People trust bankers to handle their money and assets regardless of whether they are an individual, corporation or government. In spite of this trust, the simple fact is that handling all that money carries with it a great deal of risk that can be mitigated with the proper banker’s professional liability coverage.
Liability Insurance Is Extra Protection
This kind of insurance policy serves as extra protection for banking professionals and their employees from any legal action against them stemming from alleged errors or omissions. These claims of errors or omissions can come in many different shapes and sizes. Some alleged actions that might lead to a lawsuit include,
- An advisor might have suggested a product that was unsuitable for a particular investor.
- Financial products might have been wrongfully sold for an investor.
- The risks of a given financial product might not have been properly disclosed.
Regardless of whether the lawsuit has merit or not, it’s going to takes money to defend against it. With the proper banker’s professional liability coverage in place, the cost of fighting the suit is covered by the policy. This is just one of the reasons that the smart banking professional is going to want a liability policy covering them.