Financial institutions cover a broad range of services from local banks to large aggregate investment firms. Many banks partner with other financial institutions to offer certain products such as financial advice. Bankers professional liability covers claims filed based on errors and omissions. These three tactics can help lower your rates.
Claims coverage only applies when the policy is active. Starting and stopping coverage can result in a lawsuit filed during a time when you did not have professional liability insurance. You are then responsible for the legal fees associated with that cost.
Like any other insurance, choosing a higher deductible can lower the premium rate paid. The deductible is only paid out if a claim is filed. A higher deductible can further incentivize you to take steps to lower the chances of a claim.
Above all, it is your insurance agent’s job to know everything about your insurance policy. They can help you find ways to cut costs, ensure you have the right coverage and shop for the best policy.
Regardless of the size of your financial institution, protect against negligence and omission claims with bankers professional liability insurance. The nature of working with people’s money can result in dissatisfied customers. Even if the bank is not at fault, the legal fees can add up without the right insurance protection.