Professional Liability Insurance

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Bullfrog Insurance makes Getting Professional Liability Coverage Quick and Easy

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Professional Liability Insurance, also known as Errors and Omissions Insurance, is designed to protect you and your small business against claims of a negligent act, error or omission in the performance or failure to perform professional services. While Commercial General Liability is extremely important and provides coverage for third party bodily injury or property damage, it typically does not cover any losses due to professional services, and specifically does not cover allegations of financial loss arising from your professional services or advice. If you are a consultant (whether it be IT, marketing, HR, management), an engineer, or a finance professional, to name a few, your clients could accuse you of bad advice leading to a financial impact on their part.

Is it a requirement to have professional liability insurance for small businesses?

If you are a consultant (whether it be IT, marketing, HR, management), an engineer, or a finance professional, to name a few, your clients could accuse you of bad advice leading to a financial impact on their part.

As a result, professional liability Insurance is extremely important for anyone engaged in providing professional services or advice, not only to cover damages but also for defense costs. Regardless of whether or not you are actually found to be negligent, the legal costs associated with defending yourself could result in a significant financial setback. Protect your personal financial future and the longevity of your business by purchasing professional liability insurance. For a small business, it can often be extremely affordable relative to the protection and peace of mind it brings.

There are some professions who are required to purchase and show proof of professional liability coverage. In other cases, some clients may refuse to work with you if you do not have evidence of insurance.

How does professional liability coverage protect my business?

There are a number of different professional negligence situations where your professional liability coverage can come in handy. Consider the following:

  • You operate as a marketing professional and publish advertising material where the competitor of your client accuses the ad of portraying false or harmful information.
  • You work as a financial advisor and a client’s confidential details are accidentally sent to an unrelated party, who then abuses the sensitive info.

In the above situations, professional liability coverage may be what you need to offset potential financial devastation.

How much does professional liability insurance cost?

There is no single number to summarize how much professional liability will cost. There are a wide range of different professions requiring this type of insurance, and there is a lot of variability within those professions too.

How much professional liability insurance will cost you as a business owner depends upon the details of your particular industry, your business operations, and so much more. For example:

  • A professional psychologist might pay between $1,424.00 and $1,691.00/year for their professional liability insurance.
  • On the other hand, a massage therapist could pay as low as $529.00/year.
  • A professional business may pay anywhere between $529.00 and $1,691.00/year, as the amount varies immensely depending on the business or individual’s line of work.

How much professional liability insurance do I need for my business?

You want to avoid both being underinsured and being overinsured. In the long-run, these could both cost you considerably both in insurance costs (if you are overinsured) and in losses (if you are underinsured.)

We ask a range of questions in our quoting process to determine what your needs are. You will want to ask yourself the following questions:

  • How much could you afford to pay to offset any lawsuit expenses?
  • Does your field see expensive lawsuits?
  • What could cause advertising injury to someone, if applicable?
  • How common are claims in your industry?
  • How much can you afford to pay for insurance?

As always, Bullfrog’s experts are available to discuss your needs for professional liability insurance with you.

Where we offer

Locations where we currently offer professional liability insurance coverage in Canada:
  • Alberta
    • Calgary
    • Edmonton
    • Lethbridge
    • Red Deer
  • British Columbia
    • Burnaby
    • Richmond
    • Surrey
    • Vancouver
    • Victoria
  • Ontario
    • Brampton
    • Hamilton
    • Mississauga
    • Ottawa
    • Toronto

How do I purchase professional liability insurance online?

Simply fill out our short online questionnaire and we instantly provide you with multiple online insurance quotes based on your needs. The options we provide for coverage are standardized between professional liability insurance companies, so your only “duty” is to compare quotes by price. Here’s how you do it:

  • Fill in the field with your profession.
  • Tell us a bit about what you do.
  • Choose the option that works best for you.

And get quotes! If you are ready to buy, you can select from top professional liability insurance companies and go right ahead to payment. You can pay online and get insured right away.

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Why our customers love Bullfrog

Our customers love Bullfrog because we make insurance simple. Do it quickly online yourself or talk to one of our knowledgeable insurance brokers. We’re responsive and professional and our insurance coverage is quality and competitively priced.

Stephen

Harassement Solutions Inc.

Due to a client’s request, and for the first time, I needed Commercial general liability insurance, but I had no clue where to start. I googled “CGL” and up came Bullfrog Insurance. Even though my needs were relatively small, due to the client needs, they had to be very specific. Every question I asked was answered by the Bullfrog insurance representative, Raman, who was very helpful. And then, when I realized I needed more coverage, she didn’t flinch and let me know she’d get back to me right away. I got great coverage and all of it was done via email. Now I’ll know who to turn to for other small business insurance needs.