Often times general liability insurance doesn’t cover the exposure associated with financial institutions. No policy is capable of providing a one size fits all coverage here are some policies that can combine to provide well-rounded liability insurance for bankers.
Directors and officers liability offers coverage to protect directors and officers against lawsuits arising from their roles in financial establishments. It protects against alleged acts of improper instituting of corporate policy. Bankers’ professional liability is a form or errors and omissions insurance tailored to financial institutions. It protects against allegations of negligent representation and poor advice.
In an increasingly litigious society, employment practices liability offer coverage for employment-related claims. EPL coverage can ease the burdens associated with these types of allegations. Fiduciary liability offers banks protection against the unique exposure when managing and administering pension and welfare plans. Information risk and network security liability is last but not least. It provides coverage for instances when sensitive personal and financial information of customers is compromised.
These five coverage options shield against many exposures banks may face. Liability insurance for bankers is a vital cost of doing business. Lawsuits can run long and get costly quick. Make sure you and your financial institution have the safeguards necessary to keep the doors open for years to come.