What is Miscellaneous Professional Liability Insurance?
Miscellaneous Professional Liability insurance covers professional services firms in the event of actual or alleged negligence, errors or omissions, and any perception that a fee-based firm has fallen short on their obligation to a client or third party.
Why does your business need Miscellaneous Professional Liability Insurance?
Some examples may include:
- A business consultant provides a report containing miscalculations that a client relies on to their detriment
- An HR outsourcing firm failed to conduct a criminal background check on a person who stole property from one of the firm’s clients
- An advisory firm gives negligent pricing advice that causes losses to their client
What does Miscellaneous Professional Liability Insurance cover?
Miscellaneous professional liability insurance is tailored to cover liability for any errors or omissions arising from the unique and specific professional services that the policyholder provides to clients and other third-parties.
- Responds to claims or suits arising out of any actual or alleged negligent act, error or omission, misstatement or misleading statement committed in rendering or failing to render professional services for others for a fee
- Limits of liability include claim expenses incurred in connection with a claim or suit against an insured
The AIG Advantage
- Dedicated claims team specializing in professional liability
- Multinational capabilities to ensure coverage worldwide, no matter where the claim occurs
- 40+ years of technical expertise in professional liability underwriting and exposures