Edmonton Professionals: 3 Signs It’s Time to Purchase a Professional Liability Insurance Policy

shirt-pocket-tie-1578351-1279x883Are you a professional currently living and working in Edmonton, Canada? Then it might be time for you to purchase a professional liability insurance policy. Quite simply, this policy covers you financially in the event of someone filing a lawsuit against you. In other words, when/if you are forced to defend yourself in court, you won’t have to worry about finding a lawyer.

But how do you know if you need to be covered under this policy? Here are 3 signs to help you figure it out:

  • You keep hearing tales of people being sued in your profession. Doctors, lawyers and accountants might be among the most sued people in Canada, but that doesn’t mean that they are the only ones. Even one lawsuit in your field is too much — and trust us, there is no such thing as “only one lawsuit” in a professional field.
  • You are thinking of finding a new company to work for. In Canada, some companies require their employees to be covered under a professional liability insurance policy. If you are thinking of finding a new company to work for, then you might as well make the transition easier and begin searching for a free Edmonton professional liability insurance quote as well.
  • You have recently made a mistake or omitted some crucial information by accident. Read the following sentence carefully: Don’t panic. If you have become aware of a recent mistake or omission from your part, find a professional liability insurance policy that covers past mistakes. Yes, they exist! Just make sure to read through the policy in its entirety before agreeing to anything.


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.