Professional Liability Insurance in Newfoundland
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People rely on your business for the professional services or advice it provides. Chances are, your business is likely held to a higher standard than most, and if something happens, you could be left on the hook to pay for the necessary defence costs to protect it in a court of law.
Enter professional liability insurance, also referred to as E&O (errors and omissions). This specialty commercial coverage is designed to protect small businesses that offer a professional service or advice. In Newfoundland, professional liability insurance is a must-have to reduce your risk overall. Commercial general liability insurance is simply not enough to fully protect businesses of a professional nature.
FAQs for Newfoundland Professional Liability Insurance
Bullfrog Insurance is here to break down barriers and help make insurance more accessible and understandable. Here are some frequently asked questions about professional liability in Newfoundland. If you have further inquiries, don’t hesitate to contact us!
Where can I buy professional liability insurance in Newfoundland?
You can purchase online in just a matter of minutes! Bullfrog Insurance prides itself on having made the process of purchasing insurance easier and faster than ever before. All you need to do is fill out our short online questionnaire and you’ll receive dozens of quotes instantaneously – so all you need to do is choose by price. If you’re satisfied with what you’ve found, go right ahead to purchase!
How much professional liability insurance do I need for my Newfoundland business?
When selecting the amount of professional liability insurance your business needs, it may be of benefit to narrow down your options by considering 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?
- What does your budget look like?
- What are the chances your business could cause reputational harm to a third-party?
- Does your industry see a large volume of professional liability insurance claims?
If you’re still uncertain or on the fence, discuss with Bullfrog Insurance’s experts today.
Is it required to have professional liability insurance in Newfoundland?
Technically, in some cases, yes – it is mandatory to carry professional liability insurance in Newfoundland. Even if it isn’t mandatory, but your business provides a professional service and/or advice, you as the business owner have an obligation to your business’ financial health to purchase this coverage.
Some clients can also refuse to work with you if you cannot provide proof of valid professional liability insurance. Newfoundland businesses are better safe than sorry with adequate coverage!
What does professional liability insurance do to protect my business in Newfoundland?
Having professional liability insurance is imperative to the operation of your business. Take these scenarios as an example:
- As a forensic expert, you contract a portion of your work to a third-party, which is done improperly and the evidence in court becomes inadmissible. You’re sued for negligence by the party that hired you.
- You hire an individual who ends up being incompetent. The client you hired the individual for sues you for negligence, alleging you to have failed to perform an adequate background check.
Professional liability insurance can help Newfoundland businesses in any of the above scenarios, and beyond. Discuss with Bullfrog Insurance’s experts if you’re still unsure.
How much is it to purchase professional liability insurance?
The average price someone might pay for their professional liability insurance in Newfoundland largely varies. No two industries or even two businesses will pay the same amount for their professional liability insurance in Newfoundland. Risk varies, so therefore your premiums will as well.
Essentially, it comes down to how likely you are to make a claim. That’s “risk.” Your risk goes up if you have a history of bad business transactions, dissatisfied clients, lawsuits, claims made, etc. Furthermore, it goes up if you operate in an industry that is considered “higher risk,” or if the average cost of a lawsuit in your industry is high or low. These are the factors that will play a role:
- Your industry
- What you offer or sell
- Business experience
- Coverage history
- Size of business
- Staff team
- Quality/quantity of clients
Where we offer
Besides Newfoundland, we offer professional liability insurance coverage in these places in Canada::
- Red Deer
- British Columbia
Why our customers love Bullfrog Insurance
Bullfrog Insurance’s liability experts help protect Canadian businesses if they’re ever sued due to alleged injury or financial losses, and we excel at doing it! We’re dedicated to commercial insurance – that’s our expertise – and want to help you find professional liability insurance in Newfoundland that matches your every need. We believe we can find you the best quotes for your business in a way that is quick, easy and uncomplicated. Trust in us for comprehensive insurance coverage that can give you peace-of-mind, so you can get back to what matters: your business.
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.