IronPro, the professional liability unit of Ironshore, has launched a two-term policy endorsement for its miscellaneous professional liability (MPL) product for small-business accounts.
The MPL endorsement will streamline underwriting and reduce brokers’ administrative costs associated with small-business accounts, Ironshore said. The policy will renew after the first year for a second term with the same guaranteed premium terms and conditions as the first policy period.
IronPro’s MPL program offers customized coverage for a wide variety of professional services, including consultants, advertising and public relations agencies, employment/staffing firms and executive recruiters. Coverage responds to financial loss to the professional services provider sustained by third parties due to claims arising from alleged negligence, IronPro said. Independent contractors of professional services providers are included in the policy as covered insureds. Policy limits are available for up to $3 million.
“IronPro’s two-term policy endorsement was developed in direct response to market demand for a more simplified, streamlined process to manage the liability coverage needs of professional small businesses with less administrative costs for the broker,” said Greg Flood, president of IronPro. “The broker community is assured of receiving continuity of commission payments, while their small-business clients can rest assured that favorable policy terms and conditions will remain intact on a year-to-year basis.”