LMBF Offers Professional Liability Insurance Solutions in Canada
Commercial general liability insurance is commonly recommended for businesses as it can cover general liability claims resulting from trips and falls, property damage, and other similar events. However, CGL policies fall short when it comes to financial damages that may come out of your professional services or advice. Enter professional liability insurance (otherwise known as errors and omissions insurance) - the policy designed for professionals. LMBF knows litigation can be expensive, even if you believe you have done nothing wrong. Start today with LMBF’s professional liability insurance in Canada to get the coverage you need for less.
What Professional Liability Insurance Covers
Errors
Professional liability insurance provides coverage for claims alleging you have made an error, whether that error was misinformation, a mistake in your services, or failure to deliver a promised service to the quality of standards that is expected of your industry.
Omissions
If a client believes that you have omitted crucial information, resulting in their financial loss, they may make a claim against you for omissions. Your professional indemnity insurance covers claims of omissions, including any consequential litigation costs.
Negligent Acts
Negligent acts are covered under your professional liability insurance policy. If you are sued by a third-party or client due to perceived negligent actions, your professional liability coverage can help cover your legal costs.
- Negligent acts
- Mistakes
- Misinformation
- Malpractice
- Omissions
- Intentional harm
- Criminal actions
- Cyber liability
- Some forms of legal liability
What is professional liability insurance?
Professional liability insurance is a type of commercial policy that protects professionals from claims alleging negligence, errors, or omissions when offering a promised service or advice. Policies are typically “arranged” on a claims-made basis, so coverage is valid so long as claims are made during the policy period. Some policies may include a retroactive date to include incidents that have occurred before the coverage was activated.
Professional Indemnity Insurance for These Business Sectors:
Construction
- HVAC construction
- Commercial construction
- Residential construction
- Demolition
- Electrical installers
- Highway construction
Manufacturing
- Metal manufacturers
- Autobody part manufacturers
- Chemical manufacturers
- Food manufacturers
Transportation
- Airlines
- Freight road transportation
- Courier companies
- Railways
- Trucking companies
Retail Industry
- Liquor retail
- Grocery retailing
- Furniture retailing
- Garden supplies retailing
- Auto parts retailers
Wholesale distribution
- Agricultural machinery wholesale
- Audio and video equipment retailers
- Bakery product wholesale merchants
Professional Services Industry
Our Professional Liability Insurance partners
LMBF knows that the litigious nature of our society poses a real threat to professionals who are always trying to “do it right.” Errors and omissions insurance is typically required by many professional service-providing or advice-giving businesses, which is why LMBF wants to ensure that you can get comprehensive coverage for the right cost. Thanks to our partnerships with some of Canada’s top professional liability insurance carriers, we are confident that we can do just that. Start today with a free professional liability insurance quote.
