The Business Of Liability Insurance
Professional liability insurance, also known as professional indemnity insurance protects you in the event that a client sues you for damages resulting from your advice or professional services. What happens when a divorce lawyer drafts an inadequate marriage contract that ends up costing their client millions of dollars in a hefty settlement? Or, when a corporate accountant’s incorrect math results in their client owing millions of dollars to the government? Professional liability insurance will cover legal costs, settlement payouts, and other expenses arising from a potential lawsuit.
As humans, mistakes are always possible. However; when you are a professional being trusted by the people around you, a mistake that you make in your job has the potential to cause injury or financial loss to a customer resulting in legal action.
– Commercial General Liability
– Directors & Officers Liability
– Professional Liability (Errors & Omissions)
These would be the main coverages for a professional business; however, there are more coverages available depending on the needs and operations of your business (e.g. cyber coverage, contents/property coverage, commercial vehicle coverage, etc.)
Professional Liability Insurance protects you against legal expenses that arise from the professional service or advice that you provide. For example, if a client sues you for negligence due to advice you provided to them, this coverage can cover the defence expenses.
Business Liability Insurance
Business liability insurance is important for when your business is found legally responsible for damages and injuries caused to a person or their property. Maybe a client slips and falls on your sidewalk on an icy December afternoon or their car is damaged in your parking lot. There are a few different types of business liability insurance.
General Liability
- Bodily Injury
- Property Damage
- Medical Expenses
- Slander
- Libel
Umbrella Liability
Provides added protection beyond the limits of a general liability policy and also carries the benefit of worldwide coverage.
Directors & Officers Liability
When members of your board of directors or organization are found personally responsible in a lawsuit against your organization. Coverage includes:
- Legal defense costs
- Financial losses resulting from a wrongful act committed by you or someone named in the policy
Errors & Omissions
Protects professionals in cases of:
- Breach of contract
- Delay in delivery
- Defective designs
- Incorrect appraisals
Get your professional liability insurance quote today!
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Comparing Professional Liability Insurance Rates From Canada’s Leading Insurance Providers
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