We live in litigious society. As a result, the potential for being hit with a lawsuit is an unfortunate reality, especially in the financial sector. Despite your best efforts to deliver flawless banking services to your customers, the risk exposure still remains. With that said, it’s recommended that you safeguard your company with BPL insurance. This is a policy that offers several benefits to bankers whose top priority is to offset the perils associated with servicing clients.
Bankers professional liability insurance offers key advantages to a broad range of financial institutions. Whether you own a private bank, community bank, credit union, savings and loan company or other finance-related business, you have a lot to gain with this coverage protection. For one, it’s a speciality policy that provides coverage above and beyond what you receive with a standard policy. Secondly, the legal costs associated with defending lawsuits, settling claims and awarding damages are covered up to the policy maximum. Finally, it helps keep the integrity of your bank intact while protecting its assets.
BPL insurance works well either as a supplement for a directors and officers policy or as a stand-alone coverage plan. When your work with a licensed insurer, you can get the help necessary for determining which option is best for your institution.