There’s no question that banks and other financial institutions operate in a high-risk environment. In order to protect yourself against these risks, it’s important that you have the right amount of insurance coverage. If you’re uncertain about the coverage you need, it’s best that you work with an experienced agent. In the meantime, here are two key coverages that will serve as the foundation for your policy when you search for liability insurance for bankers.
Professional liability covers you in instances where a client or other third party alleges that an error or omission in your professional services led to them experiencing a loss. For example, an investor may file a claim alleging that an advisor recommended poor investments. In such a case, your policy would cover any fees and payouts for which you’re responsible.
General liability covers third-party lawsuits due to injuries or property damage resulting from your everyday business activities. As a bank with plenty of foot traffic, if a client were to fall and get injured, your policy would cover the legal and medical fees for which you’re liable.
Aside from professional and general liability, options for liability insurance for bankers include cyber, directors and officers and employment practices liability. Contact an agent for assistance with building the perfect policy for you.