Financial Institutions Insurance is essential for financial entities operating across Australia, with coverage available in major cities like Perth, Sydney, Melbourne, Brisbane, and Canberra. BAU Risk provides a robust insurance solution tailored to the unique risks faced by banks, credit unions, and other financial institutions.
This coverage protects against property damage, liability claims, and business interruptions, helping financial institutions maintain efficient operations and secure their assets. With Financial Institutions Insurance from BAU Risk, companies can focus on delivering financial services without the concern of unexpected setbacks.
According to the Insurance Council of Australia, financial institutions in Australia face an average loss of $3.5 million per cyber incident, underlining the necessity for comprehensive insurance coverage.
A report by the Australian Prudential Regulation Authority (APRA) shows that financial institutions incur significant costs from operational risk events, with the average claim exceeding $1.2 million, emphasizing the importance of robust insurance.
BAU Risk’s Financial Institutions Insurance includes several key areas to ensure stability and resilience. Property Insurance protects the buildings, equipment, and technology critical to your operations, safeguarding assets against loss or damage. Additionally, Public Liability Insurance is vital, covering third-party injury or property damage claims that may arise, especially in client-facing environments.
Business Interruption Insurance provides essential financial support when unexpected events disrupt operations, stabilizing cash flow and preserving financial strength during recovery periods. For financial institutions, Professional Indemnity Insurance is a must, offering protection against claims of negligence or errors in professional services—critical in a sector that handles sensitive client information and complex transactions.
For institutions with a workforce, Workers’ Compensation Insurance ensures that employees injured on the job receive appropriate support and coverage. Finally, Management Liability Insurance offers a safeguard for executives and leaders, protecting the institution and its management team from legal and financial risks that may arise in the course of operations.
Protects assets and equipment from damage or loss.
Covers third-party injury or property damage claims.
Provides financial support during periods when operations are disrupted.
Provides protection against claims of negligence or errors in professional services.
Covers medical expenses and lost wages for employees injured on the job.
Offers protection against claims related to management decisions and actions.
By investing in Financial Institutions Insurance, companies can ensure they are protected against various risks, allowing them to operate smoothly and efficiently.
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Keeping your business covered, so you can keep business as usual.
BAU Risk Services Pty Ltd is a Corporate Authorised Representative (CAR No. 001308013) of Apollo Risk Services Pty Ltd AFSL 403727 and provides General Insurance and Risk Management Services to their Australia wide clientele.