Professional liability insurance plays a key role in protecting you and your Ontario business. If you are a professional who offers advice or provides a service, you need professional liability coverage.
Why? Professionals make mistakes. Even the best of us! Your employees could make mistakes too. But don’t mistake the importance of having a professional liability insurance policy.
You never know when legal issues could arise. An unsatisfied customer could slap you with a lawsuit because they feel harmed by advice or services you’ve provided. Errors and omissions insurance provides additional coverage that is above and beyond your standard business insurance policy. It protects professionals and businesses in Ontario in the event of errors or mistakes.
At ThinkInsure, our experienced insurance experts will help you find the right professional liability policy. Get protection against claims, lawsuits, and more.
Professional liability insurance (PLI) is a form of business liability insurance. Professional indemnity insurance and errors and omissions insurance are other common names for it. This coverage protects individuals and businesses that provide professional advice and services.
You get protection against the cost of lawsuits for negligence and erroneous advice. Professional liability insurance policies can vary based on industry and profession.
Professional liability insurance is coverage that extends beyond the coverage provided in a standard business insurance policy. It is specialty coverage and it’s applicable to all business types – small business, home-based business, larger enterprises.
It protects you against financial losses from lawsuits. Without professional liability insurance, you would be responsible for all legal costs.
Errors and omissions insurance is a form of liability insurance. Errors and omissions insurance has many other names, including :
Errors and omissions insurance protects professionals and businesses from liability exposure. It protects your business when it’s sued because of professional errors made by you, your business, or your employees. The type of liability exposure depends on your profession and the type of work you do.
Errors and omissions can take on many shapes. They include :
For example, a client follows your professional advice for how to operate their business. They do not get the desired results and suffer a financial loss. They may sue you to recover lost revenue.
An errors and omissions insurance policy outlines:
The details of your policy are commonly specific to your industry and the products and services you offer.
It only takes a few quick steps to get professional liability insurance. Tell our experts about your business and insurance needs. We’ll find you the best coverage and compare the lowest quotes for you.
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Professional liability costs are different for every business. The cost of a professional liability insurance policy is dependent on your business type and industry. Inherent risks of your profession are also a consideration.
For example, greater liability risk exists for an engineer or doctor than a small business consultant. This reflects in your insurance premiums. The average cost for premiums can vary. It can fall anywhere from $70 per month to hundreds of dollars per month.
Factors that can impact your professional liability insurance premiums include :
Professional liability malpractice insurance is a type of liability insurance that is specifically for medical professionals. It provides protection for doctors, dentists, nurses and other licensed health care providers against negligent practice claims and lawsuits. Coverage includes protection for misdiagnosis, wrongful practices, and bodily injury caused by medical practices.
Do you need professional liability insurance? If you provide advice or services, then yes. It is advisable to reduce possible costs associated with claims and lawsuits against your company. Whether you are a home-based business, small business, or even freelance part time, it could help.
At ThinkInsure, we offer errors and omissions insurance coverage for many industries and professions :
What is the purpose of errors and omissions insurance? It provides you with coverage for a variety of liabilities that could severely impact your business operations. It allows you to work without the fear of facing a lawsuit or financial damages due to a mistake.
While the type and scope of coverage can vary, most errors and omissions policies cover :
Polices can also cover mistakes made by employees, breach of duty, and contractual liabilities.
Errors and omissions insurance does NOT cover illegal acts, intentional wrongdoing, general liability, property damage, employee lawsuits and injuries.
We ensure that your Ontario business has protection, while getting the cheapest professional liability insurance rates. We know how important it is for your business to cover all your bases. We help business professionals get the coverage they need and much more :
Here is how to get the cheapest rates professional liability insurance to save on your business costs :
Still have questions about professional liability or errors and omissions coverage. Here are some common questions about this policy type :
Yes. The types of errors and omissions you have coverage for will depend on your policy. Check with your insurance professional to ensure you have the right coverage in place.
Yes. General business liability policies provide coverage for injuries to people and property. Professional liability provides coverage for negligent acts when offering services. Each type of policy provides protection for different types of risks.
Yes. Most contractors and small businesses have commercial general liability insurance. However, this type of business insurance policy only covers property damage and third party bodily injury. It does not cover the damages caused as a result of professional advice or professional services. E & O insurance fills this gap.
Errors and omissions insurance and professional indemnity (PI) insurance are interchangeable terms. They are essentially the same type of insurance coverage. It’s coverage that protects you from lawsuit costs when a customer believes you have acted in error. Or they believe you made a mistake when providing advice or professional services.
Professional indemnity insurance is another term for professional liability coverage. They are used interchangeable but refer to the same type of business liability insurance coverage.
Even if you have comprehensive general commercial liability coverage, you still have exposure to professional liability. PLI protects you from liabilities that arise as a result of your industry and type of business. General commercial liability only provides coverage for physical damage to your property and bodily injury. It doesn’t cover professional errors and mistakes.