Professional Liability Insurance Canada — Why Being Covered Is More Important Than Ever

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If you are a professional currently operating in Canada, chances are that you are at least familiar with professional liability insurance coverage. But being familiar with this policy is not nearly enough. In fact, it’s nowhere near enough.

Professional liability insurance Canada should never be ignored. Being properly covered is more important than ever, and “properly covered” entails owning this policy, regardless of whether you want it or not. We live in a world in which a simple mistake can prove to be the downfall of a professional. As a professional, lawsuits should be one of your biggest fears, and rightly so. Not being covered under a professional liability insurance policy makes the idea of being sued even more unpleasant. Without adequate coverage you are left to fend off by yourself. In other words you will have to pay everything out of your own pocket, from your defense costs to the settlement ordered by the court.

This is why being covered under this policy is more important than ever. In the event — no matter how unlikely it is — of someone suing you for a mistake that you may or may not have committed, you will always know that someone out there has your back. In other words, the only thing that you will have to do after paying your deductible is focus on trying to prove your innocence or alleviate the claims being made against you with the help of a lawyer provided to you by your insurance company.

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.