What You Should Know About Bankers Liability Insurance

Bankers professional liability or BPL insurance is important coverage for any financial institution to maintain. This insurance type can cover a number of things not found in a standard liability plan, as well as provide coverage in the event an allegation is made. Keep reading to learn more.

You may want to know is that bankers liability policies are designed for those that work at an institution that handles their customers assets. This could be a bank, a financial adviser, loan company, credit union or a similar institution. Because they handle financial assets there are certain risks that these policies take into account. For example a banker’s policy can cover a number of allegations that may be made against a financial institution. Coverage often includes legal costs and terms for covering settlements or damages.

Because they are designed specifically for professions which deal with handling their clients’ financial assets, BPL insurance policies can offer some things that may not ordinarily be found in a liability plan. This allows them to offer coverage in the even an allegation is made, including covering damages and legal fees depending on the limits of the policy. It’s a good idea to talk to your insurance professional to know exactly what is covered in your insurance policy.