Whether you operate a bank or other commercial lending establishment, you likely understand the importance of comprehensive insurance coverage. In a high-risk industry like yours, even the smallest mistake by an employee can lead to lasting financial issues for your business and your clients. To avoid this, EPLI insurance can be a great option to explore. This type of coverage helps to protect you in the event of an employee-related lawsuit and similar legal and financial scenarios.
The experts at Financial Guaranty Insurance Brokers, Inc. have reported that lenders absolutely require in-depth insurance plans to stay protected. Statistics from recent years highlighted that there were over 80,000 discrimination and harassment charges received by the Equal Employment Opportunity Commission. To stay prepared for the fines and fees that come along with these situations, you absolutely need an insurance plan that includes:
- Proactive investigations
- Understanding of local and federal statutes
- Mitigation for employee claims
Enforce the Right Habits
While enforcing proper behaviors and practices around the office is the best way to minimize the odds of these negative claims being made against your company, comprehensive insurance helps to give you an added sense of security. Take a moment to review different policy details and weigh out the advantages of each in order to land on an option that makes the most sense for the future of your business.