Why Choose Us
Being professionals ourselves we understand the hard-work and dedication it takes to be successful. We also understand that everyone can make a mistake, which is why you should consider professional liability insurance. It helps protect you against mistakes if you work in a variety of fields such as IT Consultants, Contractors, Engineers, Architects, Medical Professionals, Agents and much more.
The Basics Of Professional Liability
Professional Liability - Pays for errors of judgement or mistakes you make as a professional. This could be a pharmacist giving a patient the wrong drug, or an architect incorrectly designing a house. This coverage pays for the cost to correct the mistake or for something you did not do, or did not tell someone that you should have as a professional. It also pays for defense costs if you are sued. Professionals are held to a higher standard than anyone else, as you have gone through years of specialized training to become a professional in your field, meaning you know more than a typical person about your field. Professional liability policies only covers your Professional Liability so you will also require a Commercial General Liability either separately or added on to your policy.
Commercial General Liability (CGL) - This may or may not be included in your professional liability policy. It pays for things such as slips and falls that occur on your premise as well as defense costs if you are sued.
Building - these are insured under a Broad policy or a Named Perils policy depending on the use, age, updates and where it is located. A Broad form policy offers much better coverage and should be purchased in most situations.
Contents - You may provide your tenants with some furnishings such as appliances, tables, chairs etc. These need to be listed on your policy.
By - laws - Unless your building is brand new by-law coverage should be included in your policy. It covers the increased cost to rebuild due to a local by-law. This could be things such as the city requires your bathroom to be wheelchair accessible before issuing a building permit even though the bathroom itself was not damaged.
Equipment Breakdown - What happens when your furnace suddenly breaks down in the middle of winter? Equipment breakdown coverage protects your equipment in the building against sudden and accidental break downs. It does not cover items broken due to wear and tear.
Rental Income - If your building burns down it could be a year or more before it is rebuilt. Who will pay for the lost income from your tenants? This coverage pays for your lost rental income while your building is being repaired or rebuilt.
Sewer/Septic Backup - The septic overflowing into any building is not overly fun to deal with, and can be quite costly.
Flood - Floods seem to be happening more each year - it is a good idea to protect your building against floods that could cause large amounts of damage to your building.
Earthquake - Although Ontario does not have a high occurrence of earthquakes, the coverage is usually very affordable and when earthquakes strike, they tend to demolish the entire building.
By no means is this an exhaustive list - every Professional is unique. Please give our office a call 905-623-4406 and let us help you get the coverage you need.