Benefits of Financial Institutions Insurance Coverage in Brossard
Serving as the south shore's commercial hub, Brossard is a growing municipality in Quebec, Canada, with a population of more than 91,000. The financial services industry is also a major contributor to the economy in the area, underscoring the importance of financial institutions' insurance coverage in Brossard.
The labour force, defined as individuals aged 15 and over, is approximately 70,000 in Brossard with approximately 41,000 employed and an unemployment rate of 7.4%. Occupations in the business, finance and administration sectors account for almost 8,500 of the employed citizens. This is the second largest employer behind sales and service.
Brossard has one of the highest costs of living in the world, but it is also ranked in the top 7% of desirable places to live, with a strong, friendly culture and easy access to sports, shopping, quality health care and effective educational establishments. This is very attractive to businesses in a variety of industries, including the nearly 550 companies in the finance and insurance sector.
Insurance and Risk Management
Regardless of your company's size, HUB International can provide a high level of specialized service with a team of experienced insurance brokers with expertise in a wide range of related fields. We can assist with products and services to match the unique needs of financial institutions, including the following:
- Forced placement and insurance tracking
- GAP protection programs
- Lenders single interest
- Representations and warranties insurance
Professional Liability Insurance
Also known as errors and omissions coverage or professional indemnity insurance, these product shields professionals who must meet high conduct standards from claims of negligence, errors or misconduct in their course of duties. A lawsuit with adverse judgment could cause a huge monetary loss if protection is not in place. Experts at HUB International can help financial institutions to identify the level of risk and determine appropriate policy limits and deductibles to meet their needs and goals for financial institutions' insurance coverage in Brossard.
Directors and Officers Insurance
D&O insurance protects the insured company and its decision-makers by funding any applicable legal fees, including extradition costs, investigation expenses, court-issued settlements and other costs of litigation. It also prevents a corporate director or officer and their immediate family from facing personal liability for company losses. The coverage generally includes the following:
- Breach of fiduciary duty
- Fraud
- Lack of governance
- Misrepresentation of company assets
- Misuse of company funds
- Theft of intellectual property
Cyber Insurance
This type of insurance offers companies protection against the huge losses that can result from data hacks or other security breaches. Cyberattacks can have devastating costs, including legal fees, lost income, public relations issues, settlements and system repairs. Financial institutions often rely heavily on electronic processing, cloud-based storage and digital transactions, creating a high level of data security risk. HUB International has experts on staff to identify areas of exposure, such as direct attacks, downloaded viruses, phishing emails or ransomware, and help businesses find the right coverage to protect against modern risks.