No matter what type of professional you are, having custom tailored insurance cover is critical.
Investing in custom tailored insurance ensures you're safeguarded against any risks that may arise as a professional.
With the world of business an ever-changing landscape, your organization could at any time fall prey to unfortunate circumstances beyond your control. Allegations such as misrepresentation and breach of contract might be just a court date away - but with professional liability insurance, you can protect yourself against these perils.
Professional liability insurance isn't just there when things go awry - it's the ultimate safety net, ensuring that all your hard work is protected when something unexpected occurs. No matter what sector you're in – legal, engineering, marketing and beyond – we have precisely tailored policies to guard against every possible misstep or oversight. So if events take an unforeseen turn for the worse due to an omission on your behalf, you can feel confident knowing professional liability coverage has got your back.
Let our experts manage your risk so you can focus on your profession.
We help Canadian Business Owners craft the perfect insurance policy for their business.
Our team takes pride in our relentless responsiveness. When you need us, we're here.
We compare rates and coverages across leading insurance companies to ensure you get the best value on your premium.
We craft the perfect insurance policy for your business so you can rest easy knowing you're covered.
Your dedicated account manager is there for you as your business grows ensuring your insurance policy grows with you
Here are a few of the types of businesses we serve.
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Every day, your clients rely on your advice and expertise. The smallest mistake or failure to meet expectations could result in a financial loss for your client. Professional liability insurance covers your liability for errors and omissions while providing your specific professional services to your clients.
Whether your professional services are in finance, legal, engineering, marketing, human resources, or consulting, we have insurance solutions tailored to the unique risks you face.
The professional service industry covers a wide range of industries, and typically includes professions that require some kind of special training in a niche field as well as sometimes a license to operate. They are high-paying jobs that typically earn considerably more than the national average and often require years of training. Some of the types of professionals we insure are:
Here are some common claims that professionals face:
Professional liability (errors and omissions): This type of insurance covers professionals for losses arising from mistakes or errors in their work, as well as failure to deliver services as promised. For example, if a lawyer provides incorrect legal advice that leads to financial losses for their client, the lawyer's professional liability insurance would cover the resulting claims.
Property insurance: This type of insurance covers damage to a professional's office or other business property, including equipment and furniture. For example, if a consultant's office is damaged by a fire, their property insurance would cover the cost of repairing or replacing the damaged items.
Business interruption insurance: This type of insurance covers a professional's loss of income due to a covered event, such as a natural disaster or power outage, that disrupts the business. For example, if a doctor's practice is forced to close due to a natural disaster, their business interruption insurance would cover their loss of income during the closure.
Cyber liability insurance: This type of insurance covers professionals for losses resulting from data breaches, cyber attacks, and other cyber threats. For example, if an accountant's computer is hacked and sensitive client data is stolen, their cyber liability insurance would cover the costs associated with responding to the breach and any resulting claims.
If you want to work with a commercial insurance brokerage that puts people first and values transparency, sustainability, ownership, and impact, then Summit is the right choice for your business insurance needs.
At Summit, we craft innovative insurance solutions that are custom tailored to your business, giving you the confidence you need to succeed. Our team is dedicated to building trust and creating value through open and honest communication. We are in it for the long haul and strive to make a positive impact in everything we do.
So if you want a business insurance partner that shares your values and is committed to helping you succeed, consider working with Summit.
Commercial Property Insurance: This covers damage to the your physical property, such as office equipment and supplies. It can also cover losses due to theft or vandalism.
General Liability Insurance: This covers claims made against professionals for accidents or injuries that occur on the professional's property or as a result of their work. This can include medical expenses, legal fees, and other damages incurred as a result of the accident.
Business Interruption Insurance: This covers lost income and extra expenses incurred if the professional is unable to continue operating due to an insured event, such as a natural disaster or vandalism.
Professional Liability Insurance: This covers claims made against you as a professional for errors or omissions in your work, such as providing incorrect or inadequate advice or services to clients. This is one of the most important coverages for professionals.
Cyber Insurance: This covers losses due to data breaches or other cyber attacks, including the cost of notification and credit monitoring services for affected customers.
It's important as a professional to carefully assess the specific risks and exposures that you face in your work and to work with a knowledgeable insurance broker to determine the coverage options that are right for their business.
The types of insurance that professionals need will depend on the specific risks and exposures that they face in their work. Some common insurance coverage options that may be important for professionals to consider include:
Business insurance should never be sold solely on price. You are protecting your most important asset. Our mission is to find you the perfect coverage but also find the best priced policy with that coverage.
The exact cost for your insurance policy varies according to factors such as:
Years of Experience
Number of Employees
There are several reasons why it is important for professionals to purchase professional liability insurance:
Protects against financial loss: Professional liability insurance can protect professionals from financial loss due to lawsuits or claims arising from errors or omissions in their work. Without this coverage, professionals could potentially be responsible for paying for the costs of defending a lawsuit and any damages that may be awarded.
Required for professional licensing: Many professional licensing boards require professionals to carry professional liability insurance as a condition of maintaining their license. Without this coverage, professionals may not be able to legally practice their profession.Helps maintain a professional reputation: Professional liability insurance can help protect a professional's reputation by covering the costs of defending against a lawsuit or claim. This can help maintain the trust and confidence of clients, which is essential for any professional.
Provides peace of mind: Professional liability insurance can provide peace of mind by knowing that you have protection in place in the event of a lawsuit or claim. This can help professionals focus on their work and their clients, rather than worrying about potential legal issues.