Professional Liability Insurance in Ontario

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Professional liability insurance designed for your needs

If you offer advice or provide a professional service to clients, you need professional liability coverage. Professional liability insurance is key in protecting you and your business from negligence and legal action claims. You never know when legal issues could arise. An unsatisfied customer could slap you with a lawsuit because they feel harmed by the advice or services you provided. Professional liability insurance provides additional protection above and beyond a standard business policy.

At ThinkInsure, our experienced advisors will help you find the right coverage and ensure you have proper protection against negligence claims, lawsuits, and more. We'll compare quotes from the top insurers in Canada and get a better rate.

Professional liability insurance highlights

Professional liability insurance protects businesses against negligence claims.
Professional liability coverage is recommended for anyone offering advice and consultation services.
PLI premiums can start at as low as $500 annually for basic plans. This is way less than legal fees.

What is professional liability insurance?

Professional liability insurance (PLI) is a form of liability insurance. Professional indemnity insurance and errors and omissions insurance are other common names for it. This protects individuals and businesses that provide professional advice and services.

You get protection against the cost of lawsuits for alleged negligence and erroneous advice. Policies can vary based on industry and profession.

What is the purpose of professional liability insurance?

Professional liability insurance extends beyond the coverage provided in a small business insurance policy. It is a specialty plan that applies to all organization types – SMBs, home-based business, and larger enterprises. General liability doesn't cover professional exposure.

It protects you against financial losses from lawsuits. Without it, you would be responsible for all legal costs if a client sues you.

Remember that you can face lawsuits even if you haven't done anything wrong. Clients could take legal action if they believe you’ve negligently caused financial loss. Even if you are innocent, covering the cost of legal fees and defending your business is expensive. Professional liability will help cover these expenses.

Who needs professional liability insurance?

If you provide professional advice to clients or services, then it is a good idea to get coverage. At ThinkInsure, we offer solutions for many industries and professions:

Consultants
Construction
Finance and banking
Realtors
Automotive dealers and repair
Hospitality and food services
Travel agents
Recruiters and employment agencies
Photographers and graphic designers
Media and court reporters
Educational institutions and educators
Legal
Retailers, pharmacists, and local stores
Licensed medical experts
Media
Engineers
IT professionals
And many more

How does professional liability insurance work?

Young lawyer holding paper documents in office.

PLI protects you when alleged mistakes are made when offering professional services. These mistakes can lead to claims against your company. PLI offers legal defence, judgements, and settlements if you are liable.

What does professional liability insurance cover?

Professional liability coverage offers protection and financial protection for a variety of situations. It provides protection in these areas:

Legal defence costs
Libel and slander
Copyright breach
Loss of documentation
Dishonesty
Negligence
Mistakes and oversights

Professional liability insurance claims examples

There are many situations where you can be liable and have exposure. For example, you miss a deadline, causing a financial loss for a client. When your client blames you and says your actions caused damage to their business. Or when you make a mistake or overlook something.

Here are some situations where PLI can be helpful:

You cause a financial loss: A client blames you for a financial loss or damage.
Missed deadlines: You fail to meet timelines you established at the start of your working relationship with a client.
Mistakes: You make a mistake and fall short of agreed-upon deliverables.
Negligence: You are found liable for negligence because you overlooked an important detail of the project.
False accusations: You are wrongly accused of wrongdoing and need to defend your business in court.

How to get professional liability insurance

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How much does professional liability insurance cost?

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Professional liability premiums are different for every company. Basic plans start as low as $500 and go up from there. The cost of a policy is dependent on your business type and industry. Inherent threats to your profession are also a consideration.

For example, greater threats exist for an engineer or doctor than a consultant. This is reflected in your insurance premiums.

Factors that can impact your premiums include:

Company size
Industry
Policy limits
Location
Number of employees
Training and risk mitigation strategy
History of lawsuits
Legal documentation and policies

How do I get cheaper professional liability insurance

Here is how you can save on your premiums:

Know your liabilities: Threats vary from company to company, even within the same industry. Know the areas where you need protection.
Review your coverage each year: Your insurance needs can change over time. Make sure to review and adjust your coverage as your needs change.
Don’t rush your decision: If you want the best premiums, don’t leave it until the last minute. Give yourself time to review and explore your options.
Write strong contracts: Having air-tight agreements will help reduce your chances of a lawsuit.
Create a high-quality employee training program: A strong and thorough employee training program can help lower your payments.
Create efficient control practices: Strong quality control efforts can help protect your company against lawsuits and reduce the odds of having to file a claim.
Compare: Getting PL insurance estimates helps you get the right protection at the lowest rates.

