Professional Liability Insurance
Professional Liability is a type of business insurance in Ontario. It protects professionals against
- Failure to deliver a service as promised and
- Media implications.
As a business professional, you carry a unique level of risk. Even the tiniest mistake can result in devastating financial losses. Not to mention the survival of your business!
At Mackay Insurance, we take your business seriously. It’s our job to ensure you have the right coverage in place.
What Is Professional Liability Insurance?
To err is human - that much is a guarantee. But as a professional business owner, too much is at stake for an error to go unprotected.
To err as a business owner is to put yourself and your business at risk!
As mentioned, Professional Liability is a form of business insurance in Ontario. It protects you and your practice against negligence, failure or media implication claims.
Let’s explore these coverages below!
What Does This Coverage Include?
Another word for negligence is carelessness. It means the failure to take proper care in doing something.
As a professional, carelessness could lead to costly claims.
Professionals have particular standards to uphold. These include industry standards, reasonable expectations of the client and contractual agreements.
If your work does not meet these standards, you could face a negligence claim!
A professional negligence claim can refer to:
- Clerical errors
- Failure to disclose information
- Missed deadlines etc.
Product failure claims are why quality control is so important. If your product fails, it could become a safety hazard for your clients.
In this case, your coverage pays for legal fees and damages associated with the lawsuit.
Media implications refer to claims of defamation, copyright infringement, libel or slander.
What Does This Coverage NOT Include?
- Bodily injury
- Employee injury
- Vehicle business use
- Business property damage
- Employee discrimination lawsuits
- Customer injuries or damages
These incidents need other forms of business insurance, such as commercial coverage.
How Much Does Professional Liability Cost?
The amount of professional liability insurance a professional needs varies. Like any other form of coverage, professional liability is unique to each client.
How do you know how much coverage you need?
Factors Affecting Your Premium:
- What industry do you work in?
- What products/services do you offer?
- How many years of experience do you have?
- How many employees do you have?
- What is your annual or projected revenue?
Your Mackay Insurance broker will go over all these questions with you!
Types of Professional Liability Insurance
Professional liability insurance comes in different forms. Each depends on the professional services it represents.
This form of professional liability insurance protects healthcare professionals.
This form of professional liability protects multimedia companies.
Errors & Omissions (E&O)
This form of professional liability protects a company against negligence or inadequate work claims. Common practices that use this type of coverage include insurance companies, real estate agents and accountants.
Why Should You Get Professional Liability Insurance?
Business insurance in Ontario is a valuable investment. It protects you, your business, your reputation and your livelihood.
At Mackay, we recommend professional liability insurance for anyone that offers services. That could be a large company, freelancer, contractor etc.
Who Should Have Professional Liability Insurance?
- Web Designers
- Graphic Designers
- Management Consultants
- Financial Advisors
- IT Consultants
- Real Estate Agents
- Software Developers
- Personal Trainers
- Architects etc.
The Smartest Business Investment You Can Make
Get the best professional liability insurance coverage for your business with Mackay! Our brokers work with you to mitigate your risk and protect your practice.
Whether you are a large-scale or small business, we have the right plan for you.
Contact our office today for more information about our packages. Or fill in the form below for a free quote!
Belleville Office: 613-966-5740
Napanee Office: 613-354-2555