Professional Liability Insurance Portage La Prairie

The importance of finding the best E&O insurance in Portage La Prairie

What does professional liability insurance in Portage La Prairie cover?

Professional liability insurance helps safeguard your business from the financial impact of a legal claim related to your professional services. No matter how careful or experienced you are, allegations of errors, omissions or negligence can happen — and defending against them can be expensive and time-consuming. Without adequate coverage, protecting your reputation could come at a significant cost.

A professional liability policy can help cover many of the expenses that arise when responding to these claims, such as:

• Legal defence costs.
• Settlements and court-awarded damages.
• Administrative and related legal fees.

Common examples of situations where this coverage applies include:

• Professional negligence: Mistakes, overlooked details or failure to meet the accepted standard of care in your profession.
• Misrepresentation: Sharing inaccurate, incomplete or misleading information that causes a client financial loss.
• Defamation or slander: Written or spoken remarks that harm another person’s or organization’s reputation.
• Breach of confidentiality: Releasing or mishandling private or sensitive client information.
• Intellectual property infringement: Using copyrighted materials, trademarks or other creative assets without proper permission.

What’s not covered?

Claims resulting from criminal or acts are not covered. Incidents involving bodily injury or property damage are also not covered under professional liability insurance — those fall within the scope of commercial general liability insurance. With that said, you can combine a CGL policy with your professional liability coverage for more complete protection.

How much professional liability coverage does a business in Portage la Prairie need?

When selecting professional liability insurance, business owners and independent professionals in Portage la Prairie should consider a few important factors — your contractual requirements, the likelihood of facing a claim and how much it might cost to resolve a claim.

Choose from three available coverage limits with EasyCover:

• $1 million
• $2 million
• $5 million

No matter how many claims are filed against you, your chosen limit represents the maximum amount your insurer will pay in total over the course of a 12-month policy period. Since legal defence costs and settlements can add up quickly, EasyCover recommends a minimum $2-million limit.

Professional liability insurance is important, but it doesn’t protect against every type of risk. Adding commercial general liability and cyber liability will round out your coverage, helping to protect your business from physical damage, injuries and cyber breaches.

Why do I need professional liability insurance in Portage la Prairie?

Professional liability insurance is required by law for many professions in Manitoba, including healthcare providers, architects and accountants. Even if professional liability insurance is not required by law, it is highly recommended in order to protect your business from unexpected lawsuits. Having professional liability insurance also shows prospective clients that you’re committed to accountability and professionalism — qualities that build trust and can strengthen your position when pursuing new contracts or collaborations.