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Financial Institutions

Financial Institutions in Alabama, AR, FL, GA, IL, KY, LA, MS, NV, NC, SC, TN, TX and VA.

Protect Your Institution and the Community That Relies on It

Community banks are known for their personal service. It’s what sets them apart from the giant national and international banking institutions. Yet as local community banks diversify their services to improve profitability and gain customers, their exposure to lawsuits also expands. Woodall & Hoggle represents companies that offer a flexible package of tailor-made coverages for commercial banks, savings and loans, savings banks, and trust companies. Our integrated insurance packages minimize the gaps in coverage that can exist among separate policies. Coverages are designed to complement all of your insurance needs including Liability, Crime, and Property & Casualty. Call Woodall & Hoggle today to get more information about your specific insurance needs.

Liability

Through the various companies that we represent, Woodall & Hoggle can offer an insurance package designed to meet your specific liability needs. Some key liability insurance coverages to help protect the Financial Industry include:   

General Liability Coverage protects you against claims for damages because of bodily injury or property damage to others resulting from your business operations. 

Other Liability Options Available

Commercial Umbrella Liability Insurance – protects your organization against large, catastrophic liability claims. The policy acts as excess coverage over your primary liability policy(s).The coverage limit applies in addition to the limit(s) provided by underlying coverage(s).

Crime

Financial Institution Bond

It’s not pleasant to think about, but even with excellent controls, procedures, and security, most community banks can be surprisingly vulnerable to dishonest employees, fraud artists,computer hackers, and all manner of violent individuals. Crimes of this nature happen more frequently than you think. Through the various companies that we represent, Woodall & Hoggle Insurance can offer a straightforward insurance package developed to respond to some of the most significant financial threats to community banks. It has been specifically developed to help protect and meet the needs of commercial banks, savings & loans, savings banks, and similar depository or lending institutions with assets typically less than $1 billion.

The program helps protect community banks against losses and expenses resulting from:

Additional Coverage Highlights/Options:

Property & Causality

Woodall & Hoggle can offer institutions like yours a well-rounded insurance program that will both protect your operations and help you manage the costs associated with lawsuits. Our property and casualty multi-lines capability can streamline the insurance process for you and help you avoid the complications of dealing with multiple insurers.

Protecting Your Property

  • Commercial Buildings you own.
  • Business Personal Property:
  • Machinery and equipment not permanently attached to the building
  • Stock – raw, in process, and finished
  • Furniture & Fixtures
  • Personal Property of others
  • Electronic Data Processing Equipment, Data and Media:
    • Coverage subject to the Business Personal Property limit.
    • Enhanced perils protection against loss by electrical current, mechanical breakdown and power failure.
    • Electronic Vandalism
    • Off premises (including transit) coverage, backup data off premises coverage, and newly acquired equipment coverage
  • Employee Dishonesty
  • Forgery or Alteration
  • Theft of Money and Securities.
  • Money Orders and Counterfeit Paper Currency
  • Theft Damage to Rented Property coverage is included within Business Personal Property when tenant is contractually obligated to make repairs
  • Diagnostic Equipment, Power Generating Equipment, and Production Equipment
  • Service interruption of water, communication, or power supply services is covered from a covered breakdown (when Business Income and Extra Expense is covered).
  • Coverage on and off premises.
  • Covers the cost to research, replace or restore lost information.

Protecting Your Collateral

Coverages for All Businesses

In addition to the coverage options listed above, Woodall & Hoggle also recommends some very important coverages that all business owners need to understand and consider:

Cyber Crime Liability Insurance – protects your organization from an invading army of exposures, such as e-theft, destruction of critical data, defamation, libel, copyright or trademark infringement, e-vandalism, e-threats, denial of service, and more.

Employee Benefit Liability Insurance – covers the cost to employees that result from employer processing errors related to employee benefits. Some examples of this would be an employer not providing the employee with the appropriate COBRA information following termination that results in the ex-employee losing benefits, or an employer neglecting to add an employee to a benefits plan or adjusting coverage as requested.

Workers’ Compensation Liability Insurance – provides coverage to employees for accidents or disease arising from employment.  Benefits may include lost wages, medical expenses, and permanent disfigurement/disability payments. State law requires that employers provide Workers’ Compensation Insurance for their employees.

 

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