When dealing with large sums of money it is important to take the necessary safeguards to ensure that you are protected against potential risks. With bankers professional liability insurance you receive financial backing in the event of any incidents which result in action from clients or loss of assets.
Wrongful Professional Services Acts
It’s important to understand what is covered by your bankers professional liability coverage. Claims which can be filed by customers include accidental errors, such as depositing money into the wrong account and the money being withdrawn before the problem is noted. It can also include willful criminal behavior by employees, such as skimming money from customer accounts into personal accounts. Both of these may leave your financial institution vulnerable to a WPSA claim.
Protect Your Bank and Your Name
Whether an action is found to be justified or not, the legal battle in its own can cause public harm to your brand. This error is only magnified if your institution is unable to properly compensate in the event it is found liable. With bankers professional liability insurance you not only receive help paying out compensation but also assistance in covering the cost of defense counsel to fight the allegations and clear your company’s name.