Professional Liability Insurance in Toronto
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Professional liability insurance in Toronto, also referred to as errors and omissions (E&O) coverage, is imperative for any business that offers a professional service or advice as its main source of income.
While commercial general liability insurance provides some coverage for your business, professional liability insurance in Toronto is specifically designed for businesses that may face much higher cost lawsuits. This type of insurance may benefit counsellors, engineers, consultants – anything that can be deemed ‘professional’ in nature.
If you operate as a professional in Toronto but do not have professional liability insurance, you and your business could be exposed to many risks.
FAQs for Toronto Professional Liability Insurance
Insurance is seldom straightforward, and least of all professional liability insurance. You may have heard that Toronto professionals need this insurance to defend their livelihood, but you likely have questions. What does it do? How much does it cost? Why do I need it? Is it mandatory? Bullfrog Insurance is here to answer your questions, fill you in on the details and so much more.
Here are some frequently asked questions regarding Toronto professional liability insurance.
How much does it cost to buy Toronto professional liability insurance?
Insurance varies in cost depending on your risk factor. Risk is calculated by the things your business does, its industry, its geographical location, the number of clients you serve and so on. As you may expect, there is a varying range when it comes to cost, and as such it is difficult to provide a single number.
The following factors may affect your costs:
- Your industry
- How likely you are to face a lawsuit
- Your coverage history
- Your business experience and history
- The size of your business
- Number of clients
- Your staff team
- The service/advice your business provides
How much Toronto professional liability insurance should I buy?
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 expensive are the lawsuits your industry faces on average?
- 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 potentially cause advertising injury to someone?
- What does your budget look like for insurance?
Is it required to have professional liability insurance in Toronto?
In some locations, and in some industries, yes – you may be required to carry professional liability insurance in the City of Toronto. In some situations, clients may refuse to work with your business without proof of insurance. However, if you offer a professional service or advice and insurance is not mandated, it is still highly recommended you purchase this coverage. There can be situations where a client or third-party alleges you have caused their financial loss, even if you have done nothing wrong.
The bottom line? If you’re a professional business that offers advice or a service, it’s better to get insured. You don’t want to risk all your hard work.
What does professional liability insurance in Toronto do to help my business?
Professional liability insurance in Toronto is one of the best things to acquire in order to protect your business against potential reputational harm, financial loss, and more.
Here are some scenarios where having professional liability insurance in Toronto can be a great help.
- You work as an HR representative, and instead of forwarding an email containing sensitive information to its intended recipient, you forward it to a third-party who uses it for malicious activities.
- You work as a financial advisor. Your client suffers financial loss as a result of your misleading information or omitted information, and they sue you for the consequential financial damages.
In any of the above situations, having professional liability insurance in Toronto can be a huge help.
Where can I buy professional liability insurance in Toronto?
When you want to purchase professional liability insurance in Toronto, your best option is to go through the experts here at Bullfrog Insurance. All you need to do is fill out our online questionnaire about your industry, what you do and the coverage you need. Instantly, you will receive quotes, standardized between top-rated insurance companies. If you still aren’t sure, you can always enlist the help of our Toronto professional liability insurance brokers. No matter what you choose, we’re dedicated to helping you find comprehensive coverage for less.Get a Quote Now
Where we offer
Besides Toronto, we offer professional liability insurance coverage in these places in Canada:
- Red Deer
- British Columbia
Why our customers love Bullfrog
Why do the professionals of Toronto trust in Bullfrog Insurance? Because we’re dependable and dedicated to making it easier than ever to get professional liability insurance in Toronto so that you can work with peace-of-mind. Get quotes almost instantly that are standardized between carriers, so all you need to do is choose by price. Get started today!
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.