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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Who needs Professional Liability Insurance?
Depending on the profession, it may be referred to as Errors and Omissions Insurance or Medical Malpractice Insurance. For some professions, carrying Professional Liability Insurance is required to practice.
You need Professional Liability Insurance if:
- You provide advice or offer services in exchange for a fee.
- You provide or develop products or
What is the cost of Professional Liability Insurance?
For a basic Professional Liability Insurance policy with a limit of $100,0000, you can anticipate spending approximately $250 annually.
The cost of your policy will depends on several factors, such as:
- Industry and Services Offered
- Years of Experience
- Number of Employees
- Annual and Projected Revenue
Getting insured is quick and easy!
If professional liability insurance is what you need, request a free quote now
Common scenarios where Professional Liability Insurance is useful
Problem: The code you wrote for a client resulted in their website going down at a critical time.
Outcome: Your client successfully sues you for the sales they lost as a result of the website being down. Your Professional Liability Insurance covers the legal expenses and payout, totaling $78,000.
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, totaling $89,000.
Problem: You suggest a communications strategy to your client that promises a large return on investment. Unfortunately the client follows your recommendation but does not see the savings you promise.
Outcome: They successfully sue you for the financial loss. Your Professional Liability Insurance covers the payout and legal expenses, totaling $190,000.
Which professions require Professional Liability Insurance?
Regardless of the type of professional services business you run, professional liability insurance is critical:
Aerial and ground based Photographers / Videographers
Architects & Engineers
Building Designers (Bill 124)
Directors and Officers
Energy Audits & Assessments
Foreign Legal Consultants
Human Resources (HR) Consultant
Information Technology & Computer Consultants
Lawyer’s Excess Professional Liability
Medical Professionals (Malpractice Insurance)
Medical Students (Malpractice Insurance)
Occupational Health and Safety Consultants
Quality Control Consultants
Publishers and Printers
Recruitment and Employment Agency
Solar & Wind Farm Engineers & Consultants
Travel Agents, Tour operators
Workplace Engineers & Consultants
Frequently Asked Questions about Professional Liability Insurance
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