What Does Professional Liability Insurance in Brampton Cover?
Insurance policies often vary in what they protect, depending on the provider that you are with and your industry. Professional liability insurance can also be referred to as errors and omissions insurance (E&O) or professional indemnity insurance, which are terms often used to refer to professional liability insurance in other industries. Because exact coverage can vary, it’s important to familiarize yourself with the details of your policy so as not to be unaware of any potential exclusions and spare yourself the shock of finding your claim rejected.
Professional liability insurance does not cover anything that a commercial general liability policy will, and vice versa. Professional liability insurance and commercial general liability insurance cover very different things, but both are often highly recommended when it comes to being fully insured against any potential losses.
Whether founded in truth or not, professional liability insurance can help protect your business if it ever faces a claim such as:
- Professional negligence
- Breach of ethical duties or contract
- Failure to meet a deadline
- Failure to provide a promised service/advice
- Failure to meet a specific standard of care
- Oversights, errors, or mistakes when providing a service
When it comes to specific expenses, professional liability insurance in Brampton may cover several court and legal costs – should a company ever find itself facing a lawsuit. Attorney and legal fees may be covered regardless of if your company is found guilty. Also, your professional liability insurance coverage may include specific kinds of settlements/judgements if your company is found at-fault.