As new, innovative professions emerge in the marketplace, brokers and insurers face a challenge: how to provide the same protection that more established businesses enjoy. That’s where Miscellaneous Professional Liability (MPL) comes in.
During a recent LinkedIn Live, a panel of Argo Pro specialists examined MPL coverage, including new careers that need it, what it covers – and how Argo Pro keeps up with the rapid changes.
- MPL provides solutions for emerging professions. Search engine optimizers, COVID contact tracers and consultants in artificial intelligence, sustainability and DEI – Argo Pro covers them all, as well as other up-and-coming fields. Jennie Faith, Senior Underwriter, Architects and Engineers (A&E) and MPL, discusses an example of social media and influencers: “People make a lot of money doing that. There are media and personal injury risks involved. There’s misrepresentation… there is a true exposure out there for that.”
- The coverage fills gaps left by traditional insurance. MPL is designed to cover difficult-to-place third-party financial losses due to errors or omissions. “In a lot of cases, contracts require this coverage and they can’t get jobs without it,” says Pauline Morley, SVP Underwriting, Head of A&E and MPL. “Some people think it’s a catch-all policy. The policy doesn’t cover everything, it covers a specific segment of the exposure that most insureds face.”
- For small businesses facing large risks, MPL is a must. “I hear a lot of people say, ‘I don’t really need it, I’m a small company, I have really great clients who I’ve known for a while and they’re not going to sue me,’” says Morley. “All of this has been proven wrong in a lot of cases. A smaller company that’s just starting out, or that has relatively low revenues, can’t withstand the defense of these claims. It’s not a luxury buy – it’s a necessity in this litigious world.”
Work with a carrier who has a dedicated MPL underwriting team
Argo Pro brings the knowledge, experience and flexibility necessary to cover the fast-changing world of MPL risks. Reach out to the team to learn more about MPL coverage for you or your clients.
Interested in exploring a career in MPL? View job openings at Argo.