Guard Your Profession
Professional Liability Insurance in Ontario
Sharp Insurance helps professionals in Ontario find liability insurance suited to protecting their bottom line. If you are a consultant, counsellor, therapist or registered nurse, defending your reputation is essential. We help you do it.
Professional liability insurance (PLI), also called errors and omissions insurance, provides protection if you offer a professional service or advice and you are sued due to a mistake you have made. Commercial general liability insurance is certainly crucial to any business, but it won’t be enough to cover you from a broad range of errors and omissions.
Get a free professional liability insurance quote in Ontario by clicking below.
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Industries We Serve
We serve the following professional industries in Ontario:
- Health and wellness
- Finance
- IT consultants
- Legal services
- Managers
- New media
- Construction contractors
- Consultants
- Social services
- Photography
If you don’t see your industry listed above, give us a call and discuss your professional liability insurance needs with a broker. Get a free professional liability insurance quote in Ontario today.
What is Covered Under a Professional Liability Insurance Policy in Ontario
In Ontario, a professional liability Insurance policy may cover your business for the following alleged actions:
- Copyright infringement
- Actual/alleged negligence claims
- Attorney fees, defense costs, etc.
- Personal injury, including libel and slander
Professional liability insurance covers a wide range of risks that both businesses and individual professionals may face in Ontario. In fact, you can be sued by your clients, even if you believe you’ve done nothing wrong. A claim could be made against you, alleging things like negligent actions or inadequate work. Professional liability is a type of insurance designed to offer financial security for organizations and individuals, protecting them from losses because of errors and omissions made by employees, or negligence claims brought against the business.
What Is an Example of a Liability Claim That Could Impact Your Business?
Here’s an example of a potential liability claim that may be covered under a PLI policy.
You work as an accountant and have been filing taxes for your client for the past five years. The client finds out that you are being investigated for potential tax evasion and promptly sues you for negligence.
Having the right coverage, in this instance, would ensure that you are covered.
Here are additional examples of professional liability insurance claims:
What Level of Coverage Do I Need Under a Professional Liability Insurance Policy?
Also note that buying professional liability insurance in Ontario means deciphering what level of coverage would be best for your situation. The following examples are the largest dollar amounts that your policy can pay out over a 12-month policy term, irrespective of the number of claims you end up making. Common coverage levels include:
- $1 million
- $2 million
- $5 million
A professional liability insurance broker in Ontario can work with you one-on-one to figure out your needs. You’ll need various levels of coverage depending on your risk, which is calculated based on your business experience, industry history and more.
Want to begin? Fill out the form for free PLI quotes in Ontario by clicking the link below.
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What is the Cost of Professional Liability Insurance in Ontario?
For both medium and small-sized businesses in Ontario, buying professional liability insurance can be weighed based on several factors. Your insurer and your policy limits are but two factors that will affect your premium. Sharp Insurance’s professional liability insurance brokers help you find the right insurance policy at reasonable rates every time.
Below are a few factors that can impact your PLI insurance rate in Ontario:
- Number of employees
- Business size
- Quality of contracts
- Province(s) you operate in
- Insurance history
- Business history
Obviously, different industries may face various levels of risk. Keep that in mind when figuring out coverage limits, or work with a Sharp Insurance professional for extra help.
How to Get a Professional Liability Insurance Quote in Ontario
Ontario professionals are facing an increasing number of risks within the workplace. As Ontario businesses grow, they often face more and more risks. Whether you run a large law firm downtown in the GTA or operate a small accounting firm in a small town in Ontario, finding the right coverage is imperative. Our Ontario professional liability insurance brokers can’t wait to help you.
It’s simple and quick to get a free quote for a professional liability insurance policy in Ontario. Consult with a Sharp broker or click on the Get a Quote button on this page.
Ontario Professional Liability Insurance FAQ’S
Below we answer your frequently asked questions for professional liability insurance in Ontario.
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.
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 Ontario?
Sharp Insurance understands the needs of professionals working in Ontario. We’re a fast-growing, independent brokerage that sells a multitude of products, including professional liability insurance. Ontario professionals have worked hard to do what they do, and we want to help them preserve their business by providing them with a broad range of product offerings, low prices, comprehensive coverage and unbeatable service. We always value being exceptional and having great communication with our clients.
How do we do what we do? The tools we use allow us to provide excellent customer service. Our passionate employees never settle for less than excellence. If you have any questions about your professional liability insurance policy, or another product that we offer, give our professional liability insurance brokers a call today.
Get started on your professional liability insurance policy with a free quote by filling out a form right away.
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