FAQs for Hamilton Professional Liability Insurance
Understanding how to run a business is one thing but understanding how exactly to insure it is another. We understand that purchasing professional liability insurance may seem daunting, which is why we are here to break down the barriers and help you better understand professional liability insurance.
Below, we have answered some frequently asked questions about professional liability insurance in Hamilton for you to read through. You can discuss with Bullfrog Insurance’s experts if you have additional questions.
What does professional liability insurance in Hamilton cover?
Professional liability insurance in Hamilton is designed to go above and beyond your average commercial general liability insurance. This isn’t to say that commercial general liability insurance isn’t imperative, but it’s certainly not the coverage that will give you peace-of-mind if you offer a professional service. Here are some situations where having professional liability in Hamilton is critical:
- You work as a photographer and outsource the developing work to a third-party. They fail to develop the images on time and your client sues you for negligence.
- You work as an HR manager and accidentally forward an email to an unrelated third-party, who uses the information on the email for malicious activities. The intended recipient sues you for breach of privacy and the consequential financial losses.
Professional liability insurance in Hamilton may benefit businesses for the situations mentioned above, as well as dozens of others.
How much professional liability insurance coverage does my Hamilton business require?
Under-insurance and over-insurance can both cost you if you aren’t careful about selecting your professional liability insurance. Start narrowing down your coverage options by asking yourself these questions:
- Could your business injure someone’s reputation if you were to make an error?
- How much can your business afford to pay for its defence costs in the event of a lawsuit?
- How expensive are the lawsuits that your business faces on average?
- How much can you afford to pay for your insurance?
- How likely is a business in your industry to see a claim?
You may still have questions, which we totally understand! If you’re not sure which how much coverage to get, our team at Bullfrog Insurance are here to chat about your particular coverage needs.
Do I need to purchase professional liability insurance in Hamilton?
Technically, yes. Some clients will not work with a business that cannot provide proof of insurance or may not even consider businesses without insurance for a particular job. Some industries may even find that they cannot legally operate in Canada without professional liability insurance, and Hamilton businesses may find they are no exception.
That being said, some businesses may not be mandated to carry professional liability insurance. It is still highly recommended, given that a lawsuit could easily put a small business out for good – even if you have done nothing wrong. Professional liability insurance is a small price to pay for huge protection.
How much does it cost to buy professional liability insurance in Hamilton?
Not every professional business will pay the same for its insurance. Professional liability insurance in Hamilton ranges in its value depending on the risks your business faces, for example, how likely you are to make a claim in the event that a client or third-party should sue you for perceived negligence.
Professional liability insurance in Hamilton may differ in cost, depending on these factors:
- Your industry
- Business experience
- Your coverage history
- Likelihood of a lawsuit
- Business size
- Your employees
- The type of work your business does
- Number of clients
Note that if you are unhappy with your rates, you can always discuss with Bullfrog Insurance’s experts about how to save on your premiums.