You and your employees work hard to make sure that the services and advice you provide to clients to meet the high standards demanded by today’s competitive marketplace. No matter how careful you are, however, mistakes and unforeseen problems can occur and can lead to costly litigation. Adding a miscellaneous professional liability policy to your insurance portfolio can mitigate these risks.
Who Needs It?
Any business which provides advice or services to clients should have an MPL policy. It may even be required by law, depending on your professional field and where your business is headquartered. Examples of businesses that would benefit from having this type of plan include:
- Law firms
- Investment banking firms
- Travel agencies
- Real estate agencies
What Does It Cover?
MPL insurance will protect you and your employees from claims alleging errors or omissions in your work. Some of the types of claims included in these policies are:
- Inaccurate advice
- Violation of good faith and fair dealing
A plan will typically cover any fines, penalties, awards, settlements, crisis management services, and defense costs associated with these claims.
Finally, it is important to note that MPL insurance is considered a supplemental liability policy. It will not cover third-party bodily injury, property damage or the work-related injuries and illnesses of employees. In order to ensure that your company and your employees are protected against any eventuality, you should consult an insurance expert who can provide specific advice tailored to your needs.