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Finance companies are financial institutions that specialize in providing a variety of loans to individuals and businesses. Their services may include real estate loans, automobile loans and short-term personal loans to individuals; they may also provide loans to manufacturers and wholesalers. Finance companies may also service escrows.

General Liability Insurance for Finance Companies: Liability lawsuits could occur if the premises of finance companies are hazardous and cause customer injuries. Hazardous scenarios include slippery floors, steep stairs, malfunctioning elevators and cracked sidewalks. Common sense practices and good housekeeping include daily vacuuming and sweeping of floors, neat and orderly rooms that are free of obstructions and debris, and defect free floor coverings. Customers could also become crime victims if establishments have too few security measures in place, such as inadequate lighting or watchmen. Liability is also an issue if customers’ information is not kept confidential, which could lead to personal injury suits. 

Errors and Omissions Insurance for Finance Companies – Errors made by accountants, auditors and employees may result in financial loss for customers due to related liability. Since finance companies may service mortgages, there are also risks involved with the properties under consideration. Finance companies may want to consider being insured for errors and omissions that could occur when dealing with these properties.

Workers’ Compensation Insurance for Finance Companies – The primary Workers’ Compensation risks of finance companies are injuries caused by the repetitive clerical tasks performed by employees. Back injuries may also occur in office environments resulting from the lifting and moving of furniture, file boxes, supplies, equipment, etc. All employees should be trained in proper lifting techniques and should ask for help before attempting to move any objects that are heavy or awkward. Any employee with a prior back injury or similar injury should never attempt to lift anything over 20 lbs. unless they are cleared to do so by their doctor. Conveyance equipment such as hand trucks and dollies can assist in risk reduction if employees are trained in their proper usage.

Business Auto Insurance for Finance Companies – If the finance company uses vehicles for business purposes, including company-owned vehicles and employee-owned vehicles, there is a risk of auto accidents. Increased business auto risk factors can be triggered by youthful operators under age 25, heavy city traffic conditions, frequent travel over roads that need to be updated, travel over unfamiliar roads, trip radius over 50 miles, cell phone usage, and night time travel.

Property Insurance for Finance Companies – There is a risk of fires occurring in finance companies’ offices, just as in any office setting. Fires may occur as a result of hazardous wiring and documents may be lost if they are not stored in fireproof cabinets. The construction type of the building will impact the severity potential of the fire. Buildings that are constructed from fire restive and masonry non-combustible materials will have a lower fire risk.

Crime Insurance for Finance Companies– Loss of money and securities handled by finance companies could occur as a result of employee theft and computer fraud. Risk of electronic theft by outsiders can be reduced by use of SSL, encryption, firewalls, anti- virus software, and the use of passwords with both upper and lower case letters, and a combination of letters and numbers. Passwords should be changed frequently.