Understanding the complexities of small, medium and large companies and their professional exposures from all types of businesses takes a high level of expertise. Many firms don’t fully understand their own exposure and may even believe their business insurance will cover professional liability claims.
Our miscellaneous professional liability (MPL) offering provides reliable protection to a broad range of professionals to help meet the challenges of today’s litigious environment. The experts at ECC are ready to extend their services to help you analyze and secure the best possible coverage to fit your client’s firm and protect your company.
Miscellaneous professional liability can also be called errors and omissions (E&O) liability. Claims arise or result from errors or omissions in the performance of professional services. Companies that perform professional services for others can make mistakes. Mistakes might include breach of contract, failure to perform services as promised, fraud and malpractice.
Your clients will want to purchase miscellaneous professional liability from ECC to meet the needs of a diverse industry. Backed by companies with “A” ratings and financial stability, ECC provides the most up-to-date coverage available in the marketplace.
A fast food franchisor was sued after the purchaser of three franchise locations failed to make revenues that exceeded their costs of operations. The plaintiff alleged the accounting information they were provided contained incomplete representations. The plaintiff demanded the franchise company rescind the agreement; return all purchase amounts, as well as all lost revenue and attorney’s fees.
The estate of a wealthy business owner hired an estate sales firm to sell off many of the personal items in the estate. The firm was responsible for all aspects of the sales process including advertising. The sale resulted in lower than expected revenue and the estate sued the firm for misrepresentation. The claim was dismissed but defense costs exceeded $15,000.
A brewery hired a marketing business consultant to help them establish a new brand. The consultant was hired to deliver a marketing plan within 90 days. The contract was very specific regarding timing, as the brewery wanted to have their plan in place by a certain date. The consultant was 190 days late in delivering the plan. The brewery sued the firm and was awarded $300,000 in damages.
The best way to sell E&O insurance is to start a conversation with your client or prospect. Think about using these tools:
Agents please click on link to see our ACE Advantage® Miscellaneous Professional Liability program highlights.