What Does Professional Liability Insurance Cover?

What Does Professional Liability Insurance Cover?What does professional liability insurance cover? If you are looking into business insurance, you have more than likely come across E&O/professional liability insurance. Trying to understan business insurance products can often lead you down a rabbit hole trying to figure out what coverage you need and what each type of policy covers. That being said, it’s not your fault and it is difficult to know what coverage you need to protect your business from risks without being a business insurance expert. That’s why in this post, we explain what professional liability insurance (also known as errors and omissions, or E&O insurance) is, and what it covers because at ALIGNED Insurance one of goals is to continously educate and inform our clients and prospects so we can work together to protect you and your business. 


What is professional liability insurance?

Professional liability insurance is a type of liability coverage designed to protect professionals against liability incurred as a result of errors, omission and/or negligence while performing professional services for compensation. 

What Does Professional Liability Insurance Cover?

Professional liability insurance can include a range of protection for a wide variety of claims that from disciplinary proceedings to media liability and each policy is crafted to meet the specific needs of your business and operations. Subsequently, this is what a typical professional liability insurance policy covers:

  • Professional liability: This covers common claims such as negligence, misrepresentation and inaccurate advice/failing to render professional services.
  • Disciplinary Proceeding Expense: Reimbursement of expenses for actions taken by a regulatory or disciplinary body for professional misconduct by an insured.
  • Media Liability: This provides coverage against allegations such as libel, slander, copyright, and trademark infringement as a result of errors, omissions and negligence in the gathering, creating and communication of an insured’s material.
  • Technology Services and Products Liability: This protects professionals from errors, omissions, mistakes, or negligence in the technology services, coding or products they provide.
  • Supplementary Payments: This provides coverage if the insured has to attend mediations, and arbitrations. And therefore, assist in defending a claim and suffers actual loss of earning and reasonable expenses as result
  • Professional liability insurance packages in some case also can include Cyber Insurance, but consideration on whether a standalone product is needed should be considered in all cases.

What Is Needed To Get A Quote For Professional Liability Insurance?

ALIGNED offers E&O/Professional liability insurance in two ways.  For some professionals we offer the opportunity to purchase 100% online, or the traditional route of filling out an application for a quote which isn’t as painful as it sounds.  Either way you can expect to be asked to provide the following information:

  • Company information
  • Contact information
  • Description of all services and products offered
  • Company fees/revenue
  • Business activities
  • Claims history
  • Contract information, experience, education etc.

Get Online Professional Liability Insurance For Professionals In Canada Here or  you can also Connect With One Of Our Canadian Business Insurance Brokers Today at 1-866-287-0448 of CLICK HERE to get a quote!

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