Professional Liability Insurance in Thunder Bay
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Two main sectors in Thunder Bay once played a predominant role in this Ontario city’s economy: forestry and manufacturing. Recent years have seen these sectors dominated by a knowledge economy, particularly with fields like molecular medicine and geonomics. As you might imagine, Thunder Bay is home to hundreds, if not thousands of professionals working hard to make a living.
In Thunder Bay, professionals need liability insurance to protect their businesses. Professional liability insurance in Thunder Bay, Ontario is used to protect professionals who deal in the exchange of professional services/advice for monetary compensation. Due to the sensitive nature of the services or advice they offer, there’s always the risk that an accident or oversight could occur, or a client could even perceive a loss where there is none. Whichever the case, having the right insurance coverage is crucial. Get a free PLI quote today.
EasyCover Offers Professional Liability Insurance to Thunder Bay, ON Professionals & Businesses
Whether you work as a tax accountant or as a forensic scientist in the city of Thunder Bay, having professional liability insurance in Ontario is crucial to your business’ longevity and financial security. A range of professionals in various industries and businesses can benefit from professional liability insurance, also known as errors and omissions (E&O) insurance. Regardless of the size of your business or how long it has been around, professional liability insurance for Thunder Bay professionals is essential for protecting your business from claims of alleged losses arising from oversight, mistakes, or delays. EasyCover Canada is proud to offer affordable E&O insurance in Thunder Bay.
What Can Professional Liability Insurance in Thunder Bay Cover?
Note that coverage provided by professional liability insurance in Canada may vary, depending on the provider you are with and your industry, among others. Furthermore, PLI can go by other names such as including errors and omissions or E&O insurance. Exact coverage varies, so be sure to read the details of your policy documents thoroughly.
It’s also important to keep in mind that a professional liability insurance policy will not cover anything that a commercial general liability policy will, and vice versa. These policies complement but do not replace each other, so both are recommended in order to be fully insured against third-party claims and financial losses.
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A standard professional liability policy may protect your business in the situation where it faces third-party claims based on the following:
- Breach of contract or breach of ethical duties
- Professional negligence
- Failing to meet a deadline
- 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 shows examples of the types of claims you may expect your professional liability insurance in Thunder Bay to cover. Note that, with these claims, your policy will typically kick in to cover attorney and legal fees, as well as settlements or awards. It will not cover physical damages or bodily injury and property damage claims.
The Cost of Professional Liability Insurance in Thunder Bay, ON
As is the case with any type of business insurance, the cost of a professional liability insurance policy in Thunder Bay may vary. It depends on the type of coverage you’re looking for, your industry, and several other factors. Insurance tends to not have a “standard” price per policy, because, in most cases, the amount of coverage and its specifics may differ.
For professional liability insurance, an average business can pay anywhere from $400 to $2,000 per year. Businesses that present less risk generally pay less for professional liability insurance.
The following factors may affect the premium your business will pay for professional liability insurance:
- The location of the business
- Industry
- Previous claims
- Years of experience
- The size of the business
- Coverage scope and limits
For a closer assessment of what your policy might cost you per employee, get a free quote with EasyCover. Our widespread insurance market connections enable us to bring you multiple options, which gives you a greater chance of finding better coverage for a cheaper cost.
Affordable E&O insurance in Thunder Bay
EasyCover Canada: Fulfilling your PLI Needs
EasyCover Canada was founded by some of Canada’s top insurance specialists, and we use our insights and market connections to offer our clients some of the most comprehensive and competitively priced professional liability insurance in the country. EasyCover is 100% underwritten by underwriters at Llyod’s of London, the world’s most specialized insurance and reinsurance market. Getting professional liability insurance, directors and officers liability insurance, or any other type of insurance from EasyCover is guaranteed to be an easy process that you can do from the comfort of your own office.
EasyCover gives you the smoothest, easiest experience of buying professional liability insurance in Thunder Bay, so that you can focus on the success of your business. As one of the only online portals in Canada where you can buy insurance directly, we cut out the middleman and remove any necessity for you to have to speak with a broker.
Get a free quote today or learn more about other insurance options that EasyCover specializes in, including commercial general liability insurance and directors and officers insurance in Ontario.
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