Professional liability insurance is a concern for many different business models. This is by no means a one-size-fits-all type of policy. For that reason, miscellaneous professional liability (MPL insurance) policies were created so that brokers could offer these services to the many different industries they provide quotes and policies for.

Doctors, lawyers, architects, and the like need customized errors and omissions (E&O) solutions tailored to each of their specific needs. This requires a vast knowledge of the different markets involved, and a unique voice that enables these specialists to offer brokers and insureds the best solutions for all of their professional liability needs.

Whether the need is for coverage for defense costs in cases alleging fraud, dishonesty, or intentional acts, or punitive damage awards for cases that were settled by a judge, the expenses related to MPL can be quite large and the need for insurance is all too plain.

Who needs MPL coverage?

Honestly, the number and types of businesses that may benefit from this type of policy runs quite long. Bookkeepers, claims adjusters, tax preparers, even travel agents have risks and exposures related to the services they offer. Freight forwarders, property managers, insurance consultants and even those providing educational services are at risk. If your client is a hotel or facility manager, runs an employment firm, does scientific research, or runs a museum they all face exposures within their field and could benefit from having MPL insurance in place.

For example, let’s say that your client is in advertising and they create an ad campaign that infringes on another company’s similar advertising model. Their customer could face a potentially damaging lawsuit which would likely lead to the client being sued. Without a professional liability policy, they could end up losing their business, or at the very least, their reputation could be so damaged that future business could be extremely hard to come by.

It’s pretty clear that all of these professionals have one thing in common; they need comprehensive coverage that will safeguard them from lawsuits resulting from issues like personal injury, or discrimination, and that can also possibly lead to an early claim resolution. Have your clients purchase MPL insurance long before they need it, and everyone wins.