Miscellaneous professional liability, or MPL insurance, is designed for your specific needs. There are many different service firms that are exposed to professional liability, and some that dont even realize they are in danger. Having the insurance coverage that you need is essential to keeping your business up and running because there are too many mistakes that can be made and too many people looking for a quick buck in a lawsuit.
You may be wondering if MPL insurance is right for your company, and there are some questions that may help you to find the answer.
- Do you charge other companies or individuals for a service?
- Do you store confidential data of clients?
- Do your clients use your services to turn around and provide another service to their own clients?
- Do you require professional liability insurance due to contracts signed?
In many situations, the companies that will answer yes to these questions include advertisers, credit bureaus, business consultants, travel agents and those in public relations. Of course, there are others, and only you can decide whether or not you fall into that category.
Speaking to a Professional
It is often easiest to speak to the professionals. Your insurance agent can go over the specifics of your company to help you understand whether or not you would benefit from MPL insurance. In doing so, you can rest assured that you have done everything to protect your company.