It is hard to dispute the notion that society has become increasingly litigious. In matters that involve money, litigation is even more frequent. Therefore, anyone who works in the banking industry must worry about liability stemming from their errors and omissions. Fortunately, bankers’ professional liability insurance covers mistakes made in the banking context.
When most people think about bankers, they think of the teller at the local financial institution. In terms of bankers’ professional liability coverage, however, the term is quite broad. The following professionals are generally listed as bankers for coverage purposes:
- Bank managers, tellers, and executives
- Escrow agents
- Estate planners
- Financial advisors
- Other financial professionals
Since money is on the line, bankers are susceptible to the sort of lawsuits that other professionals seem to avoid. Professional liability coverage gives financial personnel peace of mind to do their jobs with confidence. In the financial sector, liability often involves errors and omissions related to the following:
- Misleading statements
- Inaccurate forecasts
- Incorrect analysis
- Other mistakes
Of course, liability coverage generally does not protect professionals from intentional malfeasance, criminal conduct, and fraudulent behavior.
Diligent banking professionals seek comprehensive coverage that is tailored to meet specific industry needs. By working with a knowledgeable insurance agent, those in the banking industry purchase policies that provide the exact coverage they require.