Professional Liability Insurance in Edmonton
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Professional liability insurance, also known as errors and omissions insurance, is a type of insurance policy designed to help professionals protect their business from any claims that they may face due to alleged negligence, an error in providing a professional service or advice, or omitted information. Your Edmonton business needs to have commercial general liability insurance as a baseline, but if it provides a professional service or advice then it will also need that additional layer of coverage to have full protection.
In Edmonton, professional liability insurance provides coverage if a client alleges losses due to your professional advice or services. If you work as an engineer, counsellor, consultant, or other profession that offers professional service or advice, and don’t have professional liability insurance, you could be exposed.
FAQs for Edmonton Professional Liability Insurance
Professional liability insurance in Edmonton isn’t the easiest coverage to understand, especially as not every small business requires it. However, if your business performs a professional service/advice, it may be legally required. Even if it isn’t mandatory, it’s still highly recommended by insurance professionals everywhere.
Here are some frequently asked questions regarding Edmonton professional liability insurance.
How much does professional liability insurance cost in Edmonton?
How much your professional liability insurance in Edmonton will cost you and your business depends on what you’re exposed to. The following may impact your costs:
- How likely you are to face a lawsuit
- Your coverage history
- Your business experience and history
- Size of your business
- Staff team
- The service/advice your business provides
- Number of clients
How much professional liability insurance do I need for my Edmonton business?
When it comes to purchasing professional liability insurance in Edmonton, you don’t want to be underinsured nor overinsured. Both could result in you losing money, whether that’s due to the fact that you don’t have enough coverage to pay off losses from a lawsuit or because your premiums are too high.
To ensure you get the right amount of coverage, Bullfrog Insurance works directly with you to narrow down your options. Consider these questions:
- How much can your business afford to pay if you faced a lawsuit?
- How expensive are the lawsuits your industry faces on average?
- How much can you afford to pay for your insurance ?
- How common are claims in your industry?
- What could potentially cause advertising injury to someone?
Still unsure? Discuss with Bullfrog Insurance’s professional liability insurance brokers today.
Is it required to have professional liability insurance in Edmonton?
Professional liability insurance in Edmonton is crucial to your operations if you are providing services or advice, not only because it covers defence costs, but to offset the cost of damages. Even if you haven’t actually done anything wrong, you could still be involved in a lawsuit – and you may have to handle the costs to defend yourself.
Some professions may be required by law in Edmonton to provide proof of professional liability insurance coverage. In other cases where it isn’t mandatory, clients can still refuse to work with you if you aren’t able to provide proof of insurance.
What does professional liability insurance in Edmonton do to protect my business?
There’s a number of ways having professional liability insurance in Edmonton can help to protect your business. Consider the following claim scenarios:
- You work as a financial advisor and, in an email chain, inadvertently forward a client’s financial data to a third-party who utilizes the information for malicious activities.
- You work as a consultant and the information you provided to a client was wrong or misleading. They sue you for the financial losses they suffered as a result.
Professional liability insurance can help Edmonton businesses in any of the above situations.
Where can I buy professional liability insurance in Edmonton?
Whenever and wherever you want, you can purchase professional liability insurance in Edmonton virtually with the help of Bullfrog Insurance.
Fill out our short online questionnaire and receive several quotes immediately, based on your needs and wants. We offer a number of choices when it comes to coverage that is standardized between professional liability insurance companies in Edmonton, so all that you are required to do is compare quotes by price. If you want, you can go right ahead and purchase your policy.
Where we offer
Besides Edmonton, we offer professional liability insurance coverage in these places in Canada:
- Red Deer
- British Columbia
Why our customers love Bullfrog Insurance
Why do our customers love Bullfrog Insurance? Because we work hard to make getting professional liability insurance in Edmonton as easy and straightforward as possible. You can receive a quote and purchase quickly online or receive a helping hand and have one of our knowledgeable insurance brokers hop on board to help. We’re always responsive, professional and our insurance coverage is top-rated while being competitively priced.
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.