What is professional liability insurance in Canada? What is professional liability insurance? Professional liability insurance helps protect your business if a client holds you responsible for errors in your work. If your client suffers a
What is professional liability insurance in Canada?
What is professional liability insurance? Professional liability insurance helps protect your business if a client holds you responsible for errors in your work. If your client suffers a loss due to errors in your work, they could serve you with a lawsuit.
What is the difference between E & O and professional liability?
Depending on your business, you may hear the term errors and omissions insurance for professional liability. However, there is no difference in these coverages.
What does professional liability insurance cover and not cover?
What Professional Liability Insurance Does Not Include. Coverage does not include criminal prosecution, nor all forms of legal liability under civil law, only those listed in the policy. Cyber liability, covering data breach and other technology issues, may not necessarily be included in core policies.
What professional liability insurance does not cover?
Why should you get professional liability insurance?
A professional liability insurance policy helps with common claims like negligence, misrepresentation and inaccurate advice. It will also help cover violations of good faith and fair dealing. If a client sues you, this policy may help pay your legal expenses.
What errors and omissions cover?
Errors and omissions insurance, also known as E&O insurance and professional liability insurance, helps protect you from lawsuits claiming you made a mistake in your professional services. This insurance can help cover your court costs or settlements, which can be very costly for your business to pay on its own.
How much does a 1 million dollar umbrella policy cost?
An umbrella policy with $1 million in coverage costs about $150 to $300 per year, according to the Insurance Information Institute. With its high coverage limit, umbrella insurance generally offers good value for the cost.