Professional Liability Insurance Ottawa
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Commercial general liability insurance is a great asset to have in order to protect your business against potential liability risks, but it may not be enough to fully insure your business if you offer professional services or advice. If you operate as a financial advisor, consultant, management representative, etc., you may find yourself in need of this critical coverage. Enter professional liability insurance for Ottawa professionals. Otherwise known as errors and omissions insurance, this comprehensive coverage package is designed for businesses of a unique variety – particularly those that may face higher-cost lawsuits due to alleged negligence, errors, etc. Without professional liability insurance, you and your business could be left exposed.
FAQs for Ottawa Professional Liability Insurance
We get it – insurance is not always straightforward, and professional liability insurance can leave even the most experienced of Ottawa insurance buyers scratching their heads. How much do I need? What does it cost to purchase? Where can I buy it and am I legally required to have it? To help you out, Bullfrog Insurance is here to answer all your questions on professional liability insurance in Ottawa.
How much does it cost to buy Ottawa professional liability insurance?
Depending on your risk factor, insurance costs may vary. Risk can be calculated based on the things that your business does, its geographical location, the number of clients it serves, etc. The ‘higher risk’ you are, the likelier you are to see higher premiums. These factors may affect your overall costs:
- Industry
- Business experience
- Lawsuit likelihood
- Coverage history
- Size of business
- Number of clients
- Number of staff members
- What kind of service or advice you offer
How much professional liability insurance in Ottawa do I need?
There is no one way to answer this question, especially given that insurance needs can vary immensely from business to business. You can start narrowing down your options by asking yourself the following questions:
- How much can you afford for insurance?
- How expensive are lawsuits in your business?
- How likely is a business in your industry to face a claim?
- If something happened, how much could your business pay out-of-pocket for its defence costs?
- What could happen to cause advertising injury to someone?
Is it mandatory to have professional liability insurance in Ottawa?
Yes and no. It depends on your industry. Many industries may be required as a general rule to carry professional liability insurance, where other Ottawa professionals may find its purchase is not mandated. Still, it is highly recommended – so long as you operate in a professional line of work. In fact, in some cases where insurance is not mandated but highly recommended, clients may opt out on working with you if the opportunity to hire someone who can provide evidence of insurance should arise. The bottom line is to get insured. You do not want to risk all your hard work, and it is a huge boost to your reputation to have the right insurance.
What does professional liability insurance in Ottawa do to help my business?
There are numerous scenarios where having professional liability insurance in Ottawa is one of the best possible ways to ensure your business is protected against reputational harm and financial loss. Read on for some examples of scenarios where having professional liability insurance in Ottawa can help:
- As a counsellor, you accidentally forward sensitive information to a third-party rather than its intended recipient: your client. Your client sues for breach of privacy.
- Despite your best efforts, a client alleges your advice as a financial advisor has mislead them and resulted in significant financial loss. They sue you for the damages.
In any of the above situations, having professional liability insurance in Ottawa can be of use.
Where can I purchase professional liability insurance in Ottawa?
Ready to get started on professional liability insurance in Ottawa? You have come to the right place. With Bullfrog Insurance, all you are required to do is fill out our quick online questionnaire about what you do, your industry, and what your coverage needs are. Instantly you will receive quotes standardized by price among top insurers. You can even go right ahead to purchase. Regardless of what you choose, Bullfrog Insurance is dedicated to helping you find better coverage for less.
Get a Quote NowWhere we offer
Besides Ottawa, we offer professional liability insurance coverage in these places in Canada:
- Alberta
- Calgary
- Edmonton
- Lethbridge
- Red Deer
- Newfoundland
- British Columbia
- Ontario
Why our customers love Bullfrog
There are so many reasons why our clients trust Bullfrog Insurance to help give them the peace-of-mind that they deserve. We are not only dependable, but we are friendly, approachable and want to help you get the comprehensive coverage you need! Professional liability insurance in Ottawa is a cinch with the help of Bullfrog Insurance. Receive quotes almost instantly and select by price. Get started by receiving a free, no-obligation quote today!
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.