Banks are highly profitable enterprises. Like all businesses, however, they are at risk of various costly threats. Errors and omissions (E&O) insurance protect companies and their employees from these common threats whether they deal with cybersecurity or lawsuits. The benefits of mortgage bankers’ E&O insurance showcase why getting a customized plan sooner rather than later is a wise decision.
Mortgage banks process loans for their clients. The process involves several steps and is ripe for mistakes, which opens the door to a potential claim or involvement in litigation. Comprehensive protection such as the kind offered by Axis Insurance Services ensures protection through every step of the loan process. A plan can provide coverage for the following:
- Title agents
- Independent contractors
- Escrow agents
- Processors and abstractors
More Security Than General Liability Insurance
General liability insurance can cover events such as property damage and medical expenses in the case of an injury, but errors and omissions insurance takes this one step further; it can provide a full range of litigation protection that can save business owners from paying astronomical damages.
The time has never been better to start exploring errors and omissions insurance options. It’s possible to find peace of mind from the many risks that threaten banks.