FGIB Bankers Professional Liability insurance is a simple and effective way for professionals in the financial sector to give them and their employees added protection from the risks involved in their industry. Nobody likes to think they’re going to be sued, but that doesn’t stop it from happening.
Those who work in the financial sector, whether it’s at a community bank, credit union or a different type of financial institution are at risk of legal action for a variety of reasons, which can include the following:
- Providing inappropriate financial advice to a client
- Mishandling the funds within a trust
- Failure to process a transaction within an allotted time period
Make Sure Your Liability Coverage Is Right for You
No matter the reason for the legal action, FGIB Bankers Professional Liability insurance can help the professional fight it. And, if damages are awarded, the policy covers payment of the award up to the policy limit. In addition, the standard policy of the financial institution might have gaps that leave the banking professional vulnerable but which could be covered by a Bankers Professional Liability policy.
FGIB Bankers Professional Liability insurance can be purchased as either a standalone policy or as an extension of an existing policy. Either way, it is something that all financial professionals should consider for their own protection.