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Banks and other financial institutions conduct the business of banking, which includes holding current accounts for customers, protecting their customers' funds, paying checks drawn by customers and collecting the checks that customers deposit into their accounts. Banks may also lend money to their customers by making account advances, providing loans and offering other forms of lending. Types of banks and other financial institutions include retail banks, business banks, private banks and investment banks. Banks and other financial institutions are federally regulated.

General Liability Insurance for Banks and Other Financial Institutions – Premises liability lawsuits could occur at banks and other financial institutions if customers sustain injuries on the business’ properties. Injuries could occur on sidewalks, in parking lots and inside buildings including on stairs and in elevators. Failure to keep customers’ records private could also result in liability lawsuits for libel or invasion of privacy.

Errors and Omissions Insurance for Banks and Other Financial Institutions – Mistakes made by employees resulting in lost funds to customers could also result in liability for banks and other financial institutions.

Workers’ Compensation Insurance for Banks and Other Financial Institutions – Due to the high risk of break-ins and theft at these businesses, employees of banks and financial institutions (including security guards, managers and cashiers) could face injuries in the event of a break-in or robbery. Carpal tunnel syndrome due to repetitive movements is a common injury claim of cashiers and other workers who perform clerical tasks. It is essential that the workers maintain the correct positioning and posture while at their desks with the appropriate use of ergonomically designed aids and training to assist in prevention.

Business Auto Insurance for Banks and Other Financial Institutions – Auto liability risks exist if the bank or financial institution owns automobiles that are used for business purposes. Business travel may result from employees running errands to the post office, bank, or office supply stores; staff may make sales and service calls on larger clients; and staff may travel for training and continuing education classes. Employee owned vehicles that are driven for bank business can also result in vicarious liability to the bank.

Property Insurance for Banks and Other Financial Institutions – The potential of vandalism and theft at banks and other financial institutions poses threats to the physical property of banks and other financial institutions. Property damage could occur as a result of vehicles moving through drive-thru banking lanes. The principal fire loads for banks and financial institutions include paper files, books, manuals, furniture, and cleaning supplies. Businesses that have migrated towards electronic imaging of paper documents will have lower fire loads. The fire loads from paper files can also be reduced if they are stored in metal file cabinets or in a separate file room. Combustible cleaning supplies should be stored in limited amounts and away from paper products. Trash should be removed on a daily basis to further reduce the fire load.

Crime Insurance for Banks and Other Financial Institutions – As establishments that keep large amounts of money and valuables on hand, there is a high risk of loss due to theft from employees and others. The risk of crime increases for banks and other financial institutions,if proper security measures are not taken, including the use of safes, vaults, security guards and alarms, as well as thorough background checks of potential employees. Employee theft and computer fraud could lead to a loss of money and valuables.