Active Insurance provider Coalition has unveiled its latest offering, Miscellaneous Professional Liability (MPL) Insurance. “Instead of going to multiple insurers or working with multiple underwriters, brokers can come to Coalition for quotes for Cyber and MPL coverage,” said Shawn Ram, Coalition’s Head of Insurance. This move is a response to the rapidly expanding professional services industry, projected to grow by over 6% in the next four years.
Ram added. “It can be incredibly difficult to manage claims that involve Cyber and MPL coverages with separate carriers. By providing both coverages, brokers and insureds can manage their policies – and any claims that occur – in one place.” Coalition beleives this will make the process of getting back to business simpler.
“Active Cyber Insurance”
MPL coverge is available as an endorsement of its existing Active Cyber Insurance policies. Coalition’s MPL coverage safeguards businesses against the fallout from errors and omissions in professional services. This comprehensive protection encompasses defense costs, settlements, judgments, and other associated expenses.
Shawn Ram, Head of Insurance at Coalition, emphasized the critical role professional services play across various industries. He stated, “It’s so important for these organizations that are embedded in the fabric of the business ecosystem to be protected against liability associated with committing errors and omissions.”
One of the key advantages of Coalition’s MPL Insurance is its seamless integration with existing Active Cyber Insurance policies. Brokers can easily add MPL to their quotes. This streamlines the process and offering clients a cost-efficient way to augment their cyber coverage. The simplified Active Risk Assessment requires approximately ten supplementary data points, enhancing the efficiency of securing both coverages.
Ram highlighted the challenges of managing claims involving separate carriers for Cyber and MPL coverages, noting, “By providing both coverages, brokers and insureds can manage their policies – and any claims that occur – in one place, making the process of getting business back up and running as smooth as possible.”
Source: Coalition Announces New Miscellaneous Professional Liability Insurance Coverage