Does your company provide services to others for a fee or do you hire and oversee the work of subcontractors for a client? Anytime you or your company offers a professional service, you open yourself up to potential claims of errors and omissions.
Liabilities With Errors and Omissions
With MPL claims, you or your company may have overlooked a detail, forget an essential step during a contract proceeding, misstated facts about a product, or failed to complete work in a timely fashion. There are a number of potential claims that could be filed against your company, but miscellaneous professional liability concerns deal with the day-to-day operations that didn’t work out in favor of the client. For the most part, these situations are accidental incidents, but the litigious climate of the business world leaves you open to paying thousands out in damages.
The Need for Insurance
Your company, no matter how big or small, could go bankrupt or face closure if a lawsuit is filed against it. Those that have been wronged, even though accidentally, could try to claims thousands or millions by way of compensation and damages. The court costs and legal fees alone will cost an enormous sum. Carry an insurance policy for MPL can subsidize the costs of litigation and potentially cover the costs of a settlement.