In today’s marketplace, your financial institution may find bankers professional liability insurance costs to be a big part of your insurance portfolio. It can be hard to manage the expenses over having peace of mind against claims made against employees. Your financial assets aren’t just on the line. It’s your brand and reputation. If you are trying to be financially conscious and fiscally responsible, consider some of these ways you might save money on insurance but maintaining coverage:
- Discuss your needs with your insurer. Determine limits on your banker’s professional liability coverage that provide protection.
- Bundle insurance policies when possible. Although professional liability generally isn’t bundled into a package, ask.
- Don’t start and stop coverage. Maintain coverage for the long-term.
- Choose a higher deductible. This can be a good incentive to reduce the risks of a lawsuit.
Keep your claims history clear. Be diligent about training employees and finding methods that prevent problems from happening. Errors do happen, but many types of issues can be avoided.
Know what your banker’s professional liability insurance covers and what it doesn’t. Illegal acts, intentional wrongdoing and false advertising are not covered. Maintain high standards with clients and employees to keep these problems out of your financial institution. Work with your insurer to avoid claims to keep premiums lower.