When it comes to insurance, every business needs its share of liability insurance. For bankers, it’s crucial to have full coverage, in case of any errors or unintentional wrongdoings. As a business that deals with people’s finances, you need to be smart about bankers professional liability insurance. If you’re on the fence about what it covers, here is what you need to know.
Allegations of Wrongdoing
Sometimes a client will be unhappy. In these cases, you may have to deal with allegations, even if you did nothing wrong. This is where liability insurance is incredibly important. You don’t have to pay legal fees for something that you did not do.
BPL insurance covers unintentional wrongdoings. For instance, if you transposed numbers or gave advice that turned out to be bad advice in the end, this type of insurance will cover those expenses. Incorrect statements and mistakes happen. You need coverage.
Bankers liability does not cover fraudulent behavior or criminal acts. If you deliberately violate the law or your client, the insurance will not cover the legal fees or settlements. Likewise, in cases of slander, invasion of privacy or defamation, you are not covered. It’s important to know what it does and doesn’t cover.
When it comes to bankers professional liability insurance, you don’t want to miss out. It’s crucial that you receive full coverage to protect your bank and peace of mind.