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Kevin St Clair

2024-11-28

Betsy was a genuine pleasure to deal with considering the circumstances. Thanks again for all your help

Anthony Gomez

2024-11-27

Today, I want to take a moment to recognize Monica Chan, an exceptional insurance broker who has consistently gone above and beyond in her service to me. Monica's dedication to punctuality and consideration has been truly remarkable. She has always been prompt in responding to my inquiries and has never hesitated to offer her expertise and guidance. With Monica as my broker, I have never once felt worried about anything going wrong. Her proactive approach and attention to detail have provided me with peace of mind, knowing that my insurance needs are well-taken care of. Throughout our interactions, Monica has been incredibly helpful, patiently explaining complex insurance concepts and ensuring that I fully understand my coverage options. I wholeheartedly recommend Monica Chan to anyone seeking an insurance broker who genuinely cares about their clients' best interests. Her commitment to excellence and her willingness to go the extra mile make her an invaluable asset in the insurance industry.

Phyllis Baker

2024-11-20

Absolutely amazing service the broker Todd worked on my quote fast I recommend this company to anyone very professional I’m so glad I called them .. Thank you for your great work

Charles Cameron

2024-11-15

Betsy Bannon has been nothing short of amazing at helping us through the complex process of acquiring business insurance. She quickly understood our needs and expertly guided us to the right solution. From start to finish, she made us feel like her most important client which gave us the confidence that we were in great hands. We highly recommend Betsy!

Jermaine M

2024-11-05

I had a great experience with Patrick Vuong. He went above and beyond to help me update last minute changes to my policy in order to qualify for a government grant. Staying back late and coming in early the next day to help finishes the changes. Very kind and professional!

Mark Gaffney

2024-11-05

Betsy Bannon is a professional extremely friendly and knowledgeable and made my experience wonderful! Highly recommend her for any insurance needs. Mark Gaffney

fabian ward

2024-11-04

Great service! Prompt and very helpful! Thanks to Todd allan for really helping me out!

Stephen Mcfadden

2024-11-01

Great experience working with Sohel Rahman, appreciate his honest and can-do attitude. Highly recommend!

Professional liability insurance FAQs

Is professional liability insurance worth it?

Mistakes can happen no matter how professional you are or how careful your operation is. All it takes is one allegation to result in significant legal costs. So yes, professional liability coverage is worth it to protect your company's financial well-being.

What does professional liability insurance not cover?

This type of plan does not cover:

Illegal acts and fraud
Intentional wrongdoing
Inaccurate estimates
Pricing quotations or cost guarantees
General liability
Property damage
Employee lawsuits and injuries

Is professional liability insurance required by law?

Professional liability is not a legal requirement for all business types. If you offer a service or provide advice, it is highly recommended. This is even if you are a solopreneur. Some professions are required to have coverage in place.

How much professional liability coverage do I need?

The most common PL package is the $1 million / $2 million plan. You can pay out a maximum of $1 million for a single claim during the year and a maximum of $2M for all claims. Higher limits are recommended if you operate in a riskier industry.

Do I need general and professional liability insurance?

Yes. Commercial general liability insurance policies provide coverage for injuries to people and property. PLI covers negligent acts when offering services. Each type of policy provides protection for different types of threats. A general liability policy will not cover your professional acts.

Is malpractice insurance the same as professional liability insurance?

Professional liability malpractice insurance is specifically for medical professionals. It protects doctors, dentists, nurses, chiropractors, and other licensed healthcare providers against negligent practice claims and lawsuits. It includes protection for misdiagnosis, wrongful practices, and bodily injury caused by medical practices.

Can you claim professional liability insurance on taxes?

You can only write off professional liability insurance as a business expense if you require it to maintain your professional license. If it’s mandatory in your profession, you can claim it.

What can I do to limit professional liability threats?

Here are some steps you can take for better protection against liability claims:

Establish strong communication practices with your clients. Build stronger relationships.
Take quality control seriously. Establish thorough documentation and process review system.
If a mistake occurs, correct it. Follow up with your customers and reach an amicable solution.

Get a professional liability insurance quote

Our advisors will work with you to understand your unique needs and find the right solution to protect you against professional liability issues. We'll compare quotes from the top insurers in Canada to get you an affordable rate. Call toll-free at 1-855-550-5515 or request a quote online.

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Professional Liability Insurance

Save on personalized professional liability insurance and get protection against negligence or lawsuits.