Professional Liability Insurance
Financial protection for claims alleging negligence or failure to deliver a service as promised.
Protect your practice with Professional Liability Insurance.
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Save up to 35% on your insurance
Instant price and coverage in just a few clicks!
Join over 150,000 businesses that have trusted us!
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 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 are an accountant, and you accidentally make an administrative error, which results in your client owing a large amount of money in taxes.
Outcome: Your client sues you for negligence. Your Professional Liability Insurance covers the legal expenses and monetary judgment, totalling $250,000.
Problem: A marketing strategy you developed for a client that promises a large ROI but doesn’t end up delivering the results.
Outcome: Your client sues you for financial loss. Your Professional Liability Insurance covers the legal expenses and settlement fees, totalling $190,000.
Problem: When reviewing your client’s health history, you notice an injury that may be aggravated by the treatment you provide. You proceed, exacerbating the old wound.
Outcome: The client sues you for negligence. Your PLI covers the defence costs, medical fees, and monetary judgment, totalling $56,000.
Professional Liability Insurance, Explained.
What does Professional Liability Insurance cover?
Professional Liability Insurance, also known as errors and omissions insurance, protects professionals from client claims alleging financial loss due to a service you provided, as well as lawsuits alleging negligence, misconduct, and failure to deliver services as promised.
Professional Liability Insurance typically includes coverage for legal costs and damages related to the following coverage areas:
- Professional Services: Coverage for Negligent Acts or errors or omissions related to your services or failure to deliver a service as promised.
- Media and Advertising: Media services provided that resulted in your client getting sued for defamation, libel, or slander.
What is the cost of Professional Liability Insurance?
For a basic Professional Liability Insurance policy with a limit of $100,000, you can anticipate spending approximately $250 annually.
The following factors are typically taken into consideration when determining the cost of your premium:
- Industry and Services Offered
- Years of Experience
- Number of Employees
- Annual and Projected Revenue
In the online quote application, we ask your business some questions to understand your coverage needs better.
Who needs Professional Liability Insurance?
You need Professional Liability Insurance if:
- You provide advice or offer services in exchange for a fee.
- You provide or develop products or devices.
Depending on the profession, it may be referred to as Errors and Omissions Insurance or Malpractice Insurance. For some occupations, carrying Professional Liability Insurance is required to practice.
What is the difference between General Liability insurance and Professional Liability insurance?
Professional Liability Insurance covers lawsuits alleging neglect, misconduct, or failure to deliver services promised, whereas commercial general liability insurance covers third-party property damage or bodily injury.
Having both CGL and PLI in your coverage, they form a comprehensive insurance policy package.
When is Professional Liability Insurance required?
Professional Liability Insurance is not required by all professions to offer services; however, it’s recommended for professionals who provide a service or advice, whether they work within a group of professionals or as solo entrepreneurs, as it protects against costs associated with claims or lawsuits that may threaten the survival of your business. When it comes to deciding whether or not to insure your business, consider your profession.
For example, accountants are required to carry professional liability insurance to practice in Ontario.
What is not covered by Professional Liability Insurance?
Professional Liability Insurance typically does not provide coverage for:
- 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
Insurance policies are created with the intent of covering a large number of business segments. Every business is unique as to what they offer and how they are operated, due to these individual complexities it is almost impossible for one single insurance policy to cover everything a business may offer. Your basic insurance policy, Commercial General Liability covers any claims of your business causing injury or loss whether it be to a customer, tenant, or landlord. These policies do not, however, cover your professional advice and services, management decisions, physical property, computer systems, data and other potential loss exposures that might exist within your business model.
The most common professional liability coverage that business owners, consultants or practitioners opt for is the $1M/$2M coverage ($1M max pay out for a single claim during a year, $2M max pay out for all claims throughout a year). If you believe risks are higher in your industry or for your specific business, you should consult with your broker about getting a policy with higher limits.
Yes. professional liability insurance covers errors and omissions in the service or advice provided by professionals. In fact, the terms ‘professional liability insurance’ and ‘errors and omissions insurance’ actually refer to the same type of policy.
Other business insurance coverage options to consider:
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Real happy with all the help Zensurance provided in finding the right type of coverage for my needs. I'm in the Media/Publishing industry and it's not always easy to find insurance policies that address the unique needs of the industry. But my broker (Josh) was very open, receptive, and responsive, guiding me through the process and reaching out to providers to add extra coverage that isn't normally found on similar policies. Highly recommend!
Georgiana Mihaila8/08/2022This was such an easy process. After the initial contact, all I had to do was reply electronically to a few questions and everything was easily set up via email. Such a good experience. Matthew was super pleasant and easy to communicate with. Highly recommended.
Tess Greening7/29/2022It was quick and easy to get my insurance set up for my Life Coaching practice. Katherine Davis was very friendly, professional and thoroughly answered all of my questions. Thank you!!
Carrie Mac7/22/2022 -
Overall good experience and setting up the policy is easy.
Mehreen Imran7/22/2022I had an amazing experience finding insurance for my business and my agent Erik Malthaner is a true professional, always prompt when responding and offering different options, and is an asset to Zensurance.
Steve Jackman7/22/2022Mark is cordial, patient and responsive
Andrew J Thomas7/22/2022 -
Amanda called me back immediately and did an amazing job at answering all of my questions and helping me in the first steps to work getting coverage. She was super knowledgeable and extremely polite and will be the reason why I use these guys for my insurance!
Alpine Tree Care7/21/2022Mark Cote was extremely knowledgeable and was able to help me get setup with my insurance and my contracting requirements. Thanks again!
Larry Chau7/21/2022Good experience with Mark Cote. Everything went fast and easy!
Pol B L'ABATTOIR7/21/2022
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