Bankers handle large sums of money and other assets on a daily basis, and this brings with it an increased risk of lawsuits. Even though they are employed by a financial institution, a banking professional would be wise to consider purchasing the extra coverage that liability insurance for bankers provides. Liability insurance is a way that you can protect yourself from legal action resulting from alleged omissions or errors, regardless of whether the lawsuit has merit.
Things to Consider for Your Policy
As a banker, you know your integrity is beyond reproach, but that might not be enough to protect you from a lawsuit. When you are considering purchasing the protection of liability insurance, there are some questions that need to be kept in mind.
- Does the policy include the lender’s liability?
- Does the policy cover specific risks or is it an all-risk policy?
- Are all professional services clearly defined?
- What policy exclusions are included in the policy?
Liability insurance for bankers, whether acquired as a stand-alone policy or as an expansion of an existing policy, is a great way for banking professions to make sure they are protected in the case of a lawsuit. The banking world is full of risk, and it is the wise professional that takes steps to limit their exposure to that risk.