As a consultant or service provider in Ontario, Canada, you have the opportunity to help clients to achieve the desired end goal. However, there are times when business interactions go array. Some clients may feel they were given wrong information, were misled, or were subjected to a loss due to your services. When this happens, it can put your business operation at risk. However, this is where Ontario professional liability insurance can function as your safety net.
What is Professional Liability Insurance?
Professional liability insurance, otherwise known as errors and omissions insurance, protects individuals or companies that are service-based. Service-based companies include many industries and professions from lawyers, business consultants, to construction contractors. Although policies are structured uniquely, they protect against:
- Negligence – for instance, an accountant committing an error while doing your taxes.
- Misrepresentation – giving a client information they find as false or ambiguous
- Libel or slander – where a client feels a company’s actions have harmed their reputation.
- Wrong information – given to a client.
- Document loss – losing or destroying a client’s crucial documents by mistake.
How Can Professional Liability Benefit Me?
What protection does a professional liability insurance policy in Ontario actually offer? Should your company be taken to court for any of the above reasons, whether you win or lose the case, you will still need to pay both lawyer and court costs. Of course, if you lose the case, there will also be a settlement that needs to be paid. This is where professional liability insurance has you covered. All of these costs will be paid on your behalf under such an insurance policy.
Having professional liability coverage in Ontario also provides other benefits. It can save you money on other types of insurance, as you will be claiming less on conventional policies. It shows that you run a professional business. This is attractive to many clients as it shows credibility in your field. In fact, both clients and suppliers alike might insist on seeing that you are covered in this way before entering into a business contract with your company.
Lastly, it protects you against serious and superficial lawsuits. Frivolous lawsuits brought on by a disgruntled customer or even more severe ones due to a mistake made by your company can be extremely costly. Don’t risk your financial reserves by not having the correct insurance coverage in place to handle either scenario. A professional liability policy will cover not only the legal aspects of any court case, including lawyers’ and court fees, but covers the settlement as well if you are found at fault.
Get a Professional Liability Insurance Quote Ontario
At EasyCover, we have a range of professional liability insurance coverage options for your business. We offer competitive rates, critical protection and more importantly comprehensive coverage. Make sure you are covered today by either calling us toll-free at 844-439-2683, emailing us at email@example.com or obtaining a free insurance quote online to get insurance coverage within minutes.