Professional Liability Insurance in Surrey
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Having professional liability insurance can mean the difference between having to close your business in Surrey unexpectedly due to an expensive lawsuit and keeping your company open for many long and profitable years to come. Unfortunately, too many of us don’t know enough about professional liability insurance and the ways it can help our businesses.
You might also know it as errors and omissions insurance, but professional liability insurance is its most popular name. This insurance coverage protects businesses that qualify as “professional,” such as law professionals, consultants, HR professionals, counsellors, and so forth. Commercial general liability insurance is important, but it’s not enough to fully insure your business if it were to face a lawsuit stemming from your business offerings.
FAQs for Surrey Professional Liability Insurance
Insurance isn’t always the easiest things to understand, nonetheless, it’s imperative for those who conduct professional businesses and offer professional services/advice to know about professional liability insurance. This coverage can mean the difference between staying open for many years to come and having to foreclose unexpectedly due to a lawsuit.
What does professional liability insurance cover my business in Surrey for?
Professional liability in Surrey goes a step further than your average commercial general liability insurance. It is specifically designed to protect professionals who offer advice or services to generate their main source of revenue. Below are some claim scenarios where having professional liability insurance may be imperative to your business’ financial health.
- You work as a marketing consultant, and rather than forwarding an email with sensitive information to a client, you forward it to a third-party who then uses it for fraud.
- As a financial advisor, you are sued by a client who alleges financial loss resulting from your omitted information or misinformation when providing your hired service.
Professional liability insurance may benefit Surrey businesses for the situations described above, as well as dozens of others.
Is it mandatory to carry professional liability insurance in Surrey?
With many industries it can be a requirement to carry professional liability insurance in Surrey, particularly in law and finance. Not every industry requires professional liability insurance, but if your business provides a professional service/advice, it is highly recommended to carry this protection just in case something happened and your assets were at risk.
Clients may even refuse to work with you without valid proof of insurance, so it’s a good idea on numerous fronts.
How much does professional liability insurance cost in Surrey?
The cost of your professional liability insurance in Surrey is dependent on a few different factors. Insurance premiums vary in cost and may range depending on the likelihood of you making a claim. Inevitably, the riskier your business is, the higher your insurance costs will be.
Professional liability insurance in Surrey may cost differently depending on:
- Your industry
- Business experience
- Your coverage history
- Likelihood of a lawsuit
- Business size
- Your employees
- The service/advice your business provides
- Number of clients
How much professional liability insurance do I need for my Surrey business?
Both having too much insurance and too little can put you at risk of financial loss. You’ll want to do your best to avoid both circumstances, and in order to do that, consider:
- How could someone’s reputation be damaged if you made a mistake?
- How much can your business afford to pay for its defence costs in the event of 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?
If you are still unclear about what your needs are, discuss with our knowledgeable Bullfrog Insurance brokers today.
Where can I buy professional liability insurance in Surrey?
Bullfrog Insurance provides an easy avenue through which you can purchase professional liability insurance in Surrey in a matter of only a few minutes. Apply for free quotes, fill out our questionnaire, and find coverage suited to your business’ needs for less! We have access to top-rated insurance companies who can get you insurance coverage based on your needs and will provide you quotes that are standardized between carriers, so all you need to do is select by price. Get started today.
Get a Quote NowWhere we offer
Besides Surrey, Bullfrog Insurance is proud to offer professional liability insurance to these locations within Canada::
- Alberta
- Calgary
- Edmonton
- Lethbridge
- Red Deer
- Newfoundland
- British Columbia
- Ontario
Why our customers love Bullfrog Insurance
Professional liability insurance in Surrey has never been easier than it is now with your friends here at Bullfrog Insurance. We do our best to ensure that our clients can receive fast, more affordable insurance coverage that fits their professions’ needs – and that they can do so virtually, in the comfort of their own homes or offices! Our customers love Bullfrog Insurance because we’re fast, efficient and we never sacrifice quality, so that you can have the peace-of-mind you deserve. Trust in us to get you quality insurance in under 90 seconds.
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.