Working in the banking industry can be stressful. Even worse, when money is involved, litigation seems more common. While most banks carry their own liability insurance, an increasing number of bank tellers are choosing to purchase independent bankers professional liability insurance.
What Liability Insurance Covers
While counting money is usually straightforward, banking isnt an exact science. Often, those in the banking sector make financial projections, offer advice, and otherwise expose themselves to accusations that have made a mistake or omitted something essential. BPL insurance typically covers the following types of errors and omissions:
- Misleading statements
- False statements
- Inaccurate analysis
- Other errors and omissions
What Liability Insurance Does Not Cover
For any banking professional who is worried about making an honest mistake, BPL insurance usually provides the peace of mind needed to perform job duties with confidence. Still, liability coverage does not protect against every type of mistake. Damage from the following types of conduct usually does not fall within the coverage afforded by a liability policy:
- Intentional torts
- Criminal Activity
- Other intentional malfeasance
Buying Independent Coverage
Many financial institutions purchase liability policies to protect employees from lawsuits. If the policy excludes an individual or job title, however, the banks policy may be inadequate. Diligent bank tellers often choose to discuss their situation with an experienced insurance provider to determine if an individual bankers liability plan is appropriate.