Professional Liability Insurance
Even the most skilled professionals can make mistakes. But if your field involves expert advice, recommendations, or specialized services, those mistakes could lead to lawsuits, financial losses, or damaged reputations.
KASE Insurance specializes in providing professional liability insurance for when things go wrong in your professional services. With a custom professional liability policy, you can rest assured that your work, future, and reputation are all protected. We’ll handle the risks so you can operate your practice confidently.
What is Professional Liability Insurance?
Professional liability insurance (also known as errors and omissions insurance or professional indemnity insurance) protects professionals and businesses against negligent acts, errors or omissions, inadequate work, or mistakes in their services. Unlike general liability insurance (which covers incidents like bodily injury or property damage), this policy focuses specifically on economic losses resulting from professional services.
For example, if a client claims your advice cost them money, this coverage covers legal costs, settlements, or judgments. KASE Insurance brokers offer customized liability coverage tailored to your industry’s specific risks and client portfolio. That way, your reputation, assets, and business stay protected—no matter what comes your way.
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Why Do You Need Insurance for Professional Liability?
Professional liability insurance provides a crucial safety net in case of claims related to the services you provide.
Mitigate financial losses:
Legal battles are expensive. Even if a claim against you is unfounded, defence costs can be high. Indemnity insurance ensures your business or practice isn’t crippled by unexpected costs.
Maintain business operations:
Lawsuits can drag on for months or even years. With reliable professional liability insurance in Ontario, you can keep serving clients even during litigation.
Protect your reputation:
Credibility is everything to a professional practice. Allegations of errors or negligence, even if they’re baseless, can damage your reputation and erode trust. Professional insurance helps you manage claims effectively, demonstrate accountability, and safeguard your hard-earned credibility.
Meet professional or contractual requirements:
Many professions require professional liability insurance. Ontario-registered CPAs, psychotherapists, and pharmacists are just a few examples. Clients also frequently demand proof of coverage before signing contracts.
What Does Insurance for Professional Liability Cover?
Professional liability insurance covers claims stemming from mistakes, oversights, or failure to meet client expectations in your work. KASE Insurance offers comprehensive professional liability coverage designed to address these key areas:
- Professional negligence: KASE’s professional services insurance covers you if a client claims your work didn’t meet the expected standard and caused them financial loss.
- Errors and omissions: Insurance for professionals covers financial losses when clients claim your advice or services contain errors—like incorrect counsel or faulty design plans—that cost them money.
- Misrepresentation: Our professional liability insurance can help you address the fallout in case a client alleges you misrepresented your services or capabilities.
- Breach of contract: Business indemnity insurance covers allegations that you failed to deliver services as specified in professional agreements.
Types of Professional Indemnity Insurance Businesses Should Have
Protecting your business goes beyond the basic professional liability insurance coverage. Here are essential coverage options every professional should consider:
Commercial General Liability Insurance (CGL)
Accidents happen even to the most careful professionals. Set a cushiony safety net to keep your business running in the event of slips, falls, or property damage during business operations.
Cyber Liability Insurance
Your clients’ trust is as valuable as your expertise, and in cyberspace, one breach can ruin it in a heartbeat. Secure cyber liability insurance to cover your practice from data hacks, cyberattacks, and the fallout from compromised client information.
Business Interruption Insurance
When the unexpected happens—like a fire, flood, or natural disaster—your income shouldn’t take a hit, too. This professional liability insurance policy keeps the cash flowing so you can focus on rebuilding instead of worrying about bills.
Directors & Officers Liability Insurance
Directors are decision-makers, and these decisions come with liabilities. D&O liability insurance protects executives and board members from personal financial loss due to lawsuits over management decisions.
Employers’ Liability Insurance
Employees are the biggest assets of a professional service firm, like a consulting agency or tech start-up, but they can also be a liability if accidents happen. Employers’ liability insurance covers you if an employee gets injured or sick due to workplace conditions.
Malpractice Insurance
In the medical field, every decision is tied to patient outcomes. Malpractice insurance protects healthcare providers from claims of negligence, misdiagnosis, or improper treatment. It’s the backup plan you hope you’ll never need but will be glad to have.
Commercial Property Insurance
Your office, equipment, and tools are vital to your work. Protect them from damage, theft, or unexpected disasters with commercial property insurance designed for practicing professionals and business owners.
Architects & Engineers Insurance
Even the best plans can go sideways, so design professionals must always prepare for the unexpected. Architects’ and engineers’ insurance shields you from the fallout of design errors, project delays, or construction defects so you can keep creating without worry.
Contractors’ Insurance
Construction is one of the most dangerous industries to work in. Get yourself a safety net by securing a contractor’s insurance that covers everything from on-site accidents to client disputes and equipment failures.
Who Needs Professional Liability Insurance?
Any professional or business owner who provides expertise, advice, or specialized services can benefit from professional liability insurance. We especially recommend it for:
Why Choose KASE Insurance for Professional Indemnity Insurance
No matter your industry, providing professional services comes with inherent risks. KASE Insurance offers customized professional liability insurance to protect you and your practice in the face of claims, legal disputes, or client allegations.
As an award-winning specialty commercial insurance brokerage in Toronto, we bring decades of expertise, personalized service, and deep understanding of Ontario’s insurance landscape. Our tailored solutions ensure you’re covered for errors, omissions, or negligence, while our team advocates for you in premium negotiations and claim settlements.
Let us help you protect your business today!
Read what clients have to say about KASE
By far the most professional and trustworthy insurance brokerage I have known. We have been working with this firm for number of years now and I have nothing but good to say about their team and services. Stan and his team won't stop until we are fully satisfied. They are always on top of things, super fast in their assistance and very professional. I highly recommend this firm to anyone seeking for great insurance brokerage to work with. Big Thank You to Stan and Kase Insurance for many many years of great service!
Reviewer: Alex K
out of 5 stars
Stan and is team at KASE Insurance have been fantastic in explaining what insurance we needed for our business. Very hands on approach and detailed. I work highly recommend KASE Insurance for any business owner looking for great service.
Reviewer: Kyle Grooms
5 out of 5 stars
The KASE team is very easy to work with. They answer your questions quickly, walk you through the process patiently, and find you great rates. We've been working with them for a few years and we haven't felt the need to shop elsewhere because of their customer service.
Reviewer: Sasha Boersma
5 out of 5 stars