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Credit unions are non-profit financial institutions that are owned and controlled by their members, all of whom are shareholders of the institution. Members of credit unions can have access to low-interest loans as well as other services provided by banks and other financial institutions, such as holding checking and savings accounts and transferring funds.

General Liability Insurance for Credit Unions – Customers can suffer from injuries on the premises of credit unions with the existence of poorly maintained grounds, such as unsafe floors, elevators, stairs, parking lots and sidewalks. Visitors occasionally use electrical equipment such as photocopy machines, computers, light switches, and other appliances that could pose a shock hazard. All electrical equipment should be grounded, properly insulated, equipped with circuit breakers, and in good repair. Lawsuits could also occur if security is too low. For example, crime could take place on credit unions’ properties if lighting is inadequate, security guards do not watch the area, or alarms are not in place. 

Errors and Omissions Insurance for Credit Unions – Loss can occur in credit unions as a result of errors made by employees that result in loss of account values to customers.

Workers’ Compensation Insurance for Credit Unions – The Workers Compensation risks are those of a normal office such as slips/trips/falls, repetitive motion injuries, electrical shocks, shelving collapse, falls from stools and step ladders, and back injuries. Additionally, break-ins and holdups have the potential to occur in credit unions, which could result in worker injuries.

Business Auto Insurance for Credit Unions – The overall exposure is low since most clients travel to the premises of the credit union. Auto liability risks are posed, however, if employees of credit unions drive vehicles titled to the business to conduct business. In addition, liability is present in the event that employees use their own vehicles as part of their work.

Property Insurance for Credit Unions – Property damage threats posed to credit unions are similar to those posed to banks. This includes property damage due to theft and break-ins from outsiders. The most common ignition sources in financial services businesses come from faulty wiring, overheating electrical equipment, and smoking. All wiring should be regularly inspected for cuts, fraying, and worn out insulation and should be immediately repaired by a licensed electrician. All electrical equipment should be up to date with all older equipment being replaced. Electrical equipment should be grounded and should be connected to power outlets with double insulated wiring. All repairs should only be made by licensed electricians or other certified equipment vendors. A "no smoking" policy should be in place with conspicuous signs posted at all building entry points. Smoking should only be allowed at designated areas such as outside spaces with the allowance for proper cigarette butt disposal into approved containers.

Crime Insurance for Credit Unions – Monetary loss can occur in credit unions as a result of break-ins and robberies from outsiders as well as theft by dishonest employees. Computer fraud can result in a loss of funds as well. One of the most important controls to prevent embezzlement by dishonest employees is to require prospective employees to undergo rigorous pre employment screening to include a detailed application, reference checks, and a criminal background check. Another effective practice is to require internal audits to be conducted on a frequent and irregular basis. Central station alarm systems should also be in place to reduce robbery attempts.