Miscellaneous Professional Liability (MPL) insurance is a type of insurance that covers professionals in a wide variety of fields. It can be purchased by companies and individuals who work in the fields of accounting, architecture, engineering, law, medicine, dentistry, and more. MPL insurance protects against civil lawsuits related to professional errors or omissions, which includes insuring over 2 million health professionals worldwide.
MPL insurance policies are designed to protect you from lawsuits related to any actions that could potentially affect someone’s health or safety. This can include civil suits for malpractice, negligence, or failure to provide proper care. Despite its name, Miscellaneous Professional Liability does not include medical malpractice coverage. Instead, it covers other types of civil suits, such as those for defective products or services rendered.
You might already have MPL coverage through your homeowners or business property insurance. If not, it’s important to have this type of insurance in place so that if anything goes wrong, you’re covered financially.
Here are a few common professions that can benefit from MPL insurance coverage.
#1 Property Managers
There are over 80,000 property managers in the U.S., and almost all of them need to have MPL insurance. Property managers are a great example of a profession that can benefit from MPL insurance coverage. Property management companies often have to deal with many different types of properties and tenants, which means they have a lot of potential for liability. This can be especially true if you’re managing multiple properties in a certain area, as you’ll be responsible for everything from maintenance to security.
The best way to protect yourself in this situation is by buying MPL insurance. This type of policy will cover any damages or injuries that occur on your property, including those caused by third parties like tenants or contractors. It also covers legal fees if you’re sued because of something related to your property management business.
#2 Marketing Agencies
Marketing agencies are a great fit for MPL insurance. This coverage is designed to protect the agency against claims made by clients and helps to ensure that the agency can continue to operate as it grows.
Marketing agencies handle sensitive information regarding their client’s businesses and brand strategies, so they must have this protection in place. Since they work with such high-risk clients, marketing agencies are often the target of lawsuits. They may be sued for defamation or libel if they make statements about a client’s product that are not true, which could destroy the client’s business.
Marketing agencies may also be sued because of a mistake made during the process of designing and creating a marketing campaign, which could result in significant losses for both parties involved.
#3 Forensic Investigators
Forensic investigators are responsible for investigating crimes, which can include everything from theft and fraud to homicide and arson. They collect evidence that is used as part of the legal process, and they must be able to interpret and present this evidence in court.
The professional liability coverage available through Miscellaneous Professional Liability Insurance (MPL) insurance policies can provide forensic investigators with financial protection against claims made by others based on negligence or mistakes made in their field of expertise.
#4 Educational Services
If you’re an educator, you know that there are a lot of risks involved in your job. You’re working with children and young adults, which means that you spend a lot of time around them and their parents. That puts you at risk for all sorts of lawsuits.
If someone accuses you of abusing them when they were a child, or if they say you were negligent in your supervision of them—even when they turn out to be lying—you could be stuck with a huge court case and tons of legal fees. That’s where MPL insurance comes in! It can help protect your assets so that they aren’t used up by legal fees, and it can also help keep your reputation intact by defending your name against false allegations.
Publishers are at risk of being sued by their authors for a variety of reasons, including breach of contract, defamation, and copyright infringement. This type of suit is often referred to as a “libel suit” or “copyright infringement” suit.
Most publishers are small businesses that operate on a slim profit margin and cannot afford to pay out-of-court settlements or court costs when they are sued by their authors. This makes it imperative that publishers purchase MPL insurance to protect themselves from these types of lawsuits.
If you’re a publisher and you don’t have MPL coverage, you need to get it.
#6 Travel Agents
Travel agents are a great example of a profession that can benefit from MPL insurance coverage. They work with clients to plan trips and make travel arrangements, often for people who don’t have the time or expertise to do so themselves.
Travel agents can potentially be held liable for mistakes they make in their job—for example, if they book flights for clients that are delayed or canceled due to technical issues with the airline or airport. If this happens, travelers might not be able to get refunds from their airlines and will have wasted time waiting at airports.
MPL insurance can protect travel agents against these types of situations by covering costs associated with refunds, rebookings, and other expenses incurred by customers
MPL insurance can help all these professions and many more. It’s one of the most popular insurance coverages for people working in different service sectors. If you, too, work in one of these sectors and are yet to get MPL coverage, it’s high time you do.