Professional Liability Insurance2019-06-04T16:17:54-04:00

Professional Liability Insurance

Having Professional Liability Insurance can cover financial costs in case of accidental errors or alleged negligence.

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Professional Liability Insurance

What is Professional Liability Insurance?

Professional Liability Insurance (aka Malpractice Insurance or Errors & Omissions Insurance), is an insurance type that protects a business owner, healthcare practitioner or consultant in case a professional error is made.

Nobody is perfect, we all make mistakes and professional liability coverage can cover the costly process of facing a lawsuit from a client who alleges negligence or misleading advice.

What Does a Professional Liability Policy Cover?

There are two main types of consequences a professional error can cause: Financial loss or bodily injury.

In either case, at the end, both types translate into financial risks for you. A Professional Liability Policy can cover 3rd party compensation and legal costs associated with a lawsuit even if you are guilty or not.

What is Not Covered?

Other policies may be required in addition to professional liability as circumstances may call for specific extra coverage.

When getting a Professional Liability insurance policy, make sure to learn about the following extra coverage as they are typically not included by default:

  • Cyber liability insurance
  • Business interruption insurance
  • Vehicle insurance
  • Contents and property insurance
  • Equipment breakdown insurance

In almost all circumstances, Professional Liability Insurance does NOT cover damages or injuries resulting from intentional acts.

Who Needs Professional Liability Coverage?

The following professionals should definitely have a policy in place:

  • Doctors*
  • Dentists*
  • Chiropractors*
  • Physical therapists*
  • Lawyers
  • Accountants
  • Engineers
  • Financial advisors

*Medical malpractice insurance policy

What is the Cost of Professional Liability Insurance?

The cost of a professional liability policy varies according to factors such as:

  • Industry
  • Level of experience in the industry
  • Revenue

It also depends on the nature of your work and the size of your particular business, but generally speaking, here is a breakdown of costs:

  • Consultants start at $400
  • Engineers pay around $1000
  • Software developers start at $500
  • Photographers start at $300

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Which Businesses Require Professional Liability Insurance?

Regardless of the type of business you own, Business Liability Insurance is critical for almost any business including:

  • 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

Why do I need professional liability coverage in addition to commercial general liability coverage?2019-06-04T15:56:53-04:00

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.

Who needs professional liability insurance?2019-05-15T11:07:53-04:00

It’s recommended for professionals who provide a service or advice, whether they work within a group of professionals or as solo entrepreneurs. For example: doctors, lawyers, accountants, management consultants, marketers, financial planners, engineers etc.

 

What does professional liability insurance cover?2019-05-15T11:25:58-04:00

Professional liability insurance covers financial loss or bodily injury caused to a third party due to a service you provided. It covers legal costs and settlements, usually hefty fees that can cripple a small business or individual practitioner if they had to pay it out of their own pocket.

How much professional liability coverage do I need?2019-05-15T11:26:26-04:00

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.

Does professional liability insurance cover errors and omissions?2019-05-15T11:21:08-04:00

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.

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Common scenarios where Professional Liability Insurance is useful:

Commercial Insurance Canada Scenario

An advertising agency creates an ad for its client and the client’s competitor sues for libel. The client then files a lawsuit against the advertising agency.

Commercial Insurance for Contractors

Administrative errors by an accountant affect his client’s financial documents for the fiscal year and the client decides to sue.

Commercial Insurance for Restaurants

A management consultant’s advice causes his client to land into legal trouble, and the client decides to sue.

Leading Canadian business insurance carriers
have partnered with us to serve you

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Liberty Mutual Liability Insurance Canada
Travelers Business Insurance Canada
Business Insurance Zen Man

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