Financial Services Insurance in South Africa

When you’re in the financial services industry sector, you know risks run rampant and stakes are high. Financial services insurance can give you peace of mind.

What is Financial Services Insurance?

Financial services insurance is a category of insurance offered to companies within the financial services sector. These can include commercial banks, mutual funds, investment banks, credit unions, and retail banking companies. They can also include currency exchange companies who offer foreign exchange services, and others who handle financial transactions for their customers.

A financial services company faces unique perils and risks that can result in catastrophic losses. With a broad range of risks, it is important to get insurance tailored to the financial services industry. With the right insurance company, you can get adequate cover through an insurance policy designed for your needs.

How Does it Work?

Most often, commercial insurance for financial service providers takes the form of a portfolio of cover types. This suite of products can cover a wide range of perils and be customised to the unique situation of the company. A broker service, for example, won’t face the same perils or have the same needs as a company that offers commercial banking services.

Whether you choose to buy a single insurance product or a range of products within a portfolio, there are a few standard steps that remain. The business owner needs to sign the policy documents that detail the agreement between the company and the insurer. Or, if not the owner, an authorised representative of the company signs.

The insurer also signs these documents, after which your cover becomes active. Sometimes, waiting periods may apply for specific perils. Most often, the insurer will require a first insurance premium payment before cover becomes active. The documents you sign have all the details of what is and isn’t covered, what you need to pay, excess amounts, and exclusions or conditions.

What Does This Type of Insurance Cover?

You can get cover for a variety of situations from commercial insurers, and not all policies will be alike. Since there are a broad range of cover options available, it makes sense to familiarise yourself with what perils the company is most at risk for. These can help guide your choice.

You can also request an obligation free quote on our website by filling in the form at the top of this page. Our system will then match you with the ideal insurer, who will contact you.

Here are some of the most common cover types that can be included in your financial services insurance.

• Automobile insurance that offers coverage for businesses with cars or fleets as assets.
• Business interruption insurance to protect the business financially when it cannot operate because of unforeseen events and covered perils.
• Corporate property insurance to cover losses or damage to your business premises.
• D&O Insurance that covers key persons in the company against liabilities.
• Fiduciary coverage that protects employees from the consequences of poor investment decisions.
• Crime insurance to protect your businesses against losses or the cost of repair after a criminal incident.
• Cyber insurance to cover perils related to cybercrime, data losses, and POPI-related claims.
• General liability insurance to cover liabilities related to perils, such as claims against the company for fraud, losses, or damages
• All-Risk asset insurance to insure the business assets against common perils.

Many insurers offer access to added benefits such as advisory services, emergency medical assistance, and even admin assistance for daily business needs like booking flights.

Who Needs This Type of Cover?

Businesses working in financial markets and the financial services sector need this type of cover. This can include hedge funds, mortgage loan providers, private equity funds, commercial banks, brokers, forex, currency market professionals, asset managers, and more.

Where to Get the Best Business Insurance for an Authorised Financial Services Provider?

Thanks to a competitive insurance market, South African businesses can enjoy award-winning solutions at competitive rates. The goal of the cover you receive is finding adequate risk transfer solutions for your most significant perils. You do not have to contact multiple insurers to find a cost effective solution. Our system can find you the ideal insurer today!