Professional Services Insurance

Get reliable insurance for your professional services, tailored by BrokerLink.

Designer, lawyer, accountant and realtor are just a few of the different types of professional services. No matter what kind of professional you are, your insurance needs are unique. Every day your business is subject to everything from theft, cybercrime or potential oversights that could lead to legal action and expensive lawsuits. That’s why you need the right insurance coverage to protect your business and your livelihood. At BrokerLink, our brokers will take the time to understand your needs, identify your risks and recommend the right coverage for your business.

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BrokerLink compares rates from a wide range of providers, ensuring you get the best deals available.

What is professional services insurance?

Professional liability insurance provides coverage for professionals who offer services or advice to clients, protecting them against claims of negligence, errors, omissions, or failure to perform professional duties. This type of insurance helps cover legal costs and damages that may arise from lawsuits due to professional mistakes or missed deadlines.

Professional service insurance is customizable and may include:

Professional liability insurance, which could help cover legal costs in the event that you are sued by a client.
Cyber insurance, which could help protect you in the event of a cyber breach or attack.
Access to legal aid, where you can speak to a lawyer and ask questions.

Your specific coverage will depend on your province's regulations and any additional coverage options you choose to include in your policy.

Who we help

Running a business is hard work, but BrokerLink simplifies insurance, letting you focus on your business with coverage tailored for any size or industry. Secure your business with us today.

Professional liability insurance, also known as errors and omissions (E&O) insurance, is typically required by professionals offering specialized services including:

Lawyers
Accountants
IT professionals
Marketing professionals
Financial advisors
Consultants
Insurance brokers
Property managers
Real estate agents
Architects and engineers
Medical professionals

Why do you need professional services insurance?

This insurance is crucial because even the most skilled professionals can make mistakes, and clients might hold them responsible for any financial loss caused by those errors or omissions. In many cases, clients require proof of coverage before agreeing to work with a professional. Without insurance, professionals would have to pay out-of-pocket for legal defense and damages.

Professional services insurance can help cover any legal costs incurred, which can protect the viability of your business.

Individuals who perform professional services face various risks, so different types of insurance are available.

What does professional services insurance cover?

Your broker will help you choose coverage that’s tailored specifically for your business, which may include:

Recommended

Additional

Covers claims of bodily injury or property damage that occur while providing services, which professional liability typically doesn't cover.

Provides coverage in the event of a data breach or cyber-attack that impacts your sensitive client data. This insurance covers costs to notify affected customers and legal fees. It also helps pay for restoring stolen identities.

This insurance helps business leaders focus on their responsibilities without fearing personal financial loss by covering legal fees and damages if they are sued for decisions made while performing their duties. Coverage protects the personal assets of executives and board members from lawsuits related to the organization's decisions. This coverage is especially important in safeguarding against claims of mismanagement, breach of fiduciary duty, or other allegations of wrongful acts made in the course of their corporate governance roles.

Covers medical expenses and lost wages for employees who are injured on the job. This insurance is essential for ensuring that employees receive necessary medical treatment and wage replacement while they recover, promoting a supportive work environment. Additionally, it helps protect your business from potential lawsuits by offering a structured compensation system, thereby fostering a sense of security and trust among your staff.

Covers loss of income during business shutdowns caused by an unexpected insured event, like a natural disaster. It helps pay ongoing expenses, like rent and utilities, during the closure. This keeps your business stable until you can reopen.

Legal fees to defend against a claim, even if the professional is not at fault. These costs can be very high. Having a good defense is important for protecting your reputation and career.

Payments if a court or settlement agreement finds the professional liable for the error. It means paying money because of a decision by a judge or agreement. These costs cover fixing the problem caused by the mistake.

This could be errors made in the provision of services or advice that led to financial loss for the client. This might include incorrect guidance or failure to meet professional standards. Clients can seek compensation if they suffer financial harm as a result.

If the professional fails to deliver services according to a contract or expectation. This can lead to disappointment or a breach of trust. It might also result in financial loss or legal action. Ensuring good communication can help prevent these issues.

