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Posted on: November 30, 2023 by Huntersure
Insurance agents work with a host of different types of businesses, each with unique needs. While certain fields require specific professional liability insurance, such as medical malpractice, others face varying risks that go beyond general liability insurance. Miscellaneous professional liability, or MPL insurance, safeguards a multitude of businesses to help cover potential lawsuits due to breaches of contract, negligence, errors, and more.
Any business needs some form of liability insurance in case an incident arises. General liability covers bodily injury claims, medical payments for injured parties, and property damage caused by the business or employees. Unfortunately, businesses face risks beyond physical events.
Even though professionals know their businesses in and out, mistakes can still happen. The potential for errors increases as a company grows in size. By getting MPL insurance, a business gains peace of mind for claims including:
If a lawsuit arises, professional liability insurance kicks in to help a business with defense costs. Additionally, it covers work currently being done, work already completed, and work performed by independent contractors.
Professional liability insurance programs protect professionals facing professional risks that could lead to severe repercussions. This insurance is ideal for a business that provides services, signs contracts, hires contractors, and more.
While not an exhaustive list, professionals in the following industries may benefit from this added layer of protection:
Small businesses may be the heartbeat of America, but modern times have created increased customer expectations. Approximately 36% to 53% of small businesses face lawsuits every year for various reasons.
Even if a lawsuit is unfounded, legal fees can quickly add up. MPL insurance offers businesses a way to navigate potentially devastating financial losses and protect against claims of errors, omissions, or negligence.
While professional liability insurance is important for businesses of all sizes and industries, it is still not a one-size-fits-all. Insurance agents need to understand each client’s potential risks and liabilities. A staffing firm that sends hundreds of people daily to work for different businesses faces significantly different potential issues than a tax preparer.
Having a pulse on different types of industries allows an agent to tailor coverage for each client. Along with ensuring each business has the right amount of coverage, some may also need additional coverage beyond errors and omissions. A business with a vehicle or fleet may need to add commercial auto insurance, while a professional dealing with secure data may benefit from cyber liability insurance.
While professionals may want to focus on their work, potential risks may not stay hidden. MPL insurance ensures peace of mind that a business can better handle the unexpected instead of being caught off-guard and dealing with costly financial losses. Contact Huntersure to learn more.
Huntersure LLC is a full-service Managing General Agency that has provided insurance program administration for professional liability products to our partners across the United States since 2007. We specialize in providing insurance solutions for businesses of all sizes. Our program features can cover small firms (grossing $2.5 million annually) to large corporations (grossing $25 million annually or more). We make doing business with us easy with our breadth and depth of knowledge of E&O insurance, our proprietary underwriting system that allows for responsive quoting, binding, and policy issuance, and tailored products to meet the needs of your insureds. Give us a call at (855) 585-6255 to learn more.
Posted in: Professional Liability Professional Liability Insurance