Errors and Omissions For Professionals

mpl insurance

If you are a service provider that deals with critical information like client health or financial records, professional insurance is must have for your company. In spite of your best efforts and extreme care with information, things can happen that destroy your client’s confidence and leave you open to legal action. When you carry MPL insurance or miscellaneous professional insurance, you can be assured that certain losses and expenses will be covered until the resolution is achieved.

With miscellaneous professional liability insurance, you can be protected from mistakes that might occur during the course of your duties. It is also known as errors and omission coverage, and it applies to adverse client situations provided there is no fraud, illegal activity or malfeasance. It often covers situations like the following:

Accident loss of information
Damage of property
Defamation of a third party
Forgetting to execute critical service steps
Err in a performance of duties

When you carry an MPL insurance policy, the coverage usually pays for the legal defense costs of lawsuits or legal action taken because of the accidental incident. It will also provide the client with different levels of payments in the case of a successful judgment against your company. If you don’t carry professional insurance, check with a local agent for a policy that will protect you in the event of a client lawsuit.