What You Need To Know About Professional Liability Coverages for Bankers

Whether you provide private or community banking services, lend mortgages or are an investment manager, bankers professional liability coverage can help protect you from an ever-growing, complex list of professional liabilities.

How Can Professional Liability Insurance Protect You?

There are several risks that are covered under bankers professional liability coverage which may include the following.

  • Violation of securities claims-Shareholder disputes
  • Violation of banking laws claims
  • Lender liability claims
  • Consumer fraud claims
  • Errors or omissions
  • Breach of fiduciary duty claims-ERISA claims

Which Insurances Are Offered?

The vast list of risks involved in the banking industry call for a well-rounded policy which protects your assets and business from all angles. Here are a few of the types of insurances often requested or required by financial firms in addition to a bankers professional liability coverage.

Directors and officers liability

If any individual holding a role as a director or officer in a department has a lawsuit filed against them for improper policy establishment, this type of coverage will pay for damages.

Errors and omissions liability

Any professional errors or negligence claims are protected under this type of coverage to pay for defenses and indemnities.

  • Employment practices liability

Allegations made towards staff or policy directors in your company for discrimination, harassment or improper termination may be protected by this type of coverage.