Tag: BPL insurance

When Bank Tellers Need Independent Liability Insurance

BPL insurance

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:

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:

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.

Essential Benefits of Bankers Professional Liability Insurance

BPL insurance

Bankers professional liability insurance, which is commonly referred to as BPL insurance, has several important benefits for financial institutions such as savings and loan companies, credit unions and community banks. Here are three ways this type of coverage benefits businesses working in the financial sector.

Protection When a Lawsuit Is Filed

Working with money is a sensitive job, and professionals in the financial sector run the risk of having lawsuits filed against them and their companies for negligence or mishandling of funds. Legal defense expenses can mount quickly, and the manager or owner of a small bank or credit union shouldn’t have to worry about how the institution would pay for these expenses in the event of an actual lawsuit. BPL insurance gives these professionals peace of mind so that they can focus on ensuring the daily functionality of their operations.

Specialty Coverage

A general liability policy is designed to cover the most common risks inherent in a business setting, but financial institutions face specific risks that other businesses don’t have. It’s critical to have insurance geared towards the specific risks inherent in handling money and managing trusts, deposits, withdrawals and investments.

BPL insurance is available for financial institutions that want to protect their integrity and assets. Although the risks in the sector can’t be completely eliminated, the right policy and coverage can help mitigate them.