Any business which offers a professional service or gives advice requires professional liability insurance (PLI) in Ontario. Depending on their industry and needs, they may also need other types of business liability insurance. However, PLI is the only type of coverage designed specifically to protect against claims made by dissatisfied clients over errors and omissions. 

The following industries may need professional liability insurance in Ontario: 

• Construction contractors 
• Social services 
• Financial advisors 
• Health professionals 
• Counsellors 
• Consultants 
• Managers 
• Legal professionals 
• IT consultants  
• Photographers 
• New media professionals 
• Forensic experts 
• Engineers 
• Managers 
• …and more 

Our brokers understand the insurance industry and get to know you and your business firsthand. We also have access to competitive markets in Canada that are not readily available to our clients. A Sharp broker does charge a fee, but that fee is typically offset by the amount of savings you’ll win by working with them. We also negotiate on your behalf when you need to deal with an insurance claim. 

Unlike CGL, some professional industries may need to purchase professional liability insurance in Ontario to conduct their work. Ontario may require medical professionals, financial advisors and other professionals to carry professional liability insurance. Some clients will not work with you without proof of insurance. Otherwise, it’s highly recommended to protect yourself with a PLI policy.

The ideal professional liability insurance in Ontario is the most comprehensive coverage you can get for the best price. Luckily, Sharp Insurance’s professional liability insurance brokers in have tips to reduce your premium without cutting your coverage: 

• Do background checks on prospect employees and train well. 
• Practise risk management. Identify potential risks and address them according to their severity and likelihood. 
• Purchase only the coverage you need. 
• Ask about potential discounts. 
• Work with a Sharp Insurance broker in Ontario to find the best rates. 
• Avoid inevitable risks. 
• Bundle multiple insurance policies. 

Both professional liability insurance and commercial general liability insurance protect your business against claims made against your business. However, CGL protects your business for claims of bodily injury and property damage, while PLI is a bit more specialized. Every business needs CGL insurance, but only professionals offering services or advice need PLI. 

PLI, or errors and omissions insurance, is used specifically to protect professionals who offer services and advice against claims made by dissatisfied clients over a failure to supply a promised service, negligent actions, misinformation, defamation and more. 

There are often large expenses that can come out of a dissatisfied client claim that professional liability insurance can cover. Lawsuits, even 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 costs. 

Your professional liability insurance may cover these costs: 

• Courts may charge fees for filings and hearings. 
• Lawyer fees. 
• Administrative costs (e.g., travel costs, shipping, data collecting). 
• Expert witnesses may charge fees to give more technical explanations. 
• If you lose your trial, or if a client agrees not to sue for a settlement, your PLI will cover the settlement fees.