Some of the costliest insurance risks associated with operating a community bank include robbery, the threat of employees embezzling money and fire damage to the facility. However, one of the largest –and least expected – liabilities faced by banks today is right beneath your toes: the open, spacious lobbies with polished stone and tile floors that leave bank patrons especially vulnerable to slips and falls.
A recent analysis by OneBeacon Insurance Group found that slips, trips and falls are a top cause of both liability and worker's compensation claims for financial institutions in the United States. Furthermore, with the younger generations turning to online banking in large numbers, the average age of customers banking on site is steadily growing older. Older customers face more mobility issues and, among the elderly, falls are the leading cause of injury and death – the likelihood of death from a fall increases six times for those over the age of 75.
Now more than ever, community banks need to take steps to identify and manage this often overlooked risk and mitigate potential hazards in and around their facilities that could cause a patron to lose their footing.