In every job, there is a certain risk of causing potential harm to either your client or yourself. In the world of financial trustees, the cause of harm could come from a wrong signature, procrastination or even adding numbers incorrectly. Because of the weight of the position, people’s lives could change dramatically if every duty is not carried out carefully and without error. Take a look at some of the fiduciary liability insurance claim examples out there and it becomes very clear that the appropriate insurance protection is the best defense.
One Wrong Move Could Change Everything
There are many reasons why a trustee may make a misstep when dealing with the retirement, pension or investment funds of those represented:
- Not rechecking numbers or considering all data when compiling information
- No sense of urgency when calculating numbers
- Not following proper protocol when dealing with forms and signatures
- Not advising correctly when investing into companies
All of these are actual fiduciary liability insurance claim examples, which together totaled over $6,000,000. People make mistakes, whether through negligence or misinformation. Regardless of the reason, having the best protective policy in place when such an error occurs will protect everyone involved.
When considering the right insurance company for supplying your policy needs, look for one that will represent you with the most accommodating results for your business. Check out fiduciary liability insurance claim examples and you will understand why that is so important!