Welcome to LMBF Assurances
General liability insurance is generally recommended for businesses because it can cover general liability claims resulting from trips and falls, property damage, and other similar events. However, RCE insurance policies are inadequate when it comes to financial damages that may result from your professional services or advice. That's where professional liability insurance (also known as errors and omissions insurance) comes in — the policy designed for professionals. LMBF understands that litigation can be expensive, even if you don't think you've done anything wrong. Start the process today with LMBF to take out professional liability insurance in Canada that offers the coverage you need at a lower cost.
Professional liability insurance is a type of commercial policy that protects professionals from claims for negligence, error, or omission when offering a promised service or advice. Policies are generally based on claims, so coverage is valid as long as claims are made during the policy period. Some policies may include a retroactive date to include incidents that occurred prior to coverage activation.
Professional liability insurance provides coverage for claims alleging that you have made a mistake, whether it is incorrect information, an error in your services, or an inability to provide a promised service according to the quality of the standards expected in your sector.
If a customer feels that you have omitted crucial information, which has resulted in financial loss for them, they may file a complaint against you for omission. Your professional liability insurance covers claims for omission, including the resulting legal costs.
Negligent acts are covered by your professional liability insurance policy. If you are sued by a third party or a customer for acts deemed negligent, your professional liability insurance can help you cover your legal costs.
The nature of the mandates, revenues, contractual clauses, use of subcontractors, claims history and quality controls.
Consulting, professional services, technology, marketing agencies, property management, engineering, design, training, and specialized administrative services.
Standard contracts, description of services, approval procedures, deliverable examples and claims/incident history.
CGL primarily covers bodily injury or property damage to third parties; E&O covers financial losses related to service delivery.
Yes. Many clients and project owners require proof of E&O with minimum limits before signing a mandate.
