MPL Hunter Offers E&O Solutions
Firms representing the blossoming multimedia industry face a broad array of risks, everything from claims of defamation, invasion of privacy, copyright and trademark infringement and other related concerns. This requires miscellaneous professional liability insurance (MPL) as a way of dealing with litigation that is brought forth through such claims. MPL Hunter (Huntersure LLC) provides brokers with the needed coverage for their clients whose businesses create or disseminate content as a part of their services.
Professional liability, commonly referred to as errors and omissions (E&O), is the only policy that covers the types of claims that may arise out of professional activities, including publishing, online operations, standard-setting, and other related association services.
The simple fact is that everyone, at one time or another makes mistakes. Even with the best risk management practices in place, errors will occur. For example, if an IT person accidentally erases vital or confidential files from a company computer, hundreds of thousands of dollars could be at stake, and who will the company expect to pay for the loss?
Not advising your client to purchase E&O is a serious mistake that could result in their experiencing serious financial damages. As you know, these types of losses are never covered under a general liability policy, and, even if your client is not at fault, the process of them going through a lengthy litigation can be both expensive and time consuming.
When should you offer E&O insurance as solution?
When your client faces these types of exposures, which should be well known at the outset of going into business, the best time for them to buy an E&O policy is before any issue arises. Many contracts they have with clients will likely require their having insurance of this kind in place. In some cases, it can be a selling point, so making E&O insurance a part of their insurance portfolio is the sound choice.
We all know that there are no “standard” policy wordings for E&O coverage. Have clients read carefully the policy carefully to make sure that the coverage being offered fits their particular exposures. Many professionals have exposures, but the same policy obviously won’t work for everyone. Speak to a reputable MPL Hunter agent about which types of MPL services they provide.