Raising Your Deductible to Lower Your Professional Liability Insurance Premiums

As a professional currently residing in Canada, you probably know that not being properly covered under insurance policies can be devastating to your career. While you might think that it “only happens to other people”, the truth is that no professional is every truly immune from being sued — included you.

One of the most common complaints associated with insurance coverage, however, is how expensive the latter can be. Professional liability insurance coverage is no exception. If you are unaware of what this policy entails, we recommend that you spend a few minutes of your time going over the benefits of purchasing one. You will find that people who are covered under this policy enjoy a wide range of benefits, including financial support in the event of a lawsuit being raised against them. If money is an issue for you, you have to keep in mind that how much you end up paying depends on several factors, among them your profession and the insurance company involved.

The good news, however, is that there are quite a few ways for you to lower those premiums. One such way entails lowering your deductible. As you already know by now, before making a claim to your insurance company you are required to pay a sum of money that you previously agreed to pay. What some people fail to realise is that the higher their deductible is, the lower their monthly premiums are. While this might sound like a drastic solution, it is┬ánot an uncommon one. If your budget is running tight this winter, you might want to contact your insurance company and ask them to raise your deductible — just make sure that if something happen, you can pay your deductible with no trouble!


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.