Insurance for Financial Institutions

With constantly shifting regulations and economic uncertainties, maintaining clarity and protection in delivering financial solutions is a complex undertaking.

Our team works with you to implement the right insurance and risk management programme to protect your organisation and empower you to continue working with confidence.

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Why do Financial Institutions need bespoke insurance?

Financial Institutions face growing challenges arising from operating in a highly competitive and regulated sector. Global economic uncertainties, the cost of non-compliance and an ongoing focus on transparency, disclosure and duty to customers means financial institutions are under various ongoing pressures.

Operating in a shifting landscape makes managing the potential risks essential. Our team understands the nuances of your risk profile, providing a tailored insurance programme to ensure you’re protected no matter what happens.

Why should Financial Institutions choose Griffiths & Armour?

Our team of experienced insurance professionals have developed a detailed understanding of your sector, the services you provide and the risks you face.

With the right insurance and risk management programme in place, you can continue delivering your services with confidence, despite changing regulations and the pressure to deliver to shareholder expectations.

We tailor your cover precisely to your requirements, providing clear insights into your risk profile and how we can help you to improve your resilience.

What classes of insurance should Financial Institutions consider?

Directors and Officers Liability

Directors and Officers have additional responsibilities to employees, the public, investors and regulators. The purpose of Directors and Officers Liability (D&O) insurance is to provide financial protection for Directors and Officers against legal costs, judgments, and settlements arising from lawsuits, investigations, or regulatory actions related to their management decisions or actions taken on behalf of the company

Cyber risk

Your network could be compromised by losing sensitive data or criminals holding commercial information to ransom. Cyber recovery can take time and cost money, especially in time sensitive situations where you need to react fast to malware attacks, hacking and other breaches. Cyber insurance can help protect your business against a data breach, security failure, illegal threat or cyber attack.

Professional Indemnity insurance

Professional Indemnity insurance for Financial Institutions can help to protect you if your services or advice result in losses or damage for your clients. You’ll often have people depending on you to get things right, especially when it comes to numbers, and Professional Indemnity insurance can help cover the costs of any compensation and legal fees if you’re faced with a claim.

Crime

Crime insurance provides protection against theft, dishonesty, employee fraud and fraudulent acts by third parties.

Property & Business Interruption

Disruption from a fire, theft or other property damage can have a long term impact, and your organisation can suffer if you’re unable to operate until everything is fixed. Business Interruption insurance protects you, making sure you can continue delivering your services.

Employers’ and Public Liability

Essential for legal compliance, Employers’ and Public Liability insurances help to ensure financial stability and the ability to continue operations in the event of claims arising from personal injury or property damage to employees and third parties.

Pension Trustee Liability

Trustees of pensions face a range of potential liabilities due to an increasingly litigious society and government regulation. Pension Trustee Indemnity provides cover for both trustees and their sponsoring employers against a wide range of claims, from breaches of trust and duty to maladministration and negligence. A policy will typically include cover for legal defence costs and any subsequent damages and awards.

Beyond Protection

Beyond Protection is our end-to-end support designed to empower your business at every stage.

Our team gives you the tools to increase resilience and create peace of mind, no matter the challenge.

We mitigate potential risks and enhance long-term business operations through our cutting-edge risk management platform.

Risk management platform

We work closely with you to manage your claims efficiently, for a seamless experience.

Claims management

Our expert team uses leading insights to analyse macro and regulatory environments so we can help find cover for risks where others would struggle.

Market insight

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FAQs

How much cover should you consider?

Cover can be purchased at various limits and with various levels of excess or retention. These limits are typically set with your own specific risk profile in mind and also the levels of risk appetite and tolerance your business has. We can help you to undertake a review of your cover limits, which can normally be purchased to any required level.

What additional services are available from Griffiths & Armour to support our organisation?

Our key additional services are focussed on risk management. Whilst we would tailor these to your own specific requirements, we offer a range of services to our Financial Institution clients, such as property risk management, health and safety review and defensibility work and cyber insurance risk assessment. We also offer a suite of on-line solutions to support your business operations on a day-to-day basis.

"We pride ourselves in the products and great value we provide our members, an important part of which ensures we offer the things that matter most to them. Griffiths & Armour have left no stone unturned, consistently demonstrating our shared values in their approach by carefully selecting the relevant coverages, and ensuring expense is kept to a minimum by negotiating cost reductions for those that are required."

Head of Group Insurance, Skipton Building Society