Counterpart, the Los Angeles-based management liability insurtech, has added miscellaneous professional liability insurance to its existing suite of management liability products and services available to small businesses through Counterpart’s wholesale broker partners.

The new, A-rated MPL product line, offered in partnership with Bermudian-based Aspen Insurance, provides coverage with limits up to $5 million for private businesses with up to $10 million in revenue.

Also known as errors and omissions insurance, MPL safeguards professionals who provide a service -- predominately small business owners -- from losses related to customer claims like failure to provide the expected level of service, inadequate work or negligent actions, Counterpart said.

While E&O insurance has long been associated with traditional professionals such as lawyers, architects or accountants, MPL covers a more diverse list of service professionals -- such as property managers, consultants and third-party administrators -- across more than 100 different business classes.

“The US economy has always been driven by small businesses and technology is making it easier than ever for professionals to strike out on their own,” said Tanner Hackett, CEO of Counterpart.

“But these businesses often lack the sophisticated compliance infrastructure of larger corporations -- leaving them exposed to greater business and personal risk.”

MPL is a natural extension of Counterpart’s existing management liability products and services. It is available as a stand-alone policy or can be packaged with other Counterpart offerings of directors and officers, employment practices, fiduciary and crime insurance, the company said.

Matt Price, head of FinPro Program Operations at Aspen, said: “Because MPL is designed to safeguard a variety of business types, the risks can vary dramatically from policy to policy.

“We have been impressed by Counterpart’s MPL product, which has been cleverly designed to incorporate data-driven sentiment analysis to determine a company’s unique risks.”

He added: “Counterpart’s tailored approach to underwriting opens the doors to many small businesses that might not otherwise be able to access this critical insurance coverage,”