Alberta Professional Liability Insurance
Professional Liability Insurance in Alberta
Professional liability insurance, also called errors and omissions insurance, protects professionals who provide advice and other services to their clients. There are many different types of professionals who require professional liability insurance, from therapists and financial advisors to medical practitioners.
Alberta professional liability insurance is designed to offer protection if your business generates most of its revenue through a professional service, or if you offer advice in exchange for compensation. To avoid pricey lawsuits, it’s highly advised that you purchase professional liability insurance as part of your risk management plan.
Get a free professional liability insurance quote in Alberta and one of our skilled brokers will work for you to get you the best available rate.
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Industries We Serve
Sharp Insurance sells professional liability insurance in Alberta to the industries listed below:
- IT consultants
- Construction contractors
- Social services
- New media
- Photography
- Legal services
- Health and wellness
- Managers
- Consultants
- Finance
What Does Professional Liability Insurance Cover in Alberta?
Professional liability insurance in Alberta will cover you in the event of:
- Alleged or actual negligence claims
- Court costs
- Personal injury such as slander and libel
- Copyright infringement
How to Get a Professional Liability Insurance Quote in Alberta
While a company may need Commercial General Liability (CGL) Insurance policy to protect itself from claims made by third parties alleging bodily injury or property damage, CGL will not cover you if you are sued over the services or advice you provide to clients. This is where having professional liability insurance in Alberta is imperative.
Whether you live in downtown Calgary as a therapist or you’re a small business owner on the outskirts of Medicine Hat, you’ll need professional liability insurance to protect you and your business from various claims.
Alberta Professional Liability Insurance Coverage
Lawsuits can put a strain on your disposable income and can often cost in the tens of thousands of dollars. Claims can be made for multiple reasons, from alleging inadequate work causing delays, negligence and more. In Alberta, Sharp Insurance’s professional liability insurance brokers will work with you to create a tailor-made insurance policy that covers you if an accusation, or other claim, is made. This way, you can focus on your work.
Here are a few examples of a potential liability claims:
Say you work as a financial advisor, and you are handling a client’s sensitive financial data. You make a mistake when forwarding an email and incidentally forward it to a third-party, who uses that data for malicious intentions. Your client sues. Mistakes happen. It’s better to have the right coverage in this instance where you would be ensured coverage.
Below are a few areas where professional liability insurance in Alberta can cover you:
Professional Liability Insurance: How Much Coverage Do I Need?
Evidently, there are many instances where having professional liability insurance is critical. To run a successful business, you will need to maintain the following processes: proofing, quality advice, quality control, communication, record keeping and more. There is always a risk for error. Including professional liability insurance as one of your key business liability policies is key for your businesses’ financial stability and your peace of mind.
Purchasing professional liability insurance in Alberta comes with a few choices, including deciding how much coverage you want. The following examples are maximum amounts that your policy may pay out over a 12-month policy term, regardless of how many claims you make. Commonly, you’ll have to choose between the following levels:
- $1 million
- $2 million
- $5 million
At Sharp, our professional liability insurance brokers in Alberta are happy to help you decide between your options and gauge your coverage levels based on your risk. Then we calculate your rate based on your industry, business experience and more.
When you’re ready to get started, fill out the quote form by clicking the “Get a Quote” link below.
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What Factors Affect Your Professional Liability Insurance Policy in Alberta?
For any small or mid-sized business in Alberta, buying professional liability insurance is based on several variables. Your policy limits and your insurance provider are two of the biggest cost factors. Different businesses face different levels of risk, which can impact your businesses’ coverage limits.
Here are a few of the factors that can impact your premium:
- Number of employees
- The size of your business
- Your business claim history
- The province you operate in
- Your industry
Sharp Insurance professional liability insurance brokers can work with you to find you the lowest possible rates.
Alberta Professional Liability Insurance FAQs
Professional liability insurance is mandatory in some industries, such as for medical practitioners. Other professionals who work in law or finance may also need professional liability insurance to conduct their work but it’s not mandatory but highly recommended. It’s suggested to ask one of experienced brokers about your work situation and what you need to run your business in Alberta.
There are a few different costs that may result from a client’s claim, which professional liability insurance may cover. Lawsuits, even those that are false (i.e., over a false accusation) can run into the hundreds of thousands of dollars, depending on the length of the dispute and its complexity. Your client’s willingness to settle can also affect the financial costs.
A professional liability insurance policy in Alberta may cover:
- Legal costs, including charges for hearings and filings.
- A lawyer’s hourly wage, which may be expensive.
- Witnesses may charge fees to give more technical explanations to support your defense.
- Settlement fees, if you lose your trial or if your client agrees not to sue in exchange.
- Administrative costs.
What industries require professional liability insurance in Alberta?
If you sell a professional service or give advice in Alberta, you may require a professional liability insurance policy. This type of insurance is not mandatory but it’s highly recommended. Think of it like a seatbelt for your business. You won’t always need it, but it’ll come in handy when you do.
Below are some of the industries that may require professional liability insurance.
- Legal professionals
- Engineers
- Health professionals
- Counsellors
- Construction contractors
- Social services
- IT consultants
- Photographers
- New media professionals
- Forensic experts
- Financial advisors
- Consultants
- Managers
If you want an affordable professional liability insurance policy, the best professional liability insurance in Alberta is the most comprehensive coverage you can get with an affordable rate. Sharp’s professional liability insurance brokers in Ontario help you reduce your rates without cutting necessary coverage.
Here are a few ways to get a lower insurance rate in Alberta:
- Identify and address potential risks.
- Purchase only the necessary coverage.
- Work with a professional liability insurance broker to find the best rate.
- Bundle multiple insurance policies.
These are different types of business liability insurance. Commercial general liability insurance is needed by all businesses that interact with clients, whereas professional liability insurance may only be required by businesses that give professional advice to clients.
CGL covers your business for claims made by third parties alleging bodily injury or property damage because of your business operations. Professional liability insurance offers coverage for claims made against your business by dissatisfied clients alleging negligence or defective products.
Sharp Insurance brokers have both an understanding of the insurance industry and have access to competitive markets. Our brokers charge a fee, but this fee will almost always be offset by the savings you’ll receive by working with them. Sharp brokers will always negotiate on your behalf if you ever need to submit a claim.
Areas We Serve
Alberta| Calgary | Edmonton | Fort McMurray| Grande Prairie| High Prairie|
Lethbridge| Medicine Hat | Red Deer| Whitecourt
Ontario| Kanata| Ottawa| Toronto
Manitoba | Saskatchewan| British Columbia
Why Choose Sharp Insurance for Professional Liability Insurance in Alberta?
Sharp Insurance understands the insurance needs of Alberta professionals and understands the desire to work worry-free so that you can focus on furthering your career. As a fast-growing, independent brokerage, we help Alberta professionals get what they need at an affordable price.
We value connection and offering exceptional customer service above all else. Our professional liability insurance brokers never settle for less than excellence. If you have any questions about your business insurance needs in Alberta, give our brokers a call today.
Fill out the quote form by clicking the link below to begin today.
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