As banks handle the assets of their patrons, bankers professional liability insurance can be very important. Not only can a bankers liability policy help protect your employees and company in the event of an unforeseen incident, but it can cover damage costs and help provide coverage for things that may not normally be covered under a standard policy. Keep reading to learn more.
There are a variety of allegations that can potentially be made against a financial institution. These can include everything from improper handling of funds to unsound financial advice. A banker’s liability policy is written with the risks of these in mind, meaning that they can include coverage in the even a lawsuit is made. This coverage may also include the costs of hiring a defense regardless of if the claim made has any merit. In the event of a settlement or loss the policy may also include any damages that may be awarded depending on the plan’s terms.
Having your company and employees covered by bankers professional liability insurance can protect you from a variety of claims. Your policy can help cover damages that may be awarded as well as protect the reputation of your institution. If desired you may even add it to your existing insurance program.