What Can Professional Liability Insurance in Coquitlam, BC Cover?
Note that professional liability insurance in Canada may vary from policy to policy and provider to provider, depending on your industry, provider, and the exact terms of your policy. Furthermore, professional liability insurance can go by many different names, including errors and omissions insurance (E&O) or even professional indemnity insurance (which is often used for lawyers). Exact coverage varies, so be sure to review the details of your personal policy documents.
Always keep in mind that where commercial general liability insurance and professional liability insurance may cover third-party liability claims, they do not cover claims of the same nature. These policies do not replace each other; rather, they complement each other, so both are highly recommended so that you may be fully insured against potential claims.
You may expect a standard professional liability insurance policy to protect your business if you should ever be faced with third-party claims due to the following:
- Breach of contract/ethical duties
- Professional negligence
- Failing to meet a deadline
- Breach of ethical duties or contract
- Failure to provide a promised service/advice
- Failure to meet a specific standard of care
- Mistakes or errors when providing a service
The list above contains several examples of claims that could be covered with a professional liability insurance policy. As for actual expenses, your policy may include coverage for administrative fees, legal costs, attorney fees, and may include settlement or judgement awards. Your policy will cover you up until your policy limit, which will cover you for the entirety of your policy term.
The Cost of Professional Liability Insurance in Coquitlam, British Columbia
There is no one cost for professional liability insurance in Coquitlam, BC. Every professional may pay a different number for their coverage, depending on the level of coverage they desire, the industry they work in, and numerous other factors. Every insurer may offer different price points as well.
There is quite a range among professional liability insurance policies, especially since every different business and each different industry tends to see a different level of risk. As a rule of thumb, the riskier the business and/or industry, the more expensive your premiums might be.
Although each professional liability insurance policy is different, you may expect the list of factors below to affect the total cost of your coverage:
- The location of the business
- The type of business covered
- Previous claims or “insurance history”
- Business experience
- Size of business
- The value of the service/advice being provided
- Coverage options and limits