Protect Yourself and Your Reputation with Ontario Professional Liability Insurance
The more you’re seen as an expert, the more people expect you to have all the answers. With that comes a greater risk of being sued.
So, when you’re getting paid for your advice, you must make sure you’re protected from the consequences of claims that happen because of that advice.
If a client alleges negligence, a Professional Liability Insurance policy may be the only way you can handle the costs and legal expenses.
And if you want a Professional Liability Insurance policy that precisely covers the needs and activities of your Ontario business at a highly competitive rate, you should be speaking to the business insurance experts at Secure Insurance Solutions.
We can secure the coverage you need and also answer your questions, such as: ‘Who needs professional liability insurance?’ and ‘Do I need general and professional liability insurance?’
What Does Professional Liability Insurance Cover?
Professional Liability Insurance, sometimes also known as Professional Indemnity Insurance protects individuals and organizations that provide advice or professional services against allegations of negligence.
It covers the cost of lawsuit defense and awards or settlements up to specified limits.
Those limits vary according to your needs and can be topped up with additional coverage under an umbrella policy.
Professional liability insurance for companies.
If you offer your professional services as an expert for payment, you want to make sure that you’re financially protected for the advice you give. Clients could claim that they suffered financial losses because of your advice.
If clients feel that their expectations or contractual obligations weren’t met or that you misrepresented yourself and your expertise, they can make a claim of negligence.
Now not only are your clients financially impacted, but it could become financially harmful to your business too.
Who needs professional liability insurance?
If you’re a doctor or other medical professional, lawyer, architect, accountant, consultant, broker, financial advisor, or another type of professional practitioner in Ontario, you need Professional Liability Insurance.
It gives you a lot of protection for a lot less money than you’d expect.
Some other less obvious businesses that sometimes require this kind of protection include general contractors, engineers, plumbers, transport operators, charities and other non-profits.
If you’re not sure whether you need Professional Liability Insurance, simply ask the experts at Secure Insurance Solutions.
Do I need General and Professional Liability Insurance?
Many business clients ask whether they need both Professional Liability Insurance and Commercial General Liability Insurance.
You might think you’re covered with your general liability insurance policy. No. That only protects you against more direct types of harm such as bodily injury or property damage.
You need a Professional Liability Insurance policy to protect you and other individuals in your business from claims alleging non-performance, under-performance or financial loss attributable to you.
An Important Warning
Defending allegations of negligence is not just a financial issue. Your reputation is also at stake.
If you are unjustly accused and can’t afford the cost of defending yourself, your reputation could suffer irreparable damage.
That’s one more reason why you need Professional Liability Insurance to come to your aid.
Get a Quote for Professional Liability Insurance Now
You may feel that paying for insurance is taking away from your profits. But if your clients can prove that your advice had a negative impact on them, can you afford not to be insured?
The good news is that as specialists in Professional Liability Insurance, Secure Insurance Solutions can customize a policy that’s unique to your business. That means you pay only for the protection you need.
And because we work with several leading insurers, we have access to the most cost-competitive protection available.
Get started right away with a no-risk quote from Secure Insurance Solutions. Simply click on our Free Quote request button and we’ll get back to you quickly with the costs and information you need.