FGIB Bankers Professional Liability Insurance

What Bankers Need to Know About BPL Coverage

If you work in the financial industry, there are very specific insurance coverages that you should consider. One of these coverages is FGIB Bankers Professional Liability Insurance. Find out more about what it’s for and what it protects against.

What BPL Insurance Is

Bankers Professional Liability insurance protects financial professionals against allegations of wrongdoings from clients and customers. This includes negligence and errors and omissions. The purpose behind the coverage is to offset the costs of judgments or legal fees. BPL insurance is custom fit to help banking and financial service professionals. It protects the following professionals:

Tax planners
Escrow agents
Financial planners
Estate planners

If you work in the financial sector, then odds are BPL coverage is for you.

What BPL Insurance Covers

BPL insurance covers several types of allegations. Some of what it covers includes:

Misleading advice
Incorrect statements
Deposit mistakes

What BPL coverage is not for, however, is fraudulent or dishonest behavior. If a banker acts dishonestly or commits a criminal act, it does not count towards the policy. The coverage may extend to the costs of assigning a lawyer and paying a judgment.

For any professional working in the financial industry, FGIB Bankers Professional Liability Insurance is important. A good BPL insurance policy will be able to protect you in the case of lawsuits or allegations of error.