Professional Liability Insurance
Professional liability insurance, also known as errors & omissions insurance, protects professionals, including lawyers, accountants, and consultants, who provide a service or advice to customers.
Protect Your Business with Professional Liability Insurance
You have worked hard to build a successful business, so taking measures to protect it is wise. With a professional liability insurance policy in place, you will be covered financially against third-party claims for alleged negligence and client financial losses due to your services.
What is Covered Under a Professional Liability Insurance Policy in Canada?
If you get sued for negligence as a lawyer, or your client loses money as a result of working with you as a contractor, your business could be financially ruined. Whether you have a small solo business or have 10,000 employees, your business is at risk without the proper insurance defense. With professional liability insurance you get coverage for your professional services and media and advertisement liability.
Who Needs Professional Liability Insurance?
If you are a professional that provides services or advice to others as part of your business, a professional liability policy is highly recommended. This type of insurance is also required if you sell products.
Coverage for a Professional Liability Insurance Policy
There are two main insurance options in your errors and omissions policy plan: professional services and media and advertising.
Professional Services:
Professional services coverage offers security for actual or alleged failure to perform a service or a negligent act.
Media & Advertising:
If you provided media services that resulted in your customer getting sued for defamation, libel, or slander, you may be sued for thousands of dollars. Media & Advertising coverage protects you from legal fees, and more.
Why Choose Rhodes & Williams Insurance?
In Business for almost 90 years.
In Business for almost 90 years.As an independently owned brokerage, we take care of our clients at every stage of the insurance journey, from the initial connection to the completion of each customer’s request, on time.
Hands-on Insurance Services.
Hands-on Insurance Services.We have a team of committed brokers, which allows us to be the go-to insurance brokerage in major cities in Canada. We provide impeccable service so you can go on with your life with your insurance needs taken care of.
Trusted by Many.
Trusted by Many.Whether you need home, car, business, or recreational insurance in Canada – we have your back. See our Testimonials for proof of exceptional service.
FAQs
In Canada, the cost for Professional liability insurance, also called E&O insurance, is approximately $250-$300 annually, with a limit of $100,000. This is an estimate and varies greatly from city to city. This type of insurance is inexpensive, especially compared to the thousands of dollars that you could owe due to insurance claims against you and your business.
General liability protects your business from bodily injury and property damage claims from negligence and chance accidents, while professional liability insurance covers third-party claims against your services or advice you provide as a professional (e.g., accountant, lawyer, psychologist).
Your insurance rate for professional liability insurance is impacted by your business type (industry), the size of your company, your current and projected revenue, and your relevant company experience. Rhodes & Williams has been serving people who need insurance for almost 90 years and understands how to help you get the coverage you need at a reasonable price.
Professional liability insurance coverage pays for your legal costs, if you get sued, whether you are liable or not.