Ontario Professional Liability Insurance
Enhanced errors and omissions insurance in Ontario
All businesses in Ontario could be at risk of a lawsuit, whether from an error or negligence. Professional liability insurance in Ontario is one of the essential types of business insurance you may need to protect yourself against these claims if you provide professional services or advice.
Business owners should focus on their business goals without worrying about potential risks to their business. Business insurance is one essential way to safeguard your business to protect yourself from unforeseen events.
Our Ontario teams at Acera Insurance provide a range of professional liability insurance packages that can help you save and give you peace of mind, knowing you are covered. We are dedicated to finding you affordable professional liability insurance rates in Ontario and insurance coverage that match your business needs.
Interested in purchasing your professional liability online in minutes?
Acera Insurance offers EasyCover where you can get a quote, bind your policy and pay online in only a few short minutes. Get comprehensive coverage and affordable rates quickly and easily.
Here are some of the benefits of EasyCover:
- Get free online quotes 24/7
- No long, confusing applications to fill out
- Purchase and manage your policy online
- Support by phone, email or chat
- Option to bundle with other coverages
Understanding Ontario E&O Insurance
Professional liability insurance in Ontario does not have to be difficult or confusing. Our friendly and knowledgeable brokers are here to answer your questions. We offer expert advice and share info on how E&O insurance works for business in Ontario.
What is professional liability insurance in Ontario?
Professional Liability Insurance, also known as errors and omissions insurance, protects your business when a client is unsatisfied with a service or advice you provided and files a claim against your business.
Many businesses have commercial general liability insurance (CGL) and believe it’s enough protection. However, CGL insurance covers third-party bodily injury or property damage and does not provide coverage for financial damages resulting from services or advice offered in a professional capacity.
What does professional liability insurance cover in Ontario?
Typically, a PLI in Ontario covers judgment, settlement, and defense costs. Even if the allegations against you are found to be untrue in court, you could still spend thousands of dollars on legal defense costs.
Hefty legal fees can bankrupt a small company or contractor and have a lasting impact on your professional reputation and future business goals. If you want to know more about professional liability insurance, our insurance experts can help you. We offer a free business insurance quote in minutes.
How much PLI coverage should I get in Ontario?
Hiring an insurance broker in Ontario for your business is one of the best ways you can ensure you’re getting the right amount of insurance that fits with your business goals and financial situation. An experienced E&O Insurance broker in Ontario can estimate the risks associated with your organization and therefore determine your insurance needs, including your coverage limits, insurance rate, deductible amount and more.
Ensure you have the best-suited policy for your business, so you’re not underinsured or paying more than you need for your insurance.
How much does professional liability insurance cost in Ontario?
Every business has its own risk factors that require a certain set of insurance options and policy limits.
Your professional liability insurance rate depends on things like the industry you work in, your annual revenue, the number of employees you have, your insurance claim history, the level of your business risk, and the value of your product or service.
How do I get a professional liability insurance quote in Ontario?
You can get a professional liability insurance quote by either:
E&O insurance for Ontario professionals
We provided affordable professional liability insurance Ontario businesses need for comprehensive coverage and peace of mind. We support a wide range of Ontario industries and professions, including, but not limited to:
- IT/Computer Contractors
- Engineering Contractors
- Managers
- Consultants
- New Media
- Social Services
- Finance Professionals
- Legal Professionals
- Photographers
- Forensic Experts
Don’t see your profession listed here? Contact us and we’ll see what we can do to support your commercial insurance needs.
Examples of professional liability insurance claims in Ontario
Professional liability insurance in Ontario covers legal costs and potential damages if a business is found to be professionally negligent or has failed to deliver professional services. This type of insurance covers errors, omissions, giving incorrect advice, or breach of duty.
Professional negligence – When your client believes that they did not receive the service they were promised, they could file a lawsuit for reimbursement. In this case, your Ontario professional liability insurance kicks in to cover all resulting financial losses and legal fees.
Media & Advertising – While typically you would purchase a media insurance policy to cover advertising and media activities, some PLI insurance policies cover these risks, including if your client gets sued for defamation, libel, and slander.
The importance of Ontario E&O
Liability insurance for professionals in Ontario
Ontario professionals simply cannot be without professional liability insurance. The number of lawsuits and claims made against professionals are on the rise. When you have comprehensive liability insurance in place that minimizes the specific risks against you based on the type of business you have, you can operate with confidence. Let our Ontario professional liability insurance brokers provide you with the coverage you need.
Advice for Ontario professionals – be sure to manage your risks
Every professional today faces liability risks. General liability insurance is rarely enough coverage to protect small businesses, like your own, from day-to-day risks. A project could go wrong or advice you provide could result in damages and losses. With our professional liability insurance, Ontario business professionals can better understand what risks they face and what can be done about them. Put our professional liability insurance brokers to work for you minimizing your risks.
What is the difference: PLI and CGL policies in Ontario
Professional liability insurance in Ontario is also different from CGL insurance; each policy type is triggered by several types of losses and the policies are structured differently with respect to how they respond to claims.
Most commercial general liability insurance policies are written as an occurrence form; whereas professional liability insurance policies are written as claims-made policies.
The industry standard is for insurance companies to offer professional liability insurance coverage on a claims-made and reported form. This means that the policy will only respond to claims made against you and reported to the insurer within the policy term.
The EasyCover professional liability insurance policy in Ontario follows the industry standard and is written as a claims-made form. However, EasyCover offers an unlimited retroactive date.
A retroactive date means we will respond to new claims made against you for work which was done before you purchased your EasyCover policy as long as:
- You only became aware of the grievance against you during the policy term and
- The claim is reported to us during the policy term.
Many other insurers set the retroactive date to the policy inception date, meaning you would not have coverage for work that you did before the insurance policy’s inception date.
The Acera Insurance Difference
Why work with an Acera Insurance E&O broker in Ontario?
Acera Insurance offers the professional liability insurance Ontario professionals need to operate without high risk. As a professional, whether you are a doctor, dentist, attorney, or other skilled provider, you need to focus on your job at hand and allow us to handle the risks related to liability matters. We streamline the process to ensure you always get the very best service at the most affordable rate.
Contact one of our brokers now and get the best packages that suits your business needs.
Free Ontario professional liability insurance quotes
When you call us for a professional liability insurance quote in Ontario you get exceptional service and a fast response. Let our team help you understand exactly what your needs are. We’ll help you customize a policy that reduces those risks and improves your financial security in situations where liability claims can occur. Contact Acera Insurance today for a free, no obligation quote. It is easy to find the protection you need when you turn to a team dedicated to your professional success. Whether you want to get your quote online, over the phone or in person, we’ve got you covered.
Professional Liability Insurance in Ontario: FAQs
Professional liability insurance in Ontario (also called errors and omissions insurance) covers businesses that provide a professional service or advice if they make a mistake or don’t deliver the promised services. Directors and officers insurance is protection for alleged negligence aimed at the officers and directors on the board of a company.
There are certain professions that are legally required to carry professional liability insurance in Ontario. For example, the Real Estate Council of Ontario requires all real estate agents to have professional liability insurance. Lawyers in Canada are also required to have PLI insurance.
Professional liability insurance in Ontario does not cover intentional, criminal, or fraudulent acts. It also does not cover cases where cost estimates and guarantees were given or incorrect profit estimates.
Moreover, any claim for bodily injury or property damage filed by a third party will not be covered by an Ontario professional liability insurance policy; that would require a commercial general liability insurance policy.
Want to get an online professional liability insurance quote?
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