If your company conducts business through professional services for others, but that can be susceptible to mistakes, you might be in need of an MPL insurance plan. Miscellaneous professional liability is an errors and omissions coverage that goes into effect when your company has been subjected to claims of mistakes. Those mistakes could include forgetting to file paperwork, misstating a fact or information, ignoring a crucial piece of information, and failing to clearly communicate instruction. If you aren’t sure about adding on this additional coverage, the folks at Huntersure LLC recommend asking yourself the following questions:
- Does your company provide services to others for a cost?
- Does your company require clients to sign a service contract?
- Does your company offer services that your clients use in the products or services they offer to other clients?
- Is your company privy to confidential or proprietary business information through client contracts or accounts?
If you can answer yes to any of these areas, then your business can potentially be affected by risks associated with professional liability exposure. An error and omission plan, or MPL, can help protect you financially in the event of a claim. The most common claims facing businesses in the area of professional liability are errors or omissions when employees were providing a service, failing to conduct business or perform the service in a timely fashion, or providing misleading information on the service that was to be performed.