For fintech companies, being comprehensively insured isn’t a choice. Even if your fintech business isn’t required to carry insurance for licensing and/or regulatory purposes, providers of banking services, money transfers, trading, investments, lending, account information service providers and payment initiation service providers simply can’t afford to be without insurance coverage that addresses their distinct needs.
ALIGNED is proud to offer fintech companies business insurance from many industry leading insurers who have expertise in crisis and risk management in the fintech industry. Below are just a few of the highlights of a Markel fintech business insurance plan.
Specialized Coverage and Crisis Response for Fintech Businesses
More than just insurance that covers losses, fintech insurance policies includes 24/7 crisis response by a team of experts in electronic and off-line data breaches who can help you manage and respond to network security incidents, theft, telephone freaking, and privacy breaches. The expert claims teams at the insurers ALIGNED Insurance works with are available to provide you with immediate:
- Data breach management including containment and identification of compromised data
- Data restoration and a return to normal operation of your systems as quickly as possible
- Technical forensic investigations
- Legal advice and an assessment of liability exposures
- Notification support for subjects whose records were compromised
- Web and credit monitoring
- Public relations and reputation restoration services
And much more. While fintech business insurance provides the core of your protection, your organization likely needs other coverages discussed below.
Additional Coverages Recommended for Fintech Businesses
In addition to a fintech package that includes commercial general liability and property insurance the following coverages are recommended for fintech companies:
Errors & Omissions (E&O) / Professional Liability Insurance – provides cover for regulatory investigations and legal expenses for lawsuits alleging that your fintech business’s advice, errors, omissions and/or negligence caused client losses. Those expenses can include lawyer’s fees, out-of-court settlements and awards for damages.
Crime Insurance / Fidelity Insurance – covers fraud and theft of money and/or financial instruments that belong to your fintech business or that you’re responsible for whether employees of your company are involved or not.
Cyber Liability & Privacy Insurance – as an added layer of protection for your fintech business insurance, this policy can cover legal liabilities and losses due to a network security event. Coverage also includes data breach management and business interruption costs.
Directors & Officers (D&O) / Board Insurance – offers protection for your board members that face personal liability for errors, misleading statements, conflicts of interest and other ‘wrongful acts’.
Your Specialty is Financial Technology, Ours is Commercial Risk Management
Commercial insurance is all we do. Our advocates save you time, money and the headaches of shopping around for fintech business insurance that provides comprehensive coverage and fits your budget. Contact an ALIGNED advocate for more information or to get a free quote on fintech business insurance in minutes. Ready to get started right away? Start the process now by using our free online tool.
- Liability Insurance For Financial Institutions In Canada
- Understanding Errors and Omissions Insurance for Finance Advisors
- Insurance For Financial Services Organizations Overview
It’s time to get insurance value and choice aligned. Want Canadian business insurance that aligns with your bottom line? We can help. 365. Call us toll-free at 1-866-287-0448 or click to Get a Quote!
We’re ALIGNED across Canada. The ALIGNED Insurance National Operations Centre in Cambridge, Ontario supports our Toronto, Calgary and Vancouver offices. Our industry peers consistently recognize us as one of Canada’s best insurance teams. 100% Canadian owned, we are super proud to be one of the fastest growing insurance brokerages in the country.
We deliver e-news you can use. Get practical business insurance insights in your inbox every month. 19,000+ people subscribe to our free ALIGNMENT Matters e-news. Just click the JOIN OUR DISTRIBUTION LIST button – at the bottom of our homepage – to get connected.
365 | Get ALIGNED. Every day, Canadian business leaders read our insurance insights. Find us on LinkedIn, Twitter, Facebook, Instagram and YouTube.