What Does Professional Liability Insurance Cover and Who Needs It?

professional woman looking at cost of insurance

What is professional liability insurance?

Professional liability insurance provides coverage for legal liability claims arising out of the rendering or failure to render professional services. It is also commonly referred to as Errors and Omissions Liability.

Professional Liability was designed to respond to losses resulting from the errors and omissions of individuals or firms providing professional services for a fee. Examples are architects, engineers, environmental consultants, lawyers, medical professionals, accountants and insurance brokers.

Professional Liability Insurance vs. Malpractice Insurance

Professional liability insurance is also referred to as malpractice insurance. These policies provide first dollar defence costs when allegations of malpractice are brought forward. Malpractice insurance is commonly used by medical and legal professions to help cover loss of earnings when requested to attend discoveries, mediation and/ or trial as part of the defence of a claim.

Who needs professional liability insurance?

All professional service providers should carry one form or another of professional liability insurance. Mistakes happen, so it is important to arm your business with a specifically tailored liability insurance policy.

The following service professionals most commonly need professional liability insurance:

  • Doctors
  • Nurses
  • Dentists
  • Lawyers
  • Realtors
  • Engineers
  • Architects
  • Property managers
  • Athletic trainers
  • Bookkeepers
  • Consultants

What does professional liability insurance cover?

Professional liability insurance provides coverage for the alleged financial loss (up to policy limits) suffered by a third party arising out of the rendering or failure to render professional services, as well as defence costs incurred to defend the allegations.

A few examples of what professional liability insurance covers include claims of:

  • professional negligence
  • misrepresentation
  • failure to meet industry standards
  • mistakes or omissions

Benefits of Professional Liability Insurance

Professional liability insurance can be considered the most important form of insurance purchased by professionals. Losses of this nature are generally excluded from commercial general liability. As such, professional liability is critical to the ongoing operation of any business rendering professional services or advice. Coverage includes legal defence costs, which can be considerable in these situations.

How much professional liability insurance do I need?

While there is no general rule of thumb, professional liability insurance policy should generally protect for at least $ 2,000,000. The amount and type of coverage will depend on the nature of your business and the scope of operations that you are involved in.

For example, if your business is one that comes with a low risk of accusations of malpractice, such as a retail environment, you may decide you need less professional liability coverage.

On the other hand, professionals such as dentists or doctors, who deal with more critical subject matter such as physical therapy or medicine, would be best served with more coverage.

How much does professional liability insurance cost?

The cost of Professional Liability policies can vary considerably, depending on a number of factors. To obtain accurate costs, you need to speak with one of our brokers.

In general, the cost of a professional liability insurance policy is affected by: 

  • industry risks
  • business size
  • coverage limits
  • deductibles
  • claims history

How To Get Professional Liability Insurance

For those rendering professional services and advice, Professional Liability insurance should form part of your business insurance program. Simply give one of our Edmonton-based insurance agents a call today.

Professional Liability Insurance: The Bottom Line

Professional Liability insurance doesn’t speak negatively to your business practices. It doesn’t mean that you are expecting to commit malpractice, that you’re avoiding responsibility for a misconduct suit, or admitting guilt when you’ve done no wrong. It simply means that you’re preparing for the worst-case scenario. As a business owner, it is prudent to protect yourself so that you can continue to operate your business in the event of a malpractice suit. Looking for a quote on Professional Liability Insurance? Call one of our brokers today for a quote.

More on Commercial Insurance

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5+ Gorgeous Airbnbs in Cancun For Under $99/Night

 

Located in the Mexican province of Quintana Roo sits the coastal city of Cancun. Known mostly for it’s long strip of vacation destinations referred to as Zone Hoteleria (Hotel Zone), Cancun is one of the hottest travel destinations in Mexico. The water is crystal clear, the beer is cold and the food is authentic. Planning a trip to Cancun this year?

Here are our 5 of our picks for clean, contemporary – and affordable – Airbnbs in Cancun. 

Turquoise Studio Downtown Cancun

1. Turquoise Studio in Downtown Cancun

This contemporary and minimalist studio apartment perfect for 2 in Cancun’s downtown city centre is bright & airy and includes a large spacious ensuite bathroom and shower. A beautiful rooftop infinity pool is perfect for relaxing and unwinding.

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Turquoise Studio Downtown Cancun

 

Turquoise Studio in Downtown Cancun

2. 68 Square Meters Studio Inside Cancun’s Heart

A hop, skip and a jump away from Cancun’s famous Hotel Zone, you’ll find the aptly-named “68 Square Meters Studio Inside Cancun’s Heart” Airbnb suite. Airbnb Superhost Zubzen happily welcomes you in to this gorgeous contemporary and clean space complete with ensuite washer and dryer.

Related: So, Do I Really Need Travel Insurance?

With reviews praising the “sparking clean” suite and an inviting rooftop garden oasis, how could you not want to book this gorgeous vacation rental in Cancun?!

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68 Square Meters Studio Inside Cancun’s Heart
Planning a Trip?

Planning a Trip?

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Casa Mono Habitation Mono Arana

3. Casa Mono, Habitation Mono Arana

This cozy cactus-clad room has plenty of space and a private ensuite bathroom with a glass shower. Looking to cool down after a day of exploring? Take a dip in the private pool just outside your door. While this room’s a few minutes outside of the city centre, the host’s friendly attitude and willingness to go above and beyond makes this a 5-star Airbnb in Cancun.

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THE LOBBY AT CHIIBAL

4. Deluxe Double Room @ Chiibal Hostel Boutique

Breakfast is one of the most important meals of the day and there’s no doubting it tastes better when it’s free. Enjoy a complimentary breakfast on the outdoor terrace at this boutique-style hostel in Cancun and then head to the water; a relaxing poolside sun lounger awaits.

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SUITE AT CHIIBAL

5