Professional Liability Insurance Coquitlam, British Columbia
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Although Coquitlam has been considered something of a “bedroom community,” with many professionals commuting to work in Vancouver and other Metro Vancouver suburbs, Coquitlam is home to some major employers.
You might imagine that any professional living in Coquitlam would want to preserve their business and its longevity for many years to come. Professional liability insurance in Coquitlam, British Columbia is designed specifically to protect professionals who deal in the exchange of professional advice or services for monetary compensation. As a result of the sensitive nature of the advice or services they offer, there is always the potential that an oversight or accident could occur, or a client could perceive one to have occurred. Protect your business and its financial future. Read on for more information or start your own quote today.
What is Professional Liability Insurance?
Professional liability insurance is a type of insurance policy that can protect you if you were to be taken to court for any professional advice or services you have given. Having a professional liability insurance policy in Coquitlam, BC can help with the financial burden of legal fees and other damages resulting from court proceedings.
If a client or third party sues you because your advice or opinion led to their financial loss, professional liability insurance covers you for:
- Legal costs and expenses to defend yourself
- Settlements, judgements and awards
Learn more about professional liability insurance and why you should protect yourself and your business in Coquitlam, BC from the unexpected.
LEARN MOREEasyCover Offers Professional Liability Insurance to Coquitlam, BC Businesses & Professionals
Whether you are a wedding photographer or as a tax accountant, if your work involves providing a service or offering advice you should consider professional liability insurance. Coquitlam, British Columbia professionals can enjoy peace of mind and longevity with the right insurance package. Any professional or business may benefit from the purchase of professional liability insurance in British Columbia – also known as errors and omissions or “E&O” insurance. Regardless of how large or small your business might be, or how long it has been around, professional liability insurance for Coquitlam, BC professionals is critical to ensuring your business is protected if a claim is ever made against it alleging mistakes, oversights, delays, or other losses. EasyCover is more than happy to offer affordable professional liability insurance in Canada and extends its services to the following occupations and industries:
- Construction contractors
- Consultants
- Engineering contractors
- Finance professionals
- Forensic experts
- IT contractors
- Legal professionals
- Managers
- New media
- Photographers
- Social services
- … and more!
What Can Professional Liability Insurance in Coquitlam, BC Cover?
Note that professional liability insurance in Canada may vary from policy to policy and provider to provider, depending on your industry, provider, and the exact terms of your policy. Furthermore, professional liability insurance can go by many different names, including errors and omissions insurance (E&O) or even professional indemnity insurance (which is often used for lawyers). Exact coverage varies, so be sure to review the details of your personal policy documents.
Always keep in mind that where commercial general liability insurance and professional liability insurance may cover third-party liability claims, they do not cover claims of the same nature. These policies do not replace each other; rather, they complement each other, so both are highly recommended so that you may be fully insured against potential claims.
You may expect a standard professional liability insurance policy to protect your business if you should ever be faced with third-party claims due to the following:
- Breach of contract/ethical duties
- Professional negligence
- Failing to meet a deadline
- Breach of ethical duties or contract
- Failure to provide a promised service/advice
- Failure to meet a specific standard of care
- Mistakes or errors when providing a service
The list above contains several examples of claims that could be covered with a professional liability insurance policy. As for actual expenses, your policy may include coverage for administrative fees, legal costs, attorney fees, and may include settlement or judgement awards. Your policy will cover you up until your policy limit, which will cover you for the entirety of your policy term.
The Cost of Professional Liability Insurance in Coquitlam, British Columbia
There is no one cost for professional liability insurance in Coquitlam, BC. Every professional may pay a different number for their coverage, depending on the level of coverage they desire, the industry they work in, and numerous other factors. Every insurer may offer different price points as well.
There is quite a range among professional liability insurance policies, especially since every different business and each different industry tends to see a different level of risk. As a rule of thumb, the riskier the business and/or industry, the more expensive your premiums might be.
Although each professional liability insurance policy is different, you may expect the list of factors below to affect the total cost of your coverage:
- The location of the business
- The type of business covered
- Previous claims or “insurance history”
- Business experience
- Size of business
- The value of the service/advice being provided
- Coverage options and limits
EasyCover Canada: Direct Professional Liability Insurance for Your Needs
If you offer professional services or advice to your clients and are sued as a result of alleged or actual negligence, your standard commercial general liability policy may not respond. With EasyCover’s comprehensive and affordable professional liability insurance, you have protection against a broad array of negligent acts, errors or omissions, and we’re backed by one of the oldest and most respected insurance providers in the world.
While our specialty is in professional liability insurance, EasyCover offers multiple forms of liability coverage as well, including commercial general liability, contractor liability, cyber liability, and directors & officers liability to fully protect your business against all kinds of risks.
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