Coalition has announced that it will now offer miscellaneous professional liability (MPL) insurance.
MPL coverage protects against a claim that a business committed errors and omissions in the performance of a professional service.
The new MPL coverage is available by endorsement to active cyber insurance policies through existing capacity providers, Coalition said in a news release. The product is available to a wide range of industries and covers defense costs, settlements, judgments and other claims-related expenses.
“The professional services industry is rapidly expanding – projected to grow more than 6% over the next four years – because it plays a critical role in almost every type of business,” said Shawn Ram, head of insurance at Coalition. “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.”
Coalition also offers an Active Risk Assessment to make getting cyber and MPL coverage easier. The assessment requires only about 10 supplementary data points to quote an endorsement, the company said. Brokers can add MPL to existing Coalition cyber insurance quotes.
“Instead of going to multiple insurers or working with multiple underwriters, brokers can come to Coalition for quotes for cyber and MPL coverage,” Ram said. “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, making the process of getting business back up and running as smooth as possible.”
Coalition recently announced the appointment of Allianz SE CEO Oliver Bäte to its board of directors. The company also recently expanded its executive risk offering.
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