Professional liability insurance - Your questions answered

If you're a business owner or private consultant in Alberta or British Columbia and have wondered whether or not you should carry professional liability insurance, the following information may be enlightening.

I've heard about professional liability coverage. How do I know if my profession is one for which professional liability insurance is necessary?

A professional service involves ?both a mental or intellectual exercise within a recognized discipline and the application of a special skill, knowledge and training to the function in question?. From this definition, anyone in a recognized profession or discipline should carry professional liability insurance.

What does professional liability insurance coverage offer?

Professional liability insurance protects against wrongful acts (mistakes or errors). This covers both defence costs as well as any damages awarded to a plaintiff.

I belong to a teacher's association. Would I have professional liability insurance coverage through my union?

Professional liability coverage is often available through a professional association, so it's worth inquiring about the coverage they offer. For example, medical liability insurance is offered through provincial medical associations, but the coverage may not be adequate to cover rising liability awards. It would be prudent to speak with a liability insurance broker to see if additional medical, professional or corporate liability insurance is necessary.

How much does professional liability coverage cost?

Professional liability insurance cost is based on gross business revenue and the type of work performed. An HDF insurance expert can provide a detailed quote based on your needs.

Are professional liability premiums tax deductible?

Professional liability premiums are a tax deductible business expense. You may also realize additional cost savings as a result of multiple policy discounts through your business insurance.

HDF insurance for comprehensive professional liability insurance

An HDF liability insurance broker would be happy to answer any additional questions you have about professional liability insurance coverage. Doctor, lawyer, dentist, pharmacist...whatever your profession, we'll ensure you're adequately protected! Contact our office in Edmonton, Alberta today.