Choose Only Aaxel Insurance Brokers Ltd. for Liability Insurance in Ontario
Professional Liability Insurance
When it comes to shopping for business liability insurance in Ontario, there are several types of coverage available in the market for ready purchase, such as cyber liability, commercial general liability or general liability, products and completed operations liability, professional liability or errors and omissions liability, and environmental liability, to name a few.
Although they may all sound similar to the uninitiated, you need to select the right product for your business.
How professional liability insurance in Ontario is different from other types of liability insurance?
Professional liability insurance in Ontario covers the costs of defending a claim brought against you or your business due to your alleged professional negligence. Professional liability coverage is more popularly known as errors and omissions insurance.
Professional liability insurance in Ontario can protect you in the following circumstances where:
- It is alleged that you have made an error in your work or
- It is alleged that you have omitted a significant aspect and/or element or
- It is alleged that you have provided incomplete or inadequate service
Who requires errors and omissions insurance?
When you and/or your business is involved in providing professional services, such as financial planning, life and financial services, management consulting, accounting, legal services, etc.; errors made by you, improper advice, or inadequate work by you can cost your clients.
In turn, your clients can sue you and in many cases, you can be held accountable by the law for the financial loss and legal expenses.
Note that there is no universal liability coverage for professionals. Each profession is inherently different based on the kind of risk associated with it, and hence, necessitates the inclusion of a specific insurance solution.
You should look for professional liability insurance in Ontario that is purpose-designed for your line of work and your typical business.
What is the key advantage of having professional liability coverage?
Simple errors can qualify as professional service omissions. Fortunately, errors and omissions insurance can help you out in innumerable ways, and a variety of situations. Here are two of its greatest advantages.
- Legal Assistance
Professional liability lawsuits can cost you a fortune. If you do not have coverage for professional liability, you may have to pay for all your legal fees from your pocket and it can be just enough to make your business unsustainable.
Claims brought against professional services businesses are often complex; when your work does not directly cause injury or property damage, there may be myriad variables to factor in. This can certainly mean longer, tortuous court proceedings, which can drain your savings in no time and make you broke.
Professional liability insurance in Ontario may be able to help cover your litigation expenses, even when the legal action is baseless.
- Financial Protection
A small error and/or omission can be just enough to wane your wealth. For instance, when a life insurance agent fails or forgets to write the necessary information on the application or makes a mistake whilst completing the client form, which, in turn, results in financial loss to his her client. Your client may demand compensation from you and/or your insurer.
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