How Expensive is Professional Liability Insurance Coverage in Calgary?

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Being a professional comes with many responsibilities. One of these responsibilities entails being properly covered under the right insurance policies. If you know anything about professional liability insurance coverage, then you probably already know that this type of policy is a must, regardless of what your profession is.

It is normal, however, for people to ask questions — especially when those questions relate to a subject as important as insurance policies. One of the most common questions associated with this policy is “How much does a Calgary professional liability insurance policy  cost?”

The truth is that there is no “fit-all” answer to this question because it varies so much. As you already know, there is more than one professional liability insurance policy out there. In fact, there are hundreds of them — or as many as there are professions that need to be covered under it. And because not every profession was created equally, not every professional liability insurance policy was created equally as well.

Generally speaking, if you work in a field where the risk of being sued is higher than in other fields (think doctors, lawyers and consultants to name but a few) then you can expect to pay higher monthly premiums than someone who works in a lower-risk field. The good news, however, is that there are many ways to lower your insurance premiums if you are interested to do so — but that’s another story better left untold for now!

Also keep in mind that not every insurance company in Calgary was created equally. As a buyer, you should always spend some time shopping around and requesting free insurance quotes before settling for a policy. This way, you will be sure to have the best price available on the market.

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.