Many business owners will go to great lengths to protect their company, but sometimes, the stresses and pressures of keeping everything running will cause poor decision-making. A lack of knowledge concerning important issues of liability and insurance can impact these decisions. Even though you may carry a general liability policy, don’t be quick to cancel your MPL policy and assume you will be okay.
8 Unfounded Excuses
There are many professionals working with Huntersure that can inform you of the need for this coverage, but here are the top excuses why business owners will cancel their miscellaneous professional liability policy.
- There is no value in the additional coverage.
- I need to reduce my company’s expenses.
- I already carry a comprehensive general liability plan.
- A lawsuit would be meritless against the quality of the company’s work.
- The company has never faced litigation.
- The company has enough funds to pay for a lawsuit out of pocket.
- The law doesn’t require this additional coverage.
- The company is undergoing change and prior risks are diminished.
When you consider the benefits of carrying an MPL policy, none of these excuses are worth the risk of cancellation. The financial costs, contractual requirements, and reputation management that may need to be done in the event of an incident could all be taken care of with the right policy.