Bank Insurance Coverage Checklist
The coverages a bank business may carry — core, prevalent, and situational — why each matters, and the gap most often missed.
Pull out your current policy and check the box next to any coverage you can confirm is already in place — anything unchecked is worth a quick conversation with your advisor. Coverage checklist for community and regional banks. Priorities reflect typical exposure; confirm against asset size and services.
Tick each coverage you can confirm you carry — anything left unticked is a good question for your next policy review.
| Have it? | Coverage | Why this business needs it | Priority |
|---|---|---|---|
| Financial Institution Bond | Covers employee dishonesty, forgery, counterfeit, and certain check and wire fraud. | Core | |
| Directors & Officers | Covers board and management decisions, including regulatory claims. | Core | |
| Cyber Liability | Covers breaches, ransomware, and funds-transfer fraud not covered by the bond. | Core | |
| Bankers Professional / Lender Liability | Covers claims from lending and customer-service errors. | Prevalent | |
| Employment Practices | Covers employee claims — often packaged with D&O. | Prevalent | |
| Commercial Property & General Liability | Covers branches, equipment, and visitor injuries. | Core | |
| Trust E&O / Mortgage Impairment | Needed for trust departments and mortgage lenders. | Situational |
The coverage gap most often missed
The most commonly missed gap for this class is check fraud falling between policies. Losses from altered and counterfeit checks usually land on the bank, and some fraud falls under the bond, some under cyber, and some under neither. Banks should map check, wire, and deposit fraud to specific coverages and confirm bond limits reflect today's fraud volume.
Send us the checklist and we'll review your bank coverage line by line, then market it across multiple carriers that compete for your account.
Related: Bank Insurance · Bank Supplemental (apply) · All coverage checklists
Frequently asked questions
What insurance does a bank business need?
The core coverages for a bank business are Financial Institution Bond, Directors & Officers, Cyber Liability, Commercial Property & General Liability. This checklist also lists the prevalent and situational coverages worth considering, with a plain-English note on why each matters.
Is this checklist insurance advice?
No. It is a free educational tool to help you have a more informed conversation with a licensed professional. It affords no coverage and is not insurance, legal, or financial advice — only your actual policy language governs what is and isn't covered.
Can Cory Washington & Co. review my bank coverage?
Yes. Share your checklist and we'll review your program line by line, market your account across multiple carriers, and explain the trade-offs in plain English. Cory Washington & Co. LLC is licensed in all 50 states.
This checklist is a free educational tool from Cory Washington & Co. to help you review your own coverage and have a more informed conversation with a licensed insurance professional. It is general information only — not insurance, legal, or financial advice, and not a recommendation to buy, change, or cancel any policy. Coverage terms, availability, limits, and requirements vary by policy, carrier, and state, and only the language in your actual policy governs what is and isn’t covered. Checking or leaving blank any item above does not indicate that you are adequately insured or under-insured. Using this checklist does not create a client, agency, or fiduciary relationship. Always consult a licensed professional about your specific situation.