Commercial Property Insurance for Credit Unions in Illinois

Learn more about our commercial property insurance for credit unions and get a quote from one of our knowledgeable independent agents. Providing coverage to credit unions across Illinois, Indiana, and other states.

What is commercial property insurance? 

Credit unions make substantial investments in their physical locations. Buildings and build-outs aren’t cheap, and neither are safes or even the smaller equipment used. To help protect these investments, Illinois credit unions should have commercial property insurance.

Commercial property insurance policies can be tailored to meet credit unions’ specific needs. Policies normally can cover buildings, safes, counters, sorters, scanners, cameras, electronics and more.

Which credit unions in Illinois need to have business property insurance?

Most credit unions in Illinois should have business property insurance, as rebuilding or repairing could be extremely expensive. Without insurance, a single storm or break-in could be devastating.

Moreover, credit unions are often required to carry insurance. Their bylaws may require insurance to protect members’ holdings, and lenders who finance buildings and build-outs frequently require coverage.

What property insurance coverages do credit unions need?

Business property policies provide a variety of important protections. While specific offerings can vary, they commonly include the following coverages:

• Building Coverage: May cover freestanding buildings that the credit union owns, as well as other structures on a location’s property (not often needed).
• Contents Coverage: May cover equipment and other items that aren’t permanently installed, such as money counters, computers and furniture.
• Exterior Signs Coverage: May cover detached outdoor signs at owned locations; sometimes this protection is part of building coverage.
• Tenant Improvements Coverage: May cover modifications or improvements made at locations in leased spaces, such as office buildings or retail spaces.

These coverages generally protect against a variety of perils that could cause damage. Named perils policies normally protect only against listed risks. Open perils policies might offer broader protection by protecting against risks unless they’re excluded.

An insurance agent specializing in business property can help credit unions find the right policy type and coverages for their locations.

Does business property insurance offer liability protection? 

Business property insurance primarily focuses on protecting physical assets from loss and damage, not liability issues. Liability-specific policies are available separately, and they can often be bundled with a commercial property policy for more comprehensive protection.

Does business property insurance cover money and securities?

Standard business property policies normally provide only very limited coverage for money and securities, almost certainly not offering enough protection for the money that credit unions hold. 

Credit unions should work with an insurance agent who’s familiar with the insurance needs of credit unions. A specialized agent will be able to help credit unions find the various coverages they need, including reviewing what’s available for cash and securities.

Does commercial property coverage extend to off-site ATMs?

Whether off-site ATMs are covered by a commercial property policy depends on the specifics of the policy. Again, an insurance agent who works with credit unions can help make sure the necessary protections, including protection for ATM damage, are secured.

What locations can commercial property coverage protect?

Commercial property coverage is readily available for both freestanding locations, and locations within office buildings or retail centers. Policies may protect buildings when they’re owned. They usually also protect build-outs in owned or leased spaces.

Can one commercial property policy cover multiple branches? 

Business property policies usually are able to cover multiple branches located in Illinois. This is something that an independent insurance agent, who’s able to check policies from several insurance companies, can assist with.

Where can credit unions find commercial property insurance? 

For help insuring one or more credit union branches, contact the independent insurance agents at L.A. Blanchette Insurance. Our Illinois agents have helped many credit unions in the state get the coverages they need for their branches. We’ll make sure you find commercial property insurance that’ll protect your branches well.