Miscellaneous Professional Liability Coverage
If you own a business, it’s becoming increasingly important to consider the benefits of having miscellaneous professional liability coverage.
Whether you are in the product or service delivery industry, having this type of insurance could be the difference between losing an entire business or thriving in the competitive market.
If you have any questions or need guidance with your insurance needs, please reach out to us. We're here to help you find the right coverage: info@icnj.com.
What’s Miscellaneous Professional Liability Coverage?
Miscellaneous professional liability coverage is a type of insurance that protects your business and you against claims of negligence from customers or third parties.
What Does Miscellaneous Professional Liability Insurance Cover?
This coverage may include:
- personal injury;
- negligence;
- copyright infringement;
- errors or omissions in service delivery;
- failure to deliver a product or service in a timely fashion or at all;
- misrepresenting services offered,
- among others.
What Business Classes Need Miscellaneous Professional Liability Insurance?
This type of insurance is essential for almost every business that provides clients with a particular product, service, or advice. For example, at the Insurance Center of North Jersey, we help companies and individuals find miscellaneous professional liability coverage for more than 30 business classes.
Examples include:
- Actuarial consultants
- Advertising and marketing
- Arbitration and mediation
- Landscapers and lawn maintenance
- Caterers
- Notaries
- Music recording studios
- Direct mail advertising
- Public relations
- Publishers
- Photographers and videographers
- and many more.
Not sure if we can help you find the right coverage for your specific industry? Contact us today to speak with one of our representatives!
Why Do You Need Miscellaneous Professional Liability Insurance?
Times have changed, and we now live in an ever-increasing litigious environment. The truth is, you’ll make occasional mistakes in the process of delivering a product, service, or advice to your clients. And, when that happens, an apology is not always enough.
A simple mistake could quickly turn into an expensive lawsuit, and you don’t want to be caught off-guard. This could mean losing hundreds, thousands, or even millions of dollars, depending on the suit.
It’s also important to note that you don’t even have to be on the wrong side of the law to be sued; most errors could be resolved without legal action. But, this doesn’t mean you should ignore suit papers. Ignoring a lawsuit could lead to a default judgment against you.
Unfortunately, defending yourself and your business against lawsuits requires money, and that’s where this coverage comes in to give you peace of mind – knowing that you won’t have to dig into your business savings to settle these unexpected yet expensive legal defense costs.
Having this type of insurance coverage also safeguards the future of your business. Some lawsuits come with severe economic consequences, and very few businesses can withstand such losses.
For example, if you are a startup struggling to survive in the competitive market, your business could be one lawsuit away from extinction. Having MPL (Miscellaneous Professional Liability) coverage gives you the confidence to run your business without the fear of such unexpected lawsuits.
Another item to keep in mind is that service providers are contractually required to have errors and omissions insurance. Also known as E&O liability insurance, this insurance provides protection from lawsuits that claim you made an error while providing your professional services.
However, some businesses don’t necessarily obtain this coverage because they assume that they are already covered by other business insurance policies they may have purchased. This assumption not only puts the business at risk of an expensive lawsuit but also opens the door to other potential violations, such as a breach of contract claim. Such lawsuits are often costly and could wipe a business off the market in an instant.
What Amount of MPL Coverage Does My Business Need?
The amount of MPL insurance coverage your business needs usually depends on several factors. For instance, the nature of the business determines how much coverage you need, and the same applies to the number of clients you serve directly or indirectly.
The broader the exposure, the greater the need for MLP insurance. Given that it’s not possible to calculate the insurance coverage without evaluating your business and clientele, it’s advisable to talk to us for further guidance.
How The Insurance Center of North Jersey Can Help
Understandably, it’s not always easy to choose the right insurance for you as an individual or your business. This is because there are so many insurance companies and policies in the already crowded market.
As a result, some businesses or individuals end up buying insurance policies they won’t ever need. This is not only frustrating but also expensive, given that they’ll have to pay their premiums to keep their coverage.
That’s where the Insurance Center of North Jersey comes in to help individuals and businesses make the right choices when it comes to business insurance.
For over 90 years, we’ve helped our clients in Bergen County, NJ, and all over New Jersey, New York, and Pennsylvania make the right choices, saving millions of dollars in the process. And, the best thing about it is we’ll help you get the kind of coverage that fits your budget!