Is your BC business protected against potential claims that may be filed against you? Many service providers and consultants unfortunately learn the hard way that they can be vulnerable to certain lawsuits if clients find fault in their services. Fortunately, there is a step you can take to prepare for this scenario, and it’s called professional liability insurance coverage.
BC Professional liability insurance is a very specialized form of insurance that will benefit both individuals and organizations that provide services or consulting in BC. This type of insurance, sometimes also called errors and omissions insurance, is compulsory in certain cases and covers more than commercial general liability insurance. The purpose of the insurance coverage is it to pay for costs associated with claims being filed against an individual or business. These costs generally include the fees of lawyers, various court costs, and settlement payments if they apply.
What kind of claims are covered under professional liability insurance? The following are several common claims that service providers can receive from their clients.
Above are a few of the potential claims that professional liability insurance will cover.
So how does this apply to you as an individual providing a service, an entrepreneur, or a business owner in BC? Here is an example of how professional liability insurance works.
Let’s look at a construction contractor in charge of a project for a client. The project runs into some unforeseen problems and has now passed the estimated deadline. The client is upset as they had an opening date scheduled that now has to be pushed back. The client files a claim for losses due to the delay and now the construction contractor has to respond.
In this scenario, a commercial liability insurance policy will not protect the contractor as it does not cover any service-based claims. Without a BC professional liability insurance policy, he or she would face legal costs, even if they won the case. If they lost, there would be additional costs due to the settlement.
With professional liability insurance in British Columbia, the construction contractor has no need to stress either way because they can go to court, hire defense, and pay damages without taking money from the business. Their professional liability insurance provider would pay the expenses.
EasyCover offers excellent professional liability insurance policy packages for individuals and companies in BC. Not only will we provide you with protection for your business, but you can get a free insurance quote and policy within minutes. More importantly, our efficient representatives will have you signed up straight away, ensuring you are covered as quickly as possible.
Get professional liability insurance coverage today. Fill out our free online insurance quote form, email us at firstname.lastname@example.org or call us on our toll-free line at 844-439-2683. Let’s get you covered!