Professional Indemnity Insurance
GoToInsure.ca knows Professional Liability Insurance right here in Atlantic Canada.
Making mistakes is part of being human and accidents can happen in a matter of seconds. When mistakes happen in a business environment during the course of rendering services or as the result of the failure of one of your products, the costs can be astronomical. It could lead to financial setbacks, and a great deal of stress.
The potential for lawsuits are an unfortunate reality in the business world. You could be sued due to property damage, injuries or - god forbid - even causing a death. When you are faced with these possibilities, you want to be a 100% certain that your coverage provides the right level of protection for your type of business.
Why invest in Professional Indemnity Insurance?
In the event that your business is found legally responsible for injuries caused to another person, or damage to their property.
If you're found legally liable for injuries or property damage caused by your product at your home base or at your customer's location, or accidents on your premises, your policy will be there to protect you.
It's an affordable way to protect your business in case you have to defend a claim against your business in Court. With this coverage, you'll receive funds up to your policy limits to cover damages evaluated by the Court to compensate third parties, and cover legal defense fees and settlement charges.
How can you minimize the probability of liability suits?
Identify the types of risks connected with your premises and your products or services, and then reduce or eliminate the potential of them happening. Due diligence, along with detailed documentation, is a very effective manner to protect and/or defend your business against a claim or lawsuit.
It may be useful to know about some of the criteria that the Court uses to determine whether or not your business took appropriate steps to prevent an accident:
- Was the risk predictable?
- Did the risk suddenly arise or was it latent for a period of time?
- How difficult would it have been to prevent the risk?
- Did you or your employees conduct work in accordance with adequate standards or practices?
- Was there an adequate program to inspect the premises and work practices? Were these inspections are performed on a regular basis?
Types of Business Professional Liability Insurance
Protects you against 3rd party claims for which you are found liable. This includes death or injury, loss or damage of property or financial loss resulting from you negligence.
Professional Liability / Errors and Omission Insurance (E&O)
Applies when a higher level of care is expected by clients due to the professional nature of the service offered.
Product Liability & Completed Operations
Protects you if a client purchase goods from your firm, or invests in your services, and an unfortunate accident leads to property damage, injury, or financial loss. For example, a Product Manufacturer may purchase a policy to protect their business in case one of their products ends up being faulty in its performance and causes damage to the purchasers or any other third party.
Directors and Officers Liability
Important for members of a board of directors who make important decisions that could affect the health (financial or physical) and welfare of a business, their clients, and employees.
Some of the available add-ons to tailor your coverage to your business needs include:
- Liability from the use of Non-Owned Automobiles
- Advertising Injury Liability
- Tenants Legal Liability
In Canada, many insurance companies provide Professional Indemnity Insurance to consumers, each targeting different industries and providing various pricing points. It can be confusing and time-consuming to compare different insurance products. Available coverage and price is based on the type of business you operate. Usually, the cost of a policy for a warehouse would be based on its size; or a Convenience Store on its gross sales; or a general contractor on the total cost of the project, etc.
If you have a small business or a large corporate organization, your GoToInsure.ca commercial insurance broker can review your specific needs and recommend the best solution for you. We are waiting for your call today!