Professional Liability Insurance

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E&O Insurance Ontario

Operating a professional services business is extremely challenging without having to worry about suffering significant financial loss due to unforeseen circumstances. Get the protection that is right for you.

Anyone who holds themselves out as having a special body of knowledge, skill, or expertise and are paid for their work, service or advice, are professionals. A Professional Liability policy covers liability arising out of negligent acts, errors and omissions in the rendering, or failing to render, of professional services. Such failure could have harmful consequences not only your company’s financial stability but your personal assets as well.

Common questions about Professional Liability Insurance

What is the difference between CGL and Professional Liabilty?

Commercial General Liability (CGL) covers bodily injury and property damage to third parties as a result of your negligence. A common example would be slips and falls. Professional Liability covers negligent acts or errors & omissions resulting from your failure to perform your professional services or duties. Losses to your clients could be financial in nature or medical in the case of medical malpractice.

What is a retroactive date?

Many policies such as a Commercial General Liability look at losses on an Occurrence Basis. If a claim is brought against you for something that happened years ago, your policy at the time of the occurrence will respond to the loss. A Professional Liability policy is on a Claims Made basis. Claims made before a certain date are not covered. The policy covers claims that are reported during the current policy period, even if the claim happened in the past. However, there are two criteria that need to be met in order for the insurance company to respond to the claim. First, you must have a Professional Liability policy in force at the time a claim is made. Second, you must have had continuous Professional Liability insurance coverage from the time of the incident to the time the claim is reported. The starting date of your continuous coverage is called the retroactive date which is the earliest date an event would be covered.

A more detailed explanation can be found on our blog article titled Professional Liability Insurance – Beware of a Lapse in Coverage

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