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Financial Services E & O Insurance
Financial services firms provide extremely important services to their clients. You are trusted with the current and potentially future financial stability of each person you work for, and that is a very big responsibility. If you make mistakes in your client’s financial records, you could end up costing them a lot of money. That’s why it is so important for your firm to protect itself with financial services E&O insurance.
Professional liability insurance is also known as errors and omissions (E&O). It is designed to help you when alleged professional mistakes arise. If you make a professional mistake that causes your client to lose money, they will sue your financial services firm. Lawsuits from clients can happen whether your firm is at fault or not. When legal actions are taken, your firm must spend time and money to resolve the problems, regardless of whether you’ve actually made a professional mistake. Without financial services E & O insurance, you will be left to handle the legal and financial burdens all on your own.
For example, your firm may manage a client’s investment or debt accounts. If a client is fined for making a late payment on his mortgage, he may sue your company for the expense if he feels your company did not submit the payment within the proper time frame. Financial services liability insurance helps protect you from a lawsuit of this sort, regardless of whether the fault actually lies with your firm.
Depending upon your level of coverage, your financial services E & O insurance policy can pay for the legal expenses that arise when defending your suit. It can also cover lost wages while you’re in the court room, and it pays for settlements or awards when needed.