Calgary Professional Liability Insurance
A risk management strategy is part of any successful business plan. You can’t predict the future, but you can protect your company with a business insurance policy.
As careful as you are, even minor incidents can result in expensive liability claims. A client may choose to take legal action against your business. Regardless of whether your business is at fault, you’ll be required to cover the legal fees associated with a lawsuit.
With Calgary liability insurance, you can cover the costs of legal fees, property damage, and compensation. Unforeseen events can cause a financial loss. Professional liability insurance protects your business from these expenses.
What Is Professional Liability Insurance?
If your business is found responsible for harming a third party (whether it’s due to property damage or bodily injury), you may be held liable for those damages. This may result from your employees, products/services, or an incident that occurred on your property.
Depending on the size and industry of your business, you may be facing different risk levels. For example, a chiropractor may be at a higher liability risk than a house cleaner. Our insurance advisors will get to know your business to understand your risks.
Professional liability insurance covers legal expenses and defence costs. If a claimant is seeking damage for your actions, this coverage will help cover legal costs.
What Does Liability Insurance in Calgary Cover?
Liability claims may arise from all sorts of issues. Common situations include lost documents, mistakes/errors in judgement, misrepresentation, or negligence. Professional liability insurance in Calgary can provide coverage for the following events:
- Compensatory damages to third parties (including lost wages of an individual who is unable to work, loss of use and revenue from property damage, or compensation for property repair and replacement costs)
- Medical expenses of someone who was injured on your property or by your products/services
- Defence costs for legal claims brought against your business
It’s important to note that your professional liability insurance has a policy limit. For example, it may offer up to $200,000 of coverage in legal expenses. Costs that go beyond the limit will not be covered by your insurance in Calgary; instead, you’ll need to pay for them out of pocket.
You may be wondering what events will not be covered by your insurance. Professional liability insurance will not cover criminal or intentional acts. For example, if the court finds that a consultant knowingly gave bad advice to a client (which causes them a financial loss), their liability claim may not be covered.
Who Needs Business Liability Insurance?
Even though some businesses are considered higher risk than others, all kinds of companies can benefit from this insurance. We recommend professional liability insurance for businesses in these industries:
- Construction contractors
- Social services
- Financial services
- And more
Is professional liability insurance necessary for your business? While it isn’t required by law, liability insurance in Calgary can help you create a more resilient company. After a liability issue arises, your business can recover from the financial impact much faster. Minimize your downtime, cover your expenses, and experience peace of mind with professional liability insurance.
Any business that provides a professional service, product or advice to a client may be involved in a liability issue. If you’re interested in how professional liability insurance can protect your Calgary business, our advisors can help. Contact Westland Insurance to learn more.
What Is the Cost of Liability Insurance in Calgary?
Professional liability insurance rates differ from business to business. How much will your policy cost? Your insurance rates are affected by factors like:
- Number of employees
- Claims history
- Exposure to risk
Popular Calgary Neighbourhoods for Small Businesses
Ready to make your dream business a reality? You might be searching for a spot for your small business. If so, check out these neighbourhoods in Calgary:
- Arbour Lake
- Downtown Commercial Core
- Crescent Heights
- Huntington Hills
- Signal Hill
- Scenic Acres
- Lake Bonavista
What Determines the Rates for Professional Liability Insurance in Calgary?
Two business owners in similar industries may get two different insurance rates. Why is that?
All sorts of factors affect your insurance rates. One business may have a policy with a higher deductible, resulting in lower premiums. The other business may have made business insurance claims in the past, which increases the cost of their policy.
If you want to know how much professional liability insurance will cost for your business, we can help. Our advisors can provide a personalized quote for your business that reflects your insurance needs.
There are many different types of professional liability insurance. If you’re interested in more specific coverage, including directors’ and officers’ liability or errors and omissions insurance, contact one of our advisors.
Get an Insurance Quote with Westland Today!
Professional liability insurance in Calgary is a great way to protect your business from financial loss. Mitigate the costs of legal expenses with a business insurance policy designed to suit your needs.
At Westland Insurance, we help Calgary business owners find the coverage they need. Find us at the following locations:
Are you looking for professional liability insurance in Calgary? We’re here to help you protect your business. To request an insurance quote, contact us today!