Do Small Business Owners in Canada Need Professional Liability Insurance Coverage?

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If you are a small business owner in Canada, chances are that you already know how important it is to be covered under the right insurance policies. But here’s the thing: Knowing about something and actively seeking to make said thing happen are two different things.

Too often people hear about professional liability insurance policy for small businesses, nod their head in agreement (“yes, that’s really useful!”) only to forget everything about this policy the next day. In some cases, people can live without them. But in other cases, failure to act can be devastating.

As a business owner, your goal should be to avoid worst-case scenarios while making the necessary preparations to deal with them. In other words, if you own a small business in Canada, your goal should be to do everything in your power to avoid lawsuits while still being prepared to deal with them.

You can do this by always maintaining the highest standards of quality in the service(s) or product(s) you offer. Of course, we aren’t here to tell you how to do your job — we trust that you already know how to do that. Instead, we are here to give you a backup plan in the event that you are unable to prevent someone from filing a lawsuit against you. (Because it happens to the best of us.)

This backup plan is known as professional liability insurance policy — and yes, small business owners in Canada do need to be covered under this policy. In fact, they are among the most vulnerable professionals out there.

If you care about your business, then we can’t stress enough the importance of purchasing this policy. Join thousands of Canadians who have made the right choice by requesting your free professional liability insurance quote today.

Categories:

Professional Liability Insurance/PLI

(Errors and Omissions Insurance)

  • Flawed professional advice and services that may have resulted in financial loss to the customer or client.
  • Protects professional individuals or companies from responsibility of the full cost of defending against a negligence claim and damages awarded in such a civil lawsuit.
    • Professional liability insurance covers the costs of judgments, settlements and legal defense.
    • Damages paid under a professional liability policy are typically financial rather than physical.