Professional Liability Insurance

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Find The Best Professional Liability Insurance

Professional liability insurance plays a key role in protecting you and your business. If you are a professional who offers advice to clients or provides a service in Ontario or Canada, you need professional liability in coverage.

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 have provided. Professional liability insurance provides additional protection that is above and beyond a business policy. It protects professionals if they make mistakes.

At ThinkInsure, our experienced advisors will help you find the right policy. Make sure you have proper coverage against claims, lawsuits, and more. We'll compare quotes from the top insurers in Canada and get a better rate.

What Is Professional Liability Insurance?

Professional liability insurance (PLI) is a form of liability insurance. Professional indemnity insurance and errors and omissions insurance are other common names for it. This protects individuals and businesses that provide professional advice and services.

You get protection against the cost of lawsuits for negligence and erroneous advice. Policies can vary based on industry and profession.

Why Do You Need Professional Liability Insurance?

Professional liability insurance extends beyond the coverage provided in a small business insurance policy. It is a specialty plan and it is applicable to all organization types – SMBs, home-based business, larger enterprises.

It protects you against financial losses from lawsuits. Without it, you would be responsible for all legal costs.

How Does Professional Liability Insurance Work?

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PLI protects you when mistakes are made when offering professional services. These mistakes can lead to claims against your company. PLI offers legal defence, judgements, and settlements if you are liable.

There are many situations where you can be liable and have exposure. For example, you miss a deadline causing a financial loss for a client. When your client or customer blames you and says your actions caused damage to their business. Or when you make a mistake or overlook something.

This gives you peace of mind in knowing you are covered if these situations arise. Here are some common situations where PLI can be helpful:

A client blames you for a loss or damage.
You fail to meet timelines.
You make a mistake and fall short agreed upon deliverables.
You are found liable for negligence.

How To Get A Professional Liability Insurance Quote

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How Much Does Professional Liability Insurance Cost?

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Professional liability premiums are different for every company. The cost of a policy is dependent on your business type and industry. Inherent threats of your profession are also a consideration.

For example, greater threats exist for an engineer or doctor than a 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 premiums include :

Company size
Industry
Policy limits
Location
Number of employees
Training and risk mitigation strategy
History of lawsuits
Legal documentation and policies

Professional Liability Insurance FAQs

Who Needs Professional Liability Insurance?

If you provide professional advice to clients or services then it is a good idea to get coverage. It will protect you against costs associated with claims and lawsuits against your company.

At ThinkInsure, we offer solutions for many industries and professions :

Consultants
Construction
Finance and banking
Realtors
Automotive dealers and repair
Hospitality and food services
Travel agents
Recruiters and employment agencies
Photographers and graphic designers
Media and court reporters
Educational institutions and educators
Legal
Retailers and local stores
Licensed medical experts
Media
Engineers
IT
And many more

What Does Professional Liability Insurance Cover?

It provides protection in these areas :

Legal defence costs
Libel and slander
Copyright breach
Loss of documentation
Dishonesty
Negligence
Mistakes and oversights

What Does Professional Liability Not Cover?

This type of plan does not cover :

Illegal acts and fraud
Intentional wrongdoing
Inaccurate estimates
Pricing quotations or cost guarantees
General liability
Property damage
Employee lawsuits and injuries

Is Professional Liability Insurance Required By Law?

It not a legal requirement for all business types. If you offer a service or provide advice, it is highly recommended. This is even if you are a solopreneur. Some professions are required to have coverage in place.

How Much Professional Liability Coverage Do I Need?

The most common PL package is the $1 million / $2 million plan. You have a maximum $1M pay out for a single claim during the year, and maximum $2M pay out for all claims. If you operate in a riskier industry, higher limits are recommended.

Do I Need General And Professional Liability Insurance?

Yes. General business liability insurance policies provide coverage for injuries to people and property. PLI covers negligent acts when offering services. Each type of policy provides protection for different types of threats.

Is Malpractice Insurance The Same As Professional Liability Insurance?

Professional liability malpractice insurance is specifically for medical professionals. It provides protection for doctors, dentists, nurses and other licensed health care providers against negligent practice claims and lawsuits. It includes protection for misdiagnosis, wrongful practices, and bodily injury caused by medical practices.

Tips To Get The Cheaper Professional Liability Insurance

Here is how you can save on your premiums :

Know your liabilities : Threats vary from company to company, even within the same industry. Know the areas where you need protection.
Review your coverage each year : Your insurance needs can change over time. Make sure to review and adjust your coverage as you change over time.
Don’t rush your decision : If you want to get the best premiums, don’t leave it until the last minute. Give yourself time to review and explore your options.
Write strong contracts : Having air tight contracts will help reduce your chances of a lawsuit.
Create a strong employee training program : A strong and thorough employee training program can help lower your payments.
Create efficient control practices : Strong quality control efforts can help protect your company against lawsuits. It can reduce the odds of having to file a claim.
Compare : Getting PL insurance estimates help you get the right amount of protection at the lowest rates.

What Can I Do To Limit Professional Liability Threats?

Here are some steps you can take for better protection against liability claims :

Establish strong communication practices with your clients. Builder stronger relationships.
Take quality control seriously. Establish a strong document and process review system.
If a mistake occurs, make it right. Follow up with your customers and come to an amicable solution.

Get A Professional Liability Insurance Quote

Our advisors will work with you to understand your unique needs and find the right solution to protect you against professional liability issues. We'll compare quotes from the top insurers in Canada to get you an affordable rate. Call toll-free 1-855-550-5515 or request a quote online.

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