Professional Indemnity Insurance

Professional Indemnity Insurance

Professional Indemnity Insurance is important for Canadian small businesses that provide a service to their clients. This coverage is designed to protect business owners and consulting service providers in case of errors and omissions due to negligence.

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What is Professional Indemnity Insurance?

Professional Indemnity coverage may protect you from claims of damage to clients due to errors and omissions in the service you provided. The damages may be financial, as is the case with accountants, mortgage brokers, consultants, or it may be physical, as is the case with physiotherapists, dentists, and paramedics.

Professional Indemnity Insurance Coverage

What does Professional Indemnity Insurance Cover?

It may cover claims where you are alleged to have provided negligent advice or service to a client. Professional Indemnity covers legal costs and expenses related to legal proceedings, and may also cover any compensation payable. Some common errors that require professional indemnity coverage are:
  • Unintentional breach of copyright
  • Monetary loss due to poor advice or negligence
  • Professional negligence and errors in service
  • Loss of documents or data
Professional Indemnity Insurance Requirements

Who needs Professional Indemnity Insurance?

Any business that provides advice, consultanting services, or designs to their clients should strongly consider protecting themselves and their business with professional indemnity insurance. For many industries, such as accounting and medical services, professionals are required to have professional indemnity coverage by law. In industries that don’t require insurance coverage by law, businesses still come across clients that require them to have indemnity coverage before getting into business with them, as it is a standard risk management practice.

Professional Indemnity Insurance Costs

How much does Professional Indemnity Insurance Cost?

The cost of your Indemnity policy will depend on a few different factors. The industry you operate in will play a large role in determining the premium. Premium rates are especially high in industries with a record of high number of claims, example, the medical services industry. Other factors that may affect the rate of your premium are:
  • Revenue
  • Projected revenue
  • Claims history
  • Years of experience in industry

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Which professions require Professional Indemnity Insurance?

Regardless of the type of professional services business you run, professional liability insurance is critical:

  • Accountants

  • Accounting Firm

  • Actuaries

  • Advertising

  • Aerial and ground based Photographers / Videographers

  • Alternative Energy

  • Architects & Engineers

  • Appraisers

  • Bookkeepers

  • Broadcasters

  • Building Designers (Bill 124)

  • Business Consultant

  • Chiropodists

  • Civil engineers

  • Collection Agencies

  • Consultants

  • Chiropractors

  • Design Firms

  • Directors and Officers

  • Employment Agencies/Recruiters

  • Engineers

  • Environmental Engineers

  • Energy Audits & Assessments

  • Financial Advisors

  • Financial Planners

  • Foreign Legal Consultants

  • Holistic Professional

  • Hotel Consultant

  • Home Inspectors

  • Human Resources (HR) Consultant

  • Immigration Consultants

  • Information Technology & Computer Consultants

  • Interior Designers

  • IT Contractor

  • IT Specialist/Technician/Programmer

  • Independent Contractor

  • Product Designers

  • Professionals Liability

  • Lawyer’s Excess Professional Liability

  • Management Consultants

  • Medical Related

  • Medical Professionals (Malpractice Insurance)

  • Medical Students (Malpractice Insurance)

  • Multimedia designers

  • Mortgage Brokers

  • Naturopaths

  • Occupational Health and Safety Consultants

  • Quality Control Consultants

  • Placement Agencies

  • Podiatrists

  • Process Servers

  • Private Investigators

  • Project Managers

  • Property Managers

  • Paralegals

  • Publishers and Printers

  • Recruitment and Employment Agency

  • Recruitment Consultants

  • Safety Engineers

  • Service Organizations

  • Solar & Wind Farm Engineers & Consultants

  • Staffing Agencies

  • Structural Engineers

  • Sub Contractor

  • Surveyors

  • Therapist Professionals

  • Training Providers/Trainers

  • Travel Agencies

  • Travel Agents, Tour operators

  • Web-Site Designers

  • Web Developers

  • Workplace Engineers & Consultants

Frequently Asked Questions about Professional Liability Insurance

What is the difference between professional indemnity insurance and professional liability insurance?
There is no difference between the two in Canada. Professional Indemnity Insurance is a term that is more popular overseas. In Canada, the same coverage is provided by professional liability, also often referred to as errors and omissions insurance or E&O. In some industries, such as medical services and law, it is also referred to as malpractice insurance.
Does professional indemnity insurance also provide coverage for professional tools I use for work?
No. Professional indemnity only covers losses to third-parties caused by errors or omissions in your advice or service. Your own tools and equipment will not be covered under such a policy. If you own expensive tools and equipment, consider adding Contents Coverage to your business insurance policy.
Do I need malpractice insurance in addition to professional indemnity insurance?
Malpractice insurance and professional indemnity insurance provide the same coverage. In some industries, such as law and medical services, malpractice insurance is a more common term than professional indemnity coverage. Regardless of what you refer to it as, professional indemnity/malpractice insurance is an important coverage for businesses that provide a service or advice.

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