The professional service sector is one of the biggest in the country and is said to contribute more to the GDP of developed nations than any other industry. It also hires more employees than any other sector, and is responsible for propping up the economy, keeping people safe and healthy, and providing assistance during difficult times.
As a result of all this, the professional service industry is one of the most stressful sectors in the developed world, and it’s also one of the most at risk. Professional services insurance is one of the things that can help with this, providing assurances and peace of mind by covering businesses, self employed individuals, and professionals in this sector against several worst case scenarios.
The professional service industry covers a wide range of industries, and typically includes professions that require some kind of special training in a scientific field as well as a license to operate. They are high paying jobs that typically earn considerably more than the national average and often require years of training.
If your business is in any of the following areas then you may benefit from professional services insurance:
• Lawyers: There are over 65,000 insured lawyers in Canada and they work for thousands of law firms. There are also many more acquiring their licenses every year, as this is one of the biggest and richest professions in North America.
• Doctors: At the beginning of 2018 there were 84,260 active physicians in Canada, over 43,000 of which were family physicians, with the rest working in specialist areas. Three quarters of all practicing doctors in Canada were born and educated in the country, but everyone in the field, regardless of nationality or education, can benefit from professional services insurance.
• Accountants: CPA Canada, which represents the Canadian accounting profession, has over 210,000 members all over the world, making this one of the biggest professions in the professional sector.
• Consultant: Those working in the consulting field, either as trained lawyers/doctors or as management, business, or IT experts, are also considered part of the professional services sector.
• Other: Those working in the financial sector, either as planners or investment managers, are also classified as working in the professional sector. The same is true for architects, engineers, tax advisors, and many other professionals.
There is no rule regarding business size or type, and businesses with sole proprietor or corporation status can benefit from professional services cover. The cost and extent of this cover can vary greatly, as evidenced by our extensive professional services insurance in Toronto, and this is something that can be discussed with a broker.
There are a number of ways that professional services insurance can cover a policyholder, and this will depend on their needs and their profession. For instance, it provides something known as public liability insurance. If, for instance, a doctor, accountant or consultant works from home, as many of them do, then this insurance will look to cover them in the event that a client visits their home and has an accident that results in physical harm and a lawsuit.
This coverage can also include accidents in the workplace involving clients. There is also a type of insurance that will cover employers against employee harm and negligence; one that covers theft, damage, or loss to things in the workplace; and one that provides cashflow in the event that business operation is interrupted.
At KASE we provide comprehensive professional services insurance in Toronto, and work with employers and self employed individuals in all professions and of all sizes. You can discuss the cover you need and the extent to which it is offered with one of our insurance brokers.
At KASE Insurance we offer comprehensive insurance policies for all major professions and sectors, including the professional service industry. If you operate a business in this sector, either as a self employed individual or a large company that hires multiple employees, and you reside in the city of Toronto, then you can benefit from our professional services insurance.
We are award-winning industry leaders recognized for our innovation, our dedication to customer support excellence, and our extensive range of insurance types and policy variations.
Chat with one of our insurance experts today to discover how KASE Insurance can help you.
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