Miscellaneous Professional Liability (MPL) insurance offers protection for the errors and omissions (E&O) committed by professional service providers while delivering fee-based professional services. Different than general liability (GL) policies, MPL covers the professional services rendered as well as the actual business.
Almost every professional service provider, from dog groomers to court reporters to CAD designers, needs MPL coverage. There are more than 350 hazard classes currently offered under the miscellaneous professional liability insurance umbrella. As an agent, it can be difficult to properly focus marketing and sales efforts on professional liability as a whole. That is why we recommend segmenting your activities monthly by specific classes.
For example, tax season is right around the corner. Did you know that a tax professional can be held responsible for any IRS-assessed penalties and interest the client was charged during an audit? In March and April, that professional liability message is particularly effective with your CPA and tax professional clients. June is wedding season. Did you know that the cost of weddings has risen by 22% annually for the last two years? People are spending $25,000 on average for a wedding. As the amount of money spent increases so does the number of wedding planners targeted for lawsuits.
Below is a suggested calendar for marketing miscellaneous professional liability to your clients. We will be sending out information every month on the spotlight class to help you better sell to those clients.
MARCH: Accountants (CPAs, Bookkeepers, etc.)
APRIL: Marketing / Advertising
MAY: Event Planners
JUNE: Travel Agents
JULY: Real Estate Agents
AUGUST: Technology Professionals (IT Consultants, Software Designers, etc.)
SEPTEMBER: Medical Risk Professionals (Nurse Staffing, Labs, Imaging Facilities, etc.)
OCTOBER: Architects & Engineers
NOVEMBER: Animal Services (Kennels, Groomers, Dog Sitters, etc.)
DECEMBER: Legal Professionals (Lawyers, Paralegals, etc.)