Professional liability insurance plays a key role in protecting you and your 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. Professional liability insurance provides additional coverage that is above and beyond your standard business insurance policy. It protects professionals and businesses in Ontario if they make 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.
Professional liability insurance protects your business when mistakes are made when offering professional services. These mistakes can lead to liability claims against your company. PLI gives you coverage for legal defence, judgements, and settlements if you’re liable.
There are many situations where you can be professional liable and have risk exposure. For example, you miss a deadline causing a 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.
Professional liability coverage gives you peace of mind in knowing you’re business is covered if these situations arise.
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 :
Professional liability insurance provides coverage in these areas :
Errors and omissions insurance does NOT cover illegal acts, intentional wrongdoing, general liability, property damage, employee lawsuits and injuries.
We ensure that your 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 coverage? Here are some common questions about this policy type :
Yes. General business liability insurance 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.
Professional indemnity insurance is another term for professional liability coverage. They are used interchangeable but refer to the same type of business liability coverage.
Yes. The types of mistakes you have coverage for will depend on your policy. Check with your insurance professional to ensure you have the right coverage in place.