Professional Liability Insurance Application Form
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What Exactly Is Professional Liability Insurance?
If you’re an attorney or accountant, you’re likely very aware of the liability you incur when providing your professional counsel and/or guidance to clients. If you work as an independent human resources or management consultant, broker, financial services or construction professional, the advice you give and services you provide also incur potential liabilities.
Professional liability insurance is a type of liability coverage that’s specifically designed to protect professionals against liability incurred as a result of errors and omissions in performing their services. This coverage is also referred to as professional indemnity as well as errors and omissions (E&O) insurance.
What Does Professional Liability Insurance Cover?
With the exceptions of physicians, architects and engineers, most professional liability insurance policies only cover economic or financial losses suffered by third parties. Meanwhile, bodily injury and property damage claims are typically covered under a commercial general liability (CGL) policy.
Most professional liability insurance policies are written with a claims-made coverage triggers. The International Risk Management Institute (IRMI) explains that claims-made is a “type of coverage trigger that obligates an insurer to defend and/or pay a claim on an insured’s behalf, if the claim is first made against the insured during the period in which the policy is in force.” 1
Related Matters: IRMI: The CGL and the Professional Liability Exclusion
Unlike commercial general liability (CGL) policies (where defense costs are paid in addition to policy limits), professional liability policies often contain what are known as “shrinking limits,” meaning that the insurer’s payment of defense costs reduces available policy limits.
Professional Liability Insurance Application Form and Support
If any part of your business operations provides a service to a third party for a fee, an ALIGNED Insurance advocate can help you complete a professional liability application form and determine your coverage needs.
In the event of a settlement or judgment related to a professional liability claim, the cost of defense will typically represent a high proportion of the claim. When securing professional liability coverage, purchasing additional limits may be of value. An ALIGNED Advocate can help you assess professional liability coverage options and protect your business.
ALIGNED Across Canada
100% Canadian owned, ALIGNED is a premiere insurance brokerage that serves more than 1,400 clients across the country. ALIGNED’s offices in Toronto, Calgary and Vancouver are supported by a national operations centre in Cambridge, Ontario. Uniquely within the industry, ALIGNED creates, negotiates and delivers the best business insurance and risk management strategies/solutions to organizations like yours.
Source: 1 IRMI