All businesses, regardless of their size, are at risk of a lawsuit, whether that’s a result of negligence or an error — or even alleged negligence. To protect you, your business and your employees, CCV Insurance offers a full range of liability insurance products, including professional liability insurance, for Ontario businesses to ensure you can have peace-of-mind and continue to foster growth and success without worrying about what could happen.
By nature, professional liability claims tend to be complex, and moreover expensive. It can be difficult or even impossible for some businesses to recoup from losses arising from professional liability claims, which is why having professional liability insurance in Ontario is a must. Also referred to as errors and omissions insurance, this specialized coverage is designed to protect you and all that you’ve worked so hard to achieve.
What is Professional Liability Insurance in Ontario?
The reality of the matter is this: an Ontario professional simply cannot be without carrying professional liability insurance. In Ontario, lawsuits are increasing in frequency and severity. This is the nature of an increasingly litigious society, where we see claims arise out of small mistakes (or even alleged mistakes) every day, and to every size of business. Comprehensive liability insurance, including professional liability insurance, minimizes the potential losses that your business can face based on its industry, and it lets you operate with the confidence you need, knowing you’re protected.
Who Needs Professional Liability Insurance in Ontario?
For businesses that offers advice or professional services to customers, professional liability insurance in Ontario is a must-have. A variety of professionals can benefit from this coverage, including but not limited to:
A lawsuit can happen to any business, no matter your mitigation efforts. If your business deals in the offering of professional services or advice, it could potentially be faced with a lawsuit. It’s better to be insured than to be sorry.
What Does Professional Liability Insurance Cover?
Professional liability insurance in Ontario is designed to cover expenses that may arise as a result of a claim alleging financial losses due to a variety of reasons. These reasons may not even be found on truth, but you could find yourself in a lawsuit nonetheless — all thanks to a dissatisfied client. Claims can be made because of and/or alleging:
- Project delays
- Failure to provide
- Inaccurate advice
This is hardly a finite list. Claims may be covered for several types of errors, omissions or negligence while in the process of delivering a promised service or advice. In such instances, professional liability insurance can help cover costs like:
- Administrative costs
- Defence fees
- Judgement awards
- Other legal fees
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