When sensitive client data or information is inadvertently disclosed. This can happen if someone shares files by mistake. It might occur if emails are sent to the wrong person. Such breaches can lead to trust issues and damage reputations.

Covers claims of bodily injury or property damage that occur while providing services, which professional liability typically doesn't cover.

Legal fees to defend against a claim, even if the professional is not at fault. These costs can be very high. Having a good defense is important for protecting your reputation and career.

Let us be your resource for all things business insurance

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Discover what sets BrokerLink apart. Our commitment to personalized service, expert advice, and comprehensive coverage options ensures you get the best protection tailored to your needs.

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Friendly staff very quick turnaround with assistance anytime I’ve ever needed it. I feel very well taken care of by my insurance company.

Our numbers speak for themselves

Cost factors for professional services insurance

The cost of professional liability insurance can vary greatly based on several factors:

Industry/profession

Different industries face different levels of risk. Greater risk will typically mean a higher premium.

Revenue/size of business

Larger businesses or those with higher revenues may pay higher premiums.

Claims history

If you have a history of no claims, you may have a less expensive premium.

Coverage limits

The higher the coverage limits you choose, the more expensive your premium will be.

Risk exposure

If your work involves high-risk activities or high-value clients, you may pay more for coverage.

Your premium will vary based on many factors. That’s why having an insurance broker in your corner is so important. They’ll take the time to get to know you, understand your business, and find coverage that protects you at a price that’s fair. Contact BrokerLink today for a personalized quote.

Regulations and requirements

Some professional regulatory bodies in Canada may require professionals to carry specific levels of insurance. It's important to check with industry-specific regulators to ensure compliance.

Claims-made vs. occurrence policies

Most professional liability policies in Canada are "claims-made," meaning they cover claims made during the policy period, even if the error occurred prior to the coverage start date, as long as the claim is filed while the policy is active. It’s important to understand this distinction when choosing a policy.

Contact us

Need help with business insurance? Our brokers can find the best discounts and plans for you. We'll offer personalized quotes and explore the best options.

With our expertise, you can focus on what you do best — running your business — while we handle all of your insurance needs. Let us take the stress out of finding the perfect coverage for you.

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About us

Vehicle Insurance

Property Insurance

Other Insurance

Professional Services Insurance

What is professional services insurance?

Who we help

Who needs insurance for professional services?

Why do you need professional services insurance?

What does professional services insurance cover?

General liability insurance

Cyber liability insurance

Directors and officers (D&O) insurance

Employers liability

Business interruption insurance

Legal defense costs

Settlement or judgment costs

Negligence claims

Failure to deliver services

Breach of confidentiality

General liability insurance

Cyber liability insurance

Directors and officers (D&O) insurance

Employers liability

Business interruption insurance

Legal defense costs

Settlement or judgment costs

Negligence claims

Failure to deliver services

Breach of confidentiality

Why choose BrokerLink for your commercial insurance needs?

Our reviews

Greg Silver

Andy Rohansingh

Ian Roome

Clara Furlano

Joyce Kivuyo-Kisamo

Terry Mason

Sandi G

DANI L

Anne Langevin

Peter Ayo

Chris Gelowitz

Digital Evolution

renee king

Andrea Case

Dan Hayes

Rana Najar

Mark Houston

Katherine Bedea

Jessie hansra

Ifedapo Adeniyi

David Ford

Michelle Hawgood

Trevor Hildebrand

Morgan Adekeye

Tyler Frisby

Steven Melowsky

Steve Payne

Matt & Sav Weetman

Brooklyn Seweryn

Craig Gillis

Cheryl Trush

Jinene Shinnicks

Geoff Aiken

Tony Hynes

Christine Fedrau

amanda

Lori Coffey

Our numbers speak for themselves

Cost factors for professional services insurance

Industry/profession

Revenue/size of business

Claims history

Coverage limits

Risk exposure

Regulations and requirements

Claims-made vs. occurrence policies

Contact us

Resources

Other products