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.
Trusted by over 300,000 Canadian small business owners!
Save up to 35% on your insurance
Instant price and coverage in just a few clicks!
Trusted by over 300,000 Canadian small business owners!
Save up to 35% on your insurance
Instant price and coverage in just a few clicks!
Partnerships with over 50 leading Canadian insurance providers
Partnerships with over 50 leading Canadian insurance providers
Why Choose Zensurance?
We help Canadian small business owners save time and money by providing
a convenient and affordable way to buy business insurance.
Convenience
Purchase your insurance anytime, anywhere, with our easy-to-use online platform.
Cost
Compare rates across leading insurance companies to ensure you get the best price on your premium.
Curation
We use data and analytics to identify the right insurance policies for your business.
Claims Examples
Problem: You’re a physical therapist working with a patient with a knee injury. You ask them to try a new stretch to their test their flexibility. Unfortunately, they end up exacerbating their injury.
Outcome: The client successfully sues your business for bodily injury. The bodily injury coverage could cover the legal expenses and medical fees, totaling $5,000.
Problem: You’re a communications technician installing a new aerial wire in a customer’s backyard but neglect to notice it’s over a small pond. During a storm a few weeks later, the aerial wire is severed by a tree branch – it falls into the pond and electrocutes ten exotic fish.
Outcome: The customer successfully sues your business for negligence. Your liability coverage could cover the cost to replace the fish and aerial wire, totaling $15,000.
Problem: You’re a marketing project manager planning out a commercial for a new product launch. Your plan has the commercial ready for Black Friday, but an error in your scheduling means the commercial will be late, missing a crucial shopping period.
Outcome: Your client sues you for failure to deliver a commercial on time. Your liability coverage could cover the legal expenses and settlement fees, totaling $190,000.
Professional Indemnity Insurance, Explained.
What is Professional Indemnity Insurance?
Professional Indemnity coverage may protect you from client claims alleging errors and omissions in the service you provided. It may also cover lawsuits alleging negligent advice or service to a client. 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 may cover the legal costs and expenses related to legal proceedings and cover any compensation payable.
What does Professional Indemnity Insurance cover?
Professional Indemnity Insurance typically includes coverage for legal costs and damages related to the following coverage areas:
- Unintentional breach of copyright
- Monetary loss due to poor advice or negligence
- Professional negligence and errors in service
- Loss of documents or data
How much is Professional Indemnity Insurance?
For a basic Professional Indemnity Insurance with a limit of $100,000, you can anticipate spending approximately $250 a year. The cost of Professional Indemnity Insurance can vary due to several factors. Here are some of the things we take into consideration when determining the cost of your premium:
- Years of Experience
- Annual and Projected Gross Revenue
- Number of Employees
- Previous Insurance Claims
Who needs Professional Indemnity Insurance?
Professional Indemnity Insurance is essential for any business that provides advice, consulting services, or designs to its clients. For many industries, such as accounting and medical services, law professionals must carry professional indemnity coverage. For professions that do not require mandatory insurance coverage, it is highly recommended as a risk management practice and may assist in securing contracts.
When is Professional Indemnity Insurance required?
Not all professionals who offer services must have professional indemnity insurance; however, it’s recommended for any professionals who provide a service or consulting, as it protects against costs associated with claims or lawsuits tied to your business.
If you’re not sure about the legal insurance requirements for your profession, check with your Provincial or trade-specific regulatory body.
For example, private practice lawyers are required to carry professional indemnity insurance to practice in Ontario.
What is not covered by Professional Indemnity Insurance?
Professional Indemnity coverage may only protect you from claims of damage to clients due to errors and omissions in the service you provided or alleged negligence, which has resulted in damage to a client. Here are some examples of what would not be covered under this coverage:
- Intentional or wrongful acts;
- Criminal, dishonest, or fraudulent acts (you need Crime Insurance);
- Violation of securities acts;
- Cost guarantees or price estimates; or,
- Incorrect estimates of profits or economic returns
Frequently Asked Questions about Professional Indemnity Insurance
No. Professional Indemnity only covers losses to third parties caused by errors or omissions in your advice or service. Professional Indemnity Insurance will not cover tools or equipment you use for work. If your business utilizes expensive tools and equipment, consider adding Tools and Equipment Coverage to your business insurance policy.
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 call it, professional indemnity/malpractice insurance is essential for any business that provides a service or advice.
Our most recent reviews
See what our small business customers have to say about us.
4.8
3000+ Google Reviews
- Great support provided by the Renewal team. Sangki one of the Renewal Manager's was very responsive, listened to my concerns and helped get a very competitive rate whiling getting the coverage we needed.Pedram Varjavandi3/04/2024thanks for consistently prompt and professional service :0)Miramichi House3/04/2024This firm offers great rates with great online services. Their representative, Bernard Albano, was very helpful and diligent with follow-up.Scott Dalsin3/04/2024
- Very please with their service. Prompt responses. Friendly customer service. I’d definitely recommend for your business insurance needs.Ti-Anna Hall3/03/2024I am a CPA, CA and Zensurance made it very easy to get the coverage I need at a very affordable price. Mike Lancaster in particular was very helpful in explaining the policy and what my answers to the questions meant. Highly recommendAaron Herman3/02/2024Helpful and thorough - Adina Bennion at Zensurance guided me to the coverage that fits my business and I got the coverage I was looking for in a smooth process over the internet.Wayne Mitchell3/02/2024
- excellent service... I highly recommend. Jesse was wonderful to deal withCharlene Hooper3/02/2024Shannon Henderson is a rockstar. I was tight on time and Shannon really helped gather all the info needed to move forward with my business. Great experience. Thank you!Jennifer Winter3/01/2024Billy Chang was great to deal with. Quick, honest and reliable. Would absolutely recommend him to friends and family.Dyab Al Nabout3/01/2024
Ready to Start? Let’s Get a Quote!
Getting business insurance shouldn’t be complicated!
At Zensurance, we simplify the process of getting insurance so that you get the coverage you need, quick and easy!