The coverage helps protect against the impact of a claim that a business committed errors and omissions in performing a professional service.
Coalition’s MPL Insurance coverage is available by endorsement to Active Cyber Insurance policies through existing capacity providers for a wide range of industries to cover 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, Coalition’s Head of Insurance. “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’s refined Active Risk Assessment streamlines the acquisition process for Cyber and MPL Insurance coverages, reducing the requirement to provide just around ten supplementary data points for quoting an endorsement. The approach enables brokers to save time by seamlessly incorporating MPL into their existing Coalition Cyber Insurance quotes.
Consequently, clients are presented with a straightforward and economical option to supplement their cyber coverage with MPL protection.
“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.
He 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, making the process of getting business back up and running as smooth as possible.”
