Is malpractice insurance the same as professional liability insurance?
Yes, Malpractice insurance is professional liability insurance specifically designed for certain professions, such as lawyers, healthcare professionals, and accountants.
Professional Liability Insurance
for Alberta Businesses
Peace of mind knowing you're protected from unexpected claims.
for Professional Liability Coverage
Protect Your Alberta Business from Unexpected Claims:
Small Business Professional Liability Insurance
Here at Lloyd Sadd, we understand the unique challenges faced by small and medium-sized businesses in Alberta. From startups and entrepreneurs to established firms, protecting yourself from professional liability claims is crucial. That's why we offer comprehensive professional liability insurance solutions tailored to the specific needs of Alberta businesses.
Our deep roots in Alberta communities allow us to understand the regional factors impacting professional liability coverage for various industries. Our team of experienced advisors will work closely with you to find the right coverage at a competitive price.
Our deep roots in Alberta communities allow us to understand the regional factors impacting professional liability coverage for various industries. Our team of experienced advisors will work closely with you to find the right coverage at a competitive price.
- What is professional liability and why do I need it?
- What does it cover?
- How much does professional liability cost?
- What is the difference between professional and general commercial liability?
- How do I secure the right quote for my coverage?
Professional liability insurance, also known as errors and omissions (E&O) insurance, safeguards your business against claims of negligence, errors, or omissions in your professional services. If a client alleges that your services caused them financial loss, this insurance can provide coverage for legal defense costs and settlements.
A professional liability policy typically covers:
- Allegations of negligence, errors, and omissions in your professional services
- Breaches of contract (in some cases)
- Legal defense costs, even if the claims are groundless
- Damages awarded in a lawsuit
The cost of professional liability insurance varies depending on your industry, experience level, risk profile, and coverage limits. However, Lloyd Sadd works hard to find affordable solutions for Alberta businesses.
General commercial liability insurance protects your business from physical injury or property damage claims arising from your operations. Professional liability insurance, on the other hand, specifically addresses claims related to your professional services.
Getting a quote for professional liability insurance is easy. Simply contact Lloyd Sadd, and one of our advisors will guide you through the process. We’ll ask questions about your business, industry, and risk profile to ensure you get the coverage you need at a competitive price.
How Lloyd Sadd Partners With You to Secure Your Business
At Lloyd Sadd, we go beyond just providing insurance. We partner with you to understand your unique business needs and develop a comprehensive risk management strategy. Here's how we stand out.
Risk Review for Effective Mitigation
Our advisors will identify potential risks and recommend strategies to minimize them.
Comprehensive Risk Audit & Coverage
We conduct thorough risk audits to ensure you have the right coverage in place.
Industry-Tailored & Affordable Risk Solutions
We offer specialized insurance solutions designed for Alberta's diverse industries.
Timely & Smooth Policy Management
We handle all aspects of your policy management, ensuring a seamless experience.
Businesses in Alberta Rely on Lloyd Sadd for Customized Risk Solutions
We all know that insuring your Business is not as simple as insuring your car or your home. Every business is unique, and needs a package of insurance that meets that business’ needs and provides the level of protection you’re comfortable with. Lloyd Sadd Insurance has helped me achieve the right type of insurance package.
Mfg. Inc.
I'm just in love with the company, they are amazing. Our whole entire experience has been lovely. They have been amazing, really good art trying to make it what you need it to be. We have over 9000 paramedics in the province. it's been complicated. It's been a bit of a leap of faith, we couldn't guarantee that all 9,000 would switch over. Lloyd Sadd has been gracious, I have nothing but fantastic things to say.
of Paramedics
It has been a pleasure working with Lloyd Sadd for all these years. The support provided with contract reviews. The support provided in general. The value of a trusted advisor, who negotiates on our behalf.
Engineering Ltd.
Major Small Business Sectors We Cover
No matter your industry, Lloyd Sadd has the expertise to help you find the right professional liability insurance. These are a few examples, but contact Lloyd Sadd today to discuss your specific industry needs.
- Tech & IT Professionals
- Engineers & Architects
- Financial Advisors & Accountants
- Real Estate Agents & Property Managers
- Lawyers & Consultants
- Healthcare Professionals
Protection against claims of data breaches, security failures, or software malfunctions
Coverage for design errors, omissions, or faulty construction
Safeguards against claims of investment losses or negligence in financial advice
Protection from allegations of misrepresentation, property damage, or failure to disclose defects
Defense against claims of malpractice, negligence, or breach of contract.
Coverage for malpractice and negligence.
Other Coverages You Might Need for Your Business
Along with professional liability insurance, Lloyd Sadd offers a wide range of other business insurance solutions to protect your Alberta business.
FAQs: Small Business Insurance Alberta
Is employers' liability the same as professional liability?
No, employers’ liability insurance is different from professional liability insurance. Employers’ liability insurance protects businesses from claims by employees for workplace injuries or illnesses. Professional liability insurance, on the other hand, focuses on claims from clients alleging negligence in your professional services.
Does professional liability insurance cover breach of contract?
Some professional liability insurance policies may cover claims of breach of contract, but it depends on the specific wording of the policy. It’s important to carefully review your policy with your insurance advisor to understand what’s covered.
Does professional liability insurance cover independent contractors?
In most cases, professional liability insurance only covers the named insured and its employees. If you use independent contractors, you may need to require them to carry their own professional liability insurance.
Is professional liability insurance tax deductible?
In Canada, business insurance premiums, including professional liability insurance, are generally considered a tax-deductible business expense. It’s always best to consult with a tax professional for specific advice on your situation.
Ready to get started?
Give us a call at 1.800.665.5243 or get a free online quote. Our experts will reach out to you to create the best insurance plan for your needs at an affordable price.
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