Professional Liability Insurance

Professional Liability Insurance

Professional Liability Insurance takes on a few specific forms depending on the type of coverage that you’ll need. Below are a few of the options that you might want to consider to ensure you have the right professional liability insurance product.

How do you find the right liability insurance coverage?

Call us today at (306) 934-1999 to talk about your policy options.  Your coverage needs will depend on the type of organization you have.  Our team will outline your best options.  You get to decide what fits.

Errors & Omissions Liability Insurance

This coverage provides protection to professionals and organizations against claims resulting from errors, omissions or negligent acts made in the process of providing their professional services.  For professions such as Architects and Engineers will require this insurance.

Coverage includes legal defense costs – no matter how baseless the allegations, and will pay for any resulting judgments against you, including court costs, up to the coverage limits on your policy.

Even if you’re not at fault, litigation is time consuming, costly and potentially disastrous to a firm’s reputation.  Companies and consultants who have General Liability Insurance without Professional Liability (E&O) coverage are taking a serious risk.  It’s like a Doctor practicing medicine without Malpractice Insurance!

Directors & Officers Liability Insurance

If someone is injured or has suffered financially, they may sue, and that lawsuit often names everyone even remotely connected to the problem – and their dogs.   Common claims for a D&O policy is Employment Practices Liability, which provides your large or small business insurance for such things as wrongful dismissal, discrimination, harassment or abuse in the workplace.

Your General Liability policy will protect directors, officers and employees of the condo corporation if they are sued personally for causing bodily injury or property damage.  Good general liability coverage with adequate limits is the foundation of your protection, and Hoffmann Kool gives you professional advice to ensure that foundation is solid.  However, all such policies have exclusions and limitations, and generally do not cover other kinds of damage, such as financial damage.  If the corporation’s general liability insurance doesn’t cover the corporation for such claims, it also doesn’t cover the directors.  That’s why you need Directors’ and Officers’ (D&O) Liability.

It is pretty hard to ask people to serve on your board, give their time, energy and talents, and then have them take the risk of losing their personal savings and assets if they are sued.  If your organization has not purchased enough liability insurance coverage, or has neglected to buy D&O coverage at all, you are putting your Directors and Officers in a vulnerable position

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