What Can Professional Liability Insurance in Burnaby Cover?
Professional liability insurance in Burnaby, British Columbia safeguards professionals for claims made against them for financial loss arising from professional negligence and other professional wrongful acts.
A commercial general liability policy also covers third-party liability claims, and will typically only cover claims alleging bodily injury and property damage due to daily business operations, and excludes financial loss. Commercial general liability and professional liability insurance do not cover the same thing, and both may be needed to compliment (but not replace) one another to fully insure your professional business.
Coverage may vary, but you’ll find most policies will cover your business if it should ever be faced with third-party claims alleging the following:
- Professional negligence
- Breach of contract/ethical duties
- Failing to provide a promised service
- Not meeting a specific standard of care
- Mistakes or errors when providing a service
- Not making an agreed upon deadline
While the list above contains some of the most common claims, coverage provided depends on your specific policy. With these claims, standard professional liability insurance in Burnaby, BC may cover legal expenses, legal fees, administrative costs, judgement awards, settlement fees, and more, whether your business is found at-fault or not.
Professional liability insurance will not cover employee injuries, bodily injury, business property damage, or other losses that may be covered by other types of insurance policies.