BPL insurance, or Bankers’ Professional Liability Insurance, can protect every level of employee in your financial institution, but there are two types of employees that it can benefit in ways that may surprise you.
Growing pains on the job are par for the course in any industry, but mistakes in financial institutions can be costly without the right insurance policy. While your new hires focus on navigating the strict regulations surrounding the financial industry, you can relax and know that any mistake they may make is covered by your insurance. As a result, you can focus more on providing stellar training rather than worrying about paying for any bumps their training wheels might encounter.
If your financial institution uses seasonal or temporary workers, BPL insurance can mitigate the liability these workers may present. Since seasonal workers are most often employed during periods of high-stress and in response to under-staffing, they may not be able to adhere to the same training schedule or oversight as your regular employees. This in turn can lead to an increased chance of mistakes that may prove costly for your financial institution. But your BPL policy can be extended to cover temporary workers, allowing you to rest assured that any losses incurred won’t cripple your operation.
Whether you want to safeguard against new hire mistakes or protect your institution from seasonal distress, a BPL policy can help you cover your bases and put your focus where it’s most needed: on your customers.