How Much Insurance Should My Credit Union Buy?

“How much insurance should my credit union buy?” It’s the most common question I get from credit union leaders. I get other versions of the same question, too.

  • How much directors’ and officers’ insurance do we need?
  • How much lender liability and professional liability insurance should we consider?
  • What limits of insurance do credit unions like us buy?
  • Do we need cyber liability insurance?  How much?

I can help.

Most insurance people are afraid to provide specific advice on limits of credit union insurance coverage. Not me. I think this is why my clients hire me; specific, actionable advice based on knowledge of the credit union insurance marketplace.

I address the problem in a few stages. First, there is a minimum coverage every credit union needs. My Recommended Minimum Limits Matrix provides this benchmark. I then suggest credit union executives compare the value of higher limits of coverage to the premiums charged. Said another way, is the additional insurance worth the premium the insurer wants?

The 2018 edition of my recommended minimum limits matrix can be downloaded HERE.

You don’t need to go down this road by yourself. Let’s talk about your credit union insurance coverage concerns.