Commercial and Professional Liability Insurance
Let's Connect!Do you need Liability Insurance? Commercial Liability Insurance is a must if clients visit you, or you work at client sites. And Professional Liability Insurance protects you if you provide any services or advice to clients, or if your organization has decision-makers who could be held liable for actions taken in their roles. It’s smart protection for your business services and your business leaders.
Types of Liability Insurance
Commercial Liability Insurance
Commercial Liability Insurance protects you from legal costs, medical bills and damages
arising from:
- Common accidents and bodily injury
For example, a customer trips and falls at your office, store or building, or damage is done to a client’s property while you’re working at their site. Coverage includes medical bills and repair costs you are liable for. - Lawsuits
If you are sued for bodily injury or property damage, Commercial Liability Insurance helps cover legal defence costs, settlements and judgments, regardless of the outcome. - Personal and advertising injury liability
Financial coverage for allegations of defamation, libel, slander or false advertising.
Errors & Omissions Liability Insurance (E&O)
The need for protection from costly legal claims may seem obvious for some professionals, such as doctors, lawyers, accountants and advisors. But it applies equally to any service provider – housepainters, hairdressers, freelancers and more.
Even the most seasoned service providers can face claims of errors, omissions or negligence. Out-of-pocket legal expenses and settlements can lead to significant financial loss, not to mention reputational harm and business interruption.
Errors & Omissions Liability Insurance provides peace of mind, giving you the confidence to focus on doing your best work.
Directors & Officers Liability (D&O)
The key decision-makers in your organization are crucial to your business success. Unlike other business lawsuits, directors, officers and board members risk personal financial exposure as a result of doing their jobs.
Protect your leadership from legal defences costs, settlements and judgements arising from claims of:
- Mismanagement or breach of fiduciary duty
- Errors or misrepresentation in decision-making
- Failure to comply with regulations
- Employment practice issues
- Investor or stakeholder disputes
Financial security against potential claims is no accident. Trust PIB to keep you protected from the unexpected.
Let PIB do the work for you and customize the right protection for your business.
Related Commercial Insurance options
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FAQs
Do I need Professional Liability Insurance?
If your business involves giving advice, offering services or using specialized skills, then Errors and Omissions (E&O) Insurance is highly recommended. In some professions, it’s even mandatory.
What is Commercial General Liability Insurance, or CGL?
CGL is considered a foundational type of business insurance necessary to protect your company from third-party claims. It covers the most common risks that can lead to expensive lawsuits.
Do I need Commercial General Liability Insurance?
If you run a business in Canada, even if it’s small, you should carry CGL. Even if it’s not legally required, many landlords, clients or contracts will require proof of CGL coverage before doing business with you.
What is Errors and Omissions Insurance?
E&O Insurance protects you from claims of negligence or mistakes, failure to deliver a service, misrepresentation and legal defense costs.
Is business negligence covered by insurance?
Depending on the type of negligence, Commercial General Liability, Errors and Omissions Insurance, or Directors and Officers Liability Insurance can cover most situations that lead to lawsuits.
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