Red Deer Professional Liability Insurance
Insurance to protect Red Deer professionals
If you offer a service or give professional advice, you’re at risk for lawsuits from clients who blame your service or advice (or failure to provide it) for a financial loss. For example, a client could say you made a mistake that cost them a lot of money and sue you. Whether the accusations are true or not, you’ll still need to pay your defense costs. Can you afford to cover an expensive lawsuit?
Professional liability insurance can help protect Red Deer professionals by helping to bear the financial burden of lawsuits relating to your professional service or advice. As trusted professional liability insurance brokers in Red Deer, Acera Insurance can help you find the right coverage for a competitive price.
Get a professional liability insurance quote for Red Deer online, by phone, or in-person at our Red Deer office or read on to learn more about professional liability insurance in Red Deer.
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Understanding errors and omissions insurance in Red Deer
Many professionals and businesses think that having commercial general liability insurance is enough, but this type of policy only covers third-party bodily injury or property damage.
Below, we explain the importance of professional liability (also referred to as errors and omissions insurance), as well as detailing what is and isn’t covered.
What is professional liability insurance?
Professional liability insurance, also known as errors and omissions insurance, protects you when a client claims you did not deliver the promised service or product or claims any kind of negligence in the service they received.
Even if the allegations against you are found to be untrue in court, you could still spend thousands of dollars on legal defence costs. Those kinds of expenses can bankrupt a small company or contractor and have a lasting impact on your professional reputation and future business.
What does professional liability insurance in Red Deer cover?
Red Deer’s professionals are all at risk of a lawsuit from a client who blames their professional service or advice for a financial loss. This can include claims of:
- Negligence
- Misrepresentation
- Libel & Slander
- Inaccurate Advice
- Loss of Documents
- Intellectual Property Infringement
- Breach of Confidentiality
- Errors
True or false, these accusations can harm your business’ reputation and place a huge financial burden on you. Professional liability insurance can help cover the expenses related to these lawsuits, including defense costs, awards, and settlements.
For example, let’s say you’re a contract project manager in Red Deer. The project is delayed and exceeds the original estimate by a large amount and your client blames you for their financial loss and sues. Professional liability insurance could help you defend yourself against these allegations and cover settlements and awards.
How much professional liability insurance should I have in Red Deer?
Professional liability insurance can cover legal expenses arising from a claim of financial loss due to a provided professional service or advice, or failure to provide it. This can include legal defense costs, settlements and awards.
Keep in mind that you will need to pay a deductible for each claim and policy limits apply to your entire 12-month policy period. That means whatever coverage amount you choose applies for the 12-month term, not per incident.
How much professional liability insurance you should get depends on the risks associated with your business. You want to avoid being underinsured and paying out of pocket if you are faced with a lawsuit, but you also want to avoid overpaying for insurance coverage your business does not benefit from.
The level of coverage you choose depends on several factors:
- Contract requirements (usually $1 or $2 million in liability coverage in Canada)
- Your industry
- Your business’ risk level
- The number and size of client contracts you have
- The type of clients you have and the industries they operate in
- The overall value of the projects your work on
- Potential legal costs of defending a claim
- The possible compensation award in a lawsuit if the claim is settled against you
The best way you can determine the amount of professional liability insurance coverage in Red Deer you should get for your business is by working with an errors and omissions insurance broker. A professional liability insurance broker in Red Deer can help discuss your risks, as well as answer any questions you might have.
What is not covered by errors and omissions insurance in Red Deer?
Errors and omissions insurance doesn’t cover any intentional, criminal, or fraudulent acts. It also won’t cover cases where cost estimates and guarantees were given as well as incorrect profit estimates.
How do I get a professional liability insurance quote in Red Deer?
Who needs professional liability insurance in Red Deer?
Whether you are a wedding photographer or as a tax accountant, if your work involves providing a service or ofho provides a service or professional advice in Red Deer should have professional liability insurance. Your commercial general liability insurance will not protect you if you’re sued for financial loss as a result of your provided service or advice, as it only covers property damage and injury.
We provide coverage for contractors, consultants, project managers and professionals in the following industries:
- Engineers
- Construction
- Financial Services
- Forensic Experts
- Health, Fitness & Medical
- IT / Technology
- Legal Services
- Managers
- New Media
- Photographers
- Social Services
If you don’t see your profession or industry, don’t worry. Our experienced Red Deer professional liability insurance brokers can discuss your options and find you coverage at a competitive price.
