Financial institutions’ insurance needs can be addressed by a myriad of insurance policies. To find out which policy may be right for your institution, continue reading below.
Errors and omissions can cost your financial institution significant sums without the right insurance policy. If you face legal claims because of alleged or actual errors and omissions, an E&O policy can provide defense costs and imbursement for any settlement (up to limits defined in policy) which might arise.
Whether a lawsuit is levied against your individual directors and officers or pit against your corporation as a single entity, a D&O policy can provide financial protection. These policies can reimburse you for defense-related costs as well as provide coverage for financial losses which result from the lawsuit itself.
While D&O insurance typically only covers the top-tier of employees in your financial institution, bankers’ professional liability insurance can offer a protective umbrella for all employees. BPL insurance can cover losses resulting from employee mistakes, software errors, and much more depending on the needs of your institution. These policies can be standalone or combined with other policies to provide your institution with the optimal level of financial and legal protection.
Financial institutions’ insurance policies can range from simple to expansive and are available in many varieties to meet different institutional needs. The above are just a few policy types which are available to financial institutions and should in no way be considered an exhaustive list.