Comprehensive Professional Liability Insurance in Ontario with CCV Insurance

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: 

• Accountants 
• Consultants 
• Managers 
• Advisors 
• Physicians 
• Scientists 
• Therapists 
• Counsellors 
• Contractors 
• Photographers 

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: 

• Misrepresentation 
• Project delays 
• Negligence 
• Misinformation 
• Errors 
• 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 
• Settlements 
• Judgement awards 
• Other legal fees 

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Managing Your Risk with Ontario Professional Liability Insurance 

Every professional in this day and age will face some level of risk. General liability insurance, although necessary, is not enough coverage to safeguard a business in its entirety — especially yours that faces unique exposures due to the professional services or advice that it provides. Projects go wrong, whether due a miscommunication, human error, or anything else — and these could result in serious damages and losses to a client. With professional liability insurance, Ontario businesses can have the peace-of-mind they need and deserve to work without worrying. Let CCV Insurance’s professional liability insurance brokers in Ontario help get the coverage you need and minimize your risks. 

How Much Does Professional Liability Insurance in Ontario Cost? 

Professional liability insurance policies in Ontario are designed to cover costs associated with a lawsuit, such as defense costs, settlements and judgements, even if any allegations that have been filed against your business are found to be untrue. 

Professional liability insurance in Ontario offers great protection. What you’ll pay for this coverage depends on several factors, including: 

• Your business experience: More experienced businesses tend to pay less overall for their insurance as they have built up more of a reputation. 
• Your insurance history: The more claims you have under your belt, the more expensive your insurance is likely to be due to the chance of you making another claim. 
• Your industry: Some industries are at higher risk of filing a claim than others. Photographers might not see as many lawsuits or claims as, say, a financial advisor or a therapist. 

• Your employee training: Human error is the biggest risk for professional businesses. More experience and more training help to reduce risk and can, therefore, reduce your premium. By providing your staff with consistent training, you’ll have a lower risk profile from an insurance point of view. 
• Your annual revenue: Higher income will generally translate to more clients and higher quality contracts — meaning higher stakes. More money can provoke a higher risk of facing a lawsuit. 
• Business size: A large company could be held liable for a lot more in settlement fees than a smaller business that charges a lot less. That being said, don’t underestimate the importance of professional liability insurance for small businesses. Small businesses in Ontario are just as much at risk of a lawsuit as larger businesses and may have less financial muscle to recoup. 

As a general rule, the best way to save money on your business insurance is to consult with a CCV Insurance professional liability insurance broker in Ontario. We help you shop around to find insurance quotes from some of the most respected and reputable insurance providers in the country. Simply request a quote, answer some of our questions about your business and leave it to our expert brokers to get the hard work done for you! We’re always here to help if you need any questions answered or tips on reducing costs. 

Get a Professional Liability Insurance Quote in Ontario with CCV Insurance 

Getting insurance doesn’t have to be difficult. With CCV Insurance, we always promise exceptional service and fast responses. We will get you professional liability insurance quotes from multiple different, top-rated insurance providers so you get a customized solution at a competitive price. Our brokers in Ontario will take the time to truly understand your business and profession to also provide guidance on ways you can minimize your risks. Get in touch with CCV Insurance today for a free, no obligation quote. 

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