The Do’s and Don’ts of Shopping Around For a Canadian Professional Liability Insurance Policy

business-man-1236606-1279x849If there is one thing that every professional currently working and living in Canada should own, it’s a professional liability insurance policy. Unlike general liability insurance policy, this policy financially covers a person (professional) in the event of someone filing a lawsuit against them.

If you are currently shopping for a professional liability insurance policy in Canada, it is important that you spend some time researching your options properly. To make the process easier for you, EasyCover has compiled a short list of the most common do’s and don’ts of shopping around for this policy.

Do’s:

Do request a free professional liability insurance quote… or many of them! Here at EasyCover, we are big proponents of free insurance quotes. This is why we offer them to prospective customers. As we have said multiple times in the past, free quotes are you weapons of choice so use them wisely!

Do shop around. There are numerous companies out there, and each of these company would be more than willing to offer you coverage. Don’t hesitate to shop around.

Do read through the policy carefully. This one might be a given, but you would be surprised at how many people sign before reading. Don’t be one of them. ALWAYS read through the policy carefully to know exactly what it covers and what it does not cover.

Don’ts

Don’t settle for the good policy that you come across. Chances are that you can find a better, less expensive one somewhere else.

Don’t think that your premiums are set in stone. In the past, we have talked about the possibility of lowering your monthly premiums. From raising your deductible to bundling up your policies, it is very much possible for you to pay less money each month.

Don’t think that professional liability insurance coverage won’t serve you. Lastly, this is the mindset that you absolutely have to avoid. If you are a professional working in a field in which the threat of being sued exists, you need to be covered under a professional liability insurance policy. It’s as simple as that.

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.