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What is Professional Liability?
Here at EasyCover, our clients often ask: what is professional liability insurance?
Also referred to as Errors and Omissions Insurance, Professional Liability Insurance protects you or your business in the event that a client holds you responsible for a professional service or advice that they believe didn’t perform as promised.
Many contractors and businesses have Commercial General Liability Insurance, but unfortunately this type of policy only covers third-party bodily injury or property damage, not financial damages resulting from services or advice offered in a professional capacity. That’s where Errors and Omissions Insurance comes into play.
Professional Liability policies are different from Commercial General Liability policies.
With Professional Liability insurance, the industry standard is for insurance companies to offer coverage on a CLAIMS MADE AND REPORTED FORM. This means that the policy will respond to claims made against you and reported to the insurer only within the policy term. The Professional Liability policy through EasyCover follows the industry standard and is also on a CLAIMS MADE form however we offer an unlimited retroactive date. This means we will respond to new allegations/claims made against you for past work before you purchased your EasyCover policy as long as a) you only became aware of the grievance against you during the policy term and b) the claim is reported to us during the policy term. Many other Professional Liability policies set the retroactive date to the policy inception date, meaning you do not have coverage for past work.
Errors and Omissions Insurance
Most Professional Liability Insurance policies cover judgments, settlements and defense costs. Even if the allegations against you are found to be untrue in court, you could still spend thousands of dollars on legal defense costs. Those kinds of expenses can bankrupt a small company or contractor, and have a lasting impact on your professional reputation and future business.
If you’ve heard of Errors and Omissions Insurance before and want to know more, EasyCover Canada can help, providing all the answers you need and offering complete and affordable Professional Liability Insurance.
Why Use EasyCover
If you provide advice or professional services to your clients, and are sued due to your alleged negligence, your Commercial General Liability policy may not respond. You need the protection of Professional Liability Insurance.
With EASYCOVER Professional Liability Insurance, you are protected against a broad variety of negligent acts, errors or omissions, backed by one of the oldest and most respected insurance providers in the world.
Get Canada’s first online Professional Liability Insurance at very competitive rates.
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