What does errors and omissions insurance in Red Deer Cover?
You may expect a standard professional liability insurance policy to protect your business if you should ever be faced with third-party claims due to the following:
Product failure
Let’s say you’re a wedding planner and when something goes wrong with a certain delivery that affects the wedding, your client sues you for negligence.
Not only would that hurt your business reputation, but it can also drain your bank account if you don’t have an errors and omissions insurance policy in place.
Your professional liability insurance policy can cover the consequence of getting sued for damages due to a faulty product.
Not only that, but the policy can also cover all legal costs associated with the lawsuit.
Professional negligence
A claim of professional negligence is made when your client believes that they did not receive the promised level of service or product.
If you’re a marketing specialist, for example, and your strategy does not deliver the return-on-investment levels that you promised the client, they can sue you for compensation.
In these cases, your professional liability insurance kicks in to cover all resulting financial loss and legal fees.
Media Implications
Media implications can include many things such as copyright infringement, libel, and defamation.
Magazines can sometimes use certain phrases to describe a celebrity or local figure that can result in that person suing for defamation or slander, for example.
Errors and omissions insurance can take care of these lawsuits by paying the settlement fee to the damaged third-party, as well as the legal representation.
Professional Liability Insurance in Red Deer: FAQs
Most professional liability insurance (also known as errors and omissions insurance) policies cover judgments, settlements, and defence costs. Even if the allegations against you are found to be untrue in court, you could still spend thousands of dollars on legal defence costs.
Those kinds of expenses can bankrupt a small company or contractor and have a lasting impact on your professional reputation and future business.
If you want to know more about professional liability insurance and live in Red Deer, wecan help. We provide the answers you need and offer complete and affordable professional liability insurance.
For certain professions in Red Deer, having professional liability insurance or errors and omissions insurance in Red Deer is legally mandatory.
Professionals who are required to have E&O insurance include doctors, lawyers, contractors, and real estate agents. While other professionals aren’t obligated to carry this type of insurance, it would still offer them many benefits, such as financial protection.
It’s a document provided by your insurance company that acts legal proof that you and your business are covered by professional liability insurance in Red Deer.
If you are still operating your business, it’s not recommended to cancel your errors and omissions coverage, but it’s wise to review it annually in case there is coverage you no longer need or coverage that should be added. Cancelling your coverage completely is possible through your insurer according to their terms and conditions.
Malpractice insurance is a specific type of professional liability insurance which is designed to protect healthcare professionals such as doctors and nurses from third-party allegations of negligence, errors, and faults while in their care.
Professional liability insurance and commercial general liability insurance in Red Deer are triggered by different 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 in an “occurrence” form; whereas professional liability insurance policies are usually 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.
How much does professional liability insurance cost in Red Deer?
The cost of professional liability insurance in Red Deer depends on your individual risk level, history, and coverage options. Factors that impact professional liability insurance premiums for Red Deer professionals include:
- Your profession/industry
- Your company’s revenue
- The number of employees you have
- Where you operate
- Your insurance and claims history
- Your coverage options
You can get an instant online professional liability insurance quote for Red Deer and see for yourself how affordable this essential coverage can be. Opt for an annual payment or pay in monthly installments.
Working with the best professional liability insurance brokers in Red Deer
Acera Insurance has been a trusted professional liability insurance broker in Red Deer for decades. We’re one of the largest independent, employee-owned brokerages in Canada – meaning we work for you, not an insurance company. In fact, we work with many different insurers so that we can deliver choice in coverage and competitive professional liability insurance quotes for Red Deer professionals.
Our staff is experienced, knowledgeable and professional. Here at Acera Insurance, we believe in a hands-on, human-first approach to insurance. You can expect exceptional customer service and personable, flexible staff who will help make your insurance easier. Here’s what we can do for you:
- Help you determine your insurance needs.
- Deliver competitive professional liability insurance quotes for Red Deer.
- Advise and act as an insurance resource.
- Advocate on your behalf in the event of a claim.
- Provide 24/7 self-serve access to manage your insurance via an online portal and mobile phone app.
Come find out what makes Acera Insurance professional liability brokers in Red Deer so fantastic. Stop by our office or give us a call. You can even purchase a policy online!
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