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Your business provides an essential service, and you’ve put so much time and effort into its creation and maintenance that you can’t imagine what you might do if something goes wrong while on the job.
The unfortunate reality is that those who work as consultants, law professionals, advisors, engineers, forensic scientists, etc., may face a different level of risk than some other occupations.
These industries require professional liability insurance to protect their assets if they face a claim arising out of failure to provide a promised service or error and omission.
Professional liability insurance (otherwise known as errors and omissions) is designed to protect small businesses that provide a professional service or advice. Commercial general liability insurance may not be enough for all types of businesses. Here’s how professional liability insurance works.
FAQs for Vancouver Professional Liability Insurance
Professional liability insurance is not typically considered standard among insurance policies and comes with some nuances. EasyCover Insurance is here to break down any barriers that may stand between you and quality coverage, so that you can get your insurance hassle-free.
Read on for some frequently asked questions about professional liability insurance in Vancouver.
What is the cost of Vancouver professional liability insurance?
It’s hard to pin an average cost on Vancouver professional liability insurance. Prices will vary, especially as no two businesses and industries will work the same. Cost weighs on risk, so the likelier you are to make a claim (and the more severe/costlier the claim) the likelier you are to see higher rates.
See the following list for examples of how an insurance company may judge risk:
- Your business industry
- Your insurance history
- Your lawsuit history
- The number of clients you serve
- Your staff team
- Physical location
- The type of service/advice you provide
Choose the Right Professional Liability Insurance Broker in Vancouver with EasyCover’s help and at the best rates!
How much professional liability insurance coverage do I need in Vancouver?
Purchasing coverage can sort of be like a game of “hot and cold.” You don’t want too much coverage, but you don’t want too little. Both situations may result in you losing money. Consider the following questions when choosing coverage levels:
- What can your business afford to pay out-of-pocket if it faces a lawsuit?
- What are the average lawsuit costs seen by your industry?
- How much can you afford to pay for your premiums?
- What are the odds your business could cause reputational harm to a third-party?
- What is the likelihood your industry may face a claim?
If you’re still uncertain or on the fence, discuss with our experts today at EasyCover Insurance.
Is it required to have professional liability insurance in Vancouver?
With some industries, yes, it is a legal obligation for you to carry professional liability insurance. In Vancouver, lawyers and medical professionals may need to obtain some amount of this coverage in order to work, but professions such as photographers and consultants may not be required to.
Even if professional liability insurance isn’t a requirement, it’s still highly recommended to spare your business from potential financial devastation.
Note that even without being a requirement, some clients will refuse to work with particular businesses unless they have proof of insurance. As such, professional liability insurance is recommended for any business that provides a professional service or advice.
What does professional liability insurance do to protect my Vancouver business?
Purchasing professional liability insurance in Vancouver is imperative to the operation of your business. Consider the following examples:
- Imagine you worked as a forensic expert. When you hire a third party, the work is done improperly and the evidence in court consequently becomes inadmissible. The party that hired you sues you for negligence.
- You work as a consultant, and a client sues you for financial loss because of perceived negligence when providing a promised service.
In both scenarios listed, professional liability insurance would come into play to help protect your Vancouver business.
How do I buy professional liability insurance in Vancouver?
EasyCover Insurance makes it easier than ever to purchase professional liability insurance in Vancouver. In just a few easy steps, you can tell us about your business, your industry, what you do, coverage needs, and receive quotes instantly!
Our quotes are standardized between insurance companies by coverage, so all that you need to do is choose based on price! We represent some of Canada’s top-rated commercial insurance brokers, so we’re confident you can find something that works for you and your business. You may even choose to go right ahead to purchase if you like what you see.
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