Professional Liability Insurance

Financial protection for claims alleging negligence or failure to deliver a service as promised.

Protect your practice with Professional Liability Insurance.

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Claim Examples

You are an accountant, and you accidentally make an administrative error, which results in your client owing a large amount of money in taxes

Your client sues you for negligence. Your Professional Liability Insurance covers the legal expenses and monetary judgment, totalling $250,000.

A marketing strategy you developed for a client that promises a large ROI but doesn’t end up delivering the results

Your client sues you for financial loss. Your Professional Liability Insurance covers the legal expenses and settlement fees, totalling $190,000.
 

When reviewing your client’s health history, you notice an injury that may be aggravated by the treatment you provide. You proceed, exacerbating the old wound.

The client sues you for negligence. Your PLI covers the defence costs, medical fees, and monetary judgment, totalling $56,000.

Frequently Asked Questions About Life & Financial Insurance

Get straight and simple answers to all your insurance frequently asked questions.

These FAQs were gathered from Canadian like you.

Insurance policies are created with the intent of covering a large number of business segments. Every business is unique as to what they offer and how they are operated, due to these individual complexities it is almost impossible for one single insurance policy to cover everything a business may offer. Your basic insurance policy, Commercial General Liability covers any claims of your business causing injury or loss whether it be to a customer, tenant, or landlord. These policies do not, however, cover your professional advice and services, management decisions, physical property, computer systems, data and other potential loss exposures that might exist within your business model.

Coverage requirements may differ for different industries. The most basic insurance policy that is applicable to almost all businesses is commercial general liability, which provides protection from third-party related risks. If you provide a service or advice, consider adding professional liability insurance to your policy. If you own expensive equipment and assets, consider contents coverage and equipment breakdown coverage. Legal expenses coverage may also come in handy if you require legal counsel or defense.

Yes. professional liability insurance covers errors and omissions in the service or advice provided by professionals. In fact, the terms ‘professional liability insurance’ and ‘errors and omissions insurance’ actually refer to the same type of policy.

Professional Liability Insurance, Explained.

Who needs Professional Liability Insurance?

You need Professional Liability Insurance if

You provide advice or offer services in exchange for a fee.

You provide or develop products or devices.

Depending on the profession, it may be referred to as Errors and Omissions Insurance or Malpractice Insurance. For some occupations, carrying Professional Liability Insurance is required to practice.

What is the difference between General Liability insurance and Professional Liability insurance?

Professional Liability Insurance covers lawsuits alleging neglect, misconduct, or failure to deliver services promised, whereas commercial general liability insurance covers third-party property damage or bodily injury

Having both CGL and PLI in your coverage, they form a comprehensive insurance policy package.

When is Professional Liability Insurance required?

Professional Liability Insurance is not required by all professions to offer services; however, it’s recommended for professionals who provide a service or advice, whether they work within a group of professionals or as solo entrepreneurs, as it protects against costs associated with claims or lawsuits that may threaten the survival of your business. When it comes to deciding whether or not to insure your business, consider your profession

For example, accountants are required to carry professional liability insurance to practice in Ontario.

What is not covered by Professional Liability Insurance?

Professional Liability Insurance typically does not provide coverage for

Criminal, dishonest, or fraudulent acts (you need Crime Insurance);

Violation of securities acts;

Cost guarantees or price estimates; or,

Incorrect estimates of profits or economic returns.
 

What does Professional Liability Insurance cover?

Professional Liability Insurance, also known as Errors and Omissions Insurance, protects professionals from client claims alleging financial loss due to a service you provided, as well as lawsuits alleging negligence, misconduct, and failure to deliver services as promised

Professional Liability Insurance typically includes coverage for legal costs and damages related to the following coverage areas

Professional Services: Coverage for Negligent Acts or errors or omissions related to your services, or failure to deliver a service as promised.

Products: Coverage for product failure (e.g., it didn’t work as intended) or a physical injury (e.g., overheating device causing a burn).

Media and Advertising: Media services resulting in your client getting sued for defamation, libel, or slander.

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