Imagine a bridge built from construction plans that were lacking certain details or had incorrect information. The firm that designed the structure and signed/sealed the plans could be exposed to a lawsuit resulting from damages by an owner or client. Financial institutions provide a range of services to clients of all types. Negligence, mistakes and other unintended outcomes can leave your financial services firm exposed to claims and lawsuits. Here’s why you need finance business E&O insurance to help cover your risks.
Understanding Professional Liability Protection
Professional liability insurance is also called E&O insurance and helps cover your risks based on services you provide or fail to provide. Such coverage can help financial institutions with the following:
- Investment selections
- Breach of contracts or agreements
- Mismanagement allegations
- Bad faith
- Allegations of dishonesty
- Poor trade execution
Providing financial services is not without risks, so a tailored professional liability coverage plan helps protect your finances.
Covering Your Six
A tailored insurance plan helps you manage risks that are obvious and not as obvious. Find an insurer who can help come up with an E&O insurance plan that covers the work and products you deliver. You owe it to your workers, business partners and clients. Despite your best efforts, things can go wrong. Protect your business today.