Your errors & omissions insurance needs to fit your business if it’s going to provide the kind of coverage you count on. It’s not a policy that can just be quoted blindly, with no in-depth information about how your company works, because the kinds of incidents it covers are highly specific to the business model and industry of the company in question. That’s why www.fgib.com details the process for building policy around the specific needs of individual clients. There are a lot of areas of liability and risk that financial institutions have in common, but that doesn’t mean there’s a total overlap, nor does it mean that a policy crafted for your competitor will cover your needs adequately. For that, you need knowledgeable professional help from an agent who truly understands how you serve your clients and where your liabilities are located.
Coverage Beyond General Liability
E&O coverage goes beyond the terms of liability insurance to provide specifically for the needs of the financial industry, but it doesn’t replace it, it adds to that coverage. Similarly, while there are likely to be some very common platforms in an E&O policy, there is no one right way to protect you. The best way to get fully covered is to be detailed about how your operation works, what you do, and what kinds of services you provide for your clients. It’s the only way to make sure the coverage is a perfect fit.