Professional Liability Insurance Surrey BC

Professional liability insurance is designed for professionals who work directly with clients, specifically when mistakes made by those professionals can be costly. The goal of professional liability insurance is to allow professionals to work with confidence, knowing that a mistake won’t cost them their livelihood. 

Professional liability insurance covers you for fees associated with mistakes you may make in the course of work for a client or patient. Your professional liability insurance policy may cover legal costs and damages, and more. It will not, however, cover property damage and some other damages; these types of risks are covered by commercial liability insurance. 

The two most common types of professional liability insurance are errors & omissions (for non-medical professionals) and medical malpractice insurance (for medical professionals). A wide range of professionals might need professional liability insurance, including:

• Doctors
• Dentists
• Lawyers
• Therapists
• IT Professionals
• Marketers
• Brokers (like insurance and mortgage brokers)
• Architects
• Engineers
• Financial Advisors
• Accountants

There are a number of factors that will affect the cost of professional liability insurance. These factors include:

• The amount covered by the policy
• The deductible of the policy
• The industry you’re in
• The number of years you’ve been in the industry
• Your claiming history
• The number of employees you have 
• Your annual revenue

You may also be able to find discounts on your professional liability insurance premiums; for example, bundling commercial general liability (CGL) with professional liability insurance from the same company might lead to a discount. Our insurance brokers will help you determine if you can lower your premiums through an insurance package. 

Business & Industry Considerations  

Your industry is one of the biggest factors when determining the cost of liability insurance. Medical malpractice insurance will, for example, typically be more costly than the liability insurance needed by a marketing agency.  

The cost of liability insurance can also vary within a given industry. For example, the cost for a medical practitioner who performs high-risk procedures may be higher than a medical professional who works in a lower-risk field. 

Annual Revenue & Operations  

The more revenue you have, the higher the cost of your liability insurance will be. This is a consequence of increased risk; more revenue typically means more clients or higher-value clients. This translates into either a higher chance of liability claims or a risk of larger liability claims.

Operations will also play a role in the cost of your liability insurance. More employees means more tasks are being delegated to team members who are not as carefully vetted by the insurance company, which increases the risk of mistakes. Standardized contracts that limit your liability will decrease your risk. Insurance companies will ask you several questions about your operations; our brokers will help you navigate those questions. 

Professional Experience & Qualifications  

How long have you been in the industry? What qualifications do you have? What professional associations are you a part of? 

The answers to these questions (and similar questions) will affect the cost of your liability insurance. The more experienced, qualified, and involved you are in your industry, the lower your premiums are likely to be.