Calgary Professional Liability Insurance
If you provide professional services or advice, it’s important you protect yourself and your business from lawsuits. Clients can accuse you of causing them financial loss due to your professional service or advice and sue. Could you cover legal expenses? Luckily, there’s professional liability insurance for Calgary businesses.
Our experienced professional liability insurance brokers in Calgary offer exceptional customer service with their attention to detail, prompt response, expertise, and professionalism. Partner with us to get the coverage you need at a great price.
What is professional liability insurance?
For Calgarians providing a professional service or professional advice, professional liability insurance can help cover legal expenses if you’re sued for causing financial loss to a client or third party. This is generally if you’re accused of a mistake, misrepresentation, or accidentally doing something that causes a financial loss.
Here are a few examples:
- A project goes far over time and over budget and the project manager is blamed.
- An accountant makes a mistake and causes their client to have to pay a fine.
- A client sues you for failing to provide the services promised in the contract.
Do I need professional liability insurance in Calgary?
You only need professional liability insurance in Calgary if you provide a professional service or professional advice. For example, engineers, software developers, project managers, and consultants are all professions that commonly require this type of coverage.
What’s covered by professional liability insurance?
In Calgary, professional liability insurance covers legal expenses if you’re sued for causing financial loss as a result of your professional service or advice or failure to provide it. This includes costs related to your legal defence, settlement and judgement awards.
What isn’t covered by professional liability insurance?
Professional liability insurance does not cover any other risk other than lawsuits relating to causing financial loss due to your professional service or advice. It also does not cover intentional acts.
How much professional liability insurance do I need?
In Calgary, professional liability insurance coverage starts at $1 million and goes up from there. The amount of protection you need depends on the likelihood of a lawsuit and its expected cost. Keep in mind that the amount of coverage is per policy period (usually a year) and not per claim.
If you have $1 million of coverage and you have two lawsuits against you your total amount of coverage would be $1 million – not $1 million each.
How much does professional liability insurance cost?
In Calgary, professionals can expect to pay at least $500 a year for professional liability insurance.
What affects professional liability insurance rates in Calgary?
The following factors can affect professional liability insurance rates in Calgary:
- Your industry
- Your business operations
- Your annual revenue
- The number of employees
- Where you operate
- Your insurance options including deductible and policy limits
How do I get a professional liability insurance quote in Calgary?
You can get a professional liability insurance quote very easily in Calgary. Simply request a quote online, send us an email or give our office a call.