IronPro introduces two-term policy endorsement for small business
IronPro, the professional liability unit of Ironshore, introduced a two-term policy endorsement for its Miscellaneous Professional Liability (MPL) product for small business accounts. MPL policy endorsement will streamline underwriting to reduce the brokers’ administrative costs associated with small business accounts, defined herein as professional services providers with less than $5 million in annual revenues. IronPro’s 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 customizes protection for a wide spectrum of professional services providers, including consultants, advertising and public relations agencies, employment/staffing firms and executive recruiters, among others. Coverage responds to financial losses to the professional services provider sustained by third-parties due to claims arising from alleged negligence. Independent contractors of professional services providers are included in the policy language 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.”
IronPro offers a suite of professional and management insurance liability lines, including Directors & Officers, Employment Practices, Fiduciary, and Fidelity Insurance for public, private and limited liability companies and partnerships, as well as non-profit entities.