Professional Liability Insurance
The Value of Professional Liability Insurance in Ottawa
Is your business service-oriented? If so, you face risk factors that are unique to your profession. Reid & Bradley’s Insurance is here to help. As you know, we live in an increasingly litigious world, but we’ll work with you to protect your business from lawsuits. Together, let’s take a look at various Professional Liability Insurance options and decide what’s best for you and your business.
What is Professional Liability Coverage?
Anyone can make mistakes. However, in some lines of work, a single, fleeting error (regardless of how unintentional) can quickly turn into a drawn-out nightmare, and result in a lawsuit. Court proceedings can last for a long time and even if you win, you could still be out a great deal of money in legal fees. In fact, the costs alone are sometimes enough to send companies into the red for good. Indemnity insurance provides the protection you need from business oversights that affect your customers or clients. However, it is not an all-encompassing insurance; it may not cover these issues:
- Claims that concern injury on the premises (this is covered by general liability coverage)
- Criminal activities (unless specifically listed in the policy)
- Claims of false advertising
Who Needs Indemnity Insurance?
These professionals should consider this type of liability insurance:
- Financial services
- Real estate salespeople
- Insurance people
- Boards of directors
- Practitioners – This includes most people in the health care industry, especially doctors, nurses, chiropractors, and dentists. Even though Canada has public health insurance, medical professionals are still in private practice and they bill the government for insurance, so they need malpractice coverage.
- Non-profit organizations
Standard Professional Liability Insurance Coverage
Standard coverage depends on your business. For example, you may take out a special malpractice policy that is designed for health care services. It might have different coverage options than one for an architect. Depending on your business you may need these options:
- General liability
- Indemnity coverage
- Commercial property insurance
- Building content insurance
Available Options for Professional Indemnity Insurance
Many people often consider errors and omission coverage (E&O) to be the same thing as indemnity coverage. Yet, this is not always the case. E&O insurance is designed to cover mistakes or something omitted or forgotten. However, it is not designed to cover issues like sexual harassment. That is why it is vital to talk to your insurance professional about your indemnity coverage needs.
You may wish to consider broad cyber liability coverage for your company, especially if you conduct business online. For example, someone could hack your system and steal credit card information from your customers. This type of professional liability insurance may also include errors and omissions insurance. Also, if your data is stolen or a virus destroys your computer system, it could seriously affect the financial status of your business, and it is important to cover this risk factor.
Getting the Best Insurance Package for Your Business
Reid & Bradley’s Insurance/Bradley’s Insurance Group have more than 50 professionals working to help people in a variety of niche businesses. Many of our brokers have practical experience in the industries they represent, so they have insight into your unique and specific needs. In addition, we have access to many top insurance companies, because we are an independent insurance agency. This means we do all the work and you get all the benefits, in the form of low premiums and professional indemnity insurance customized for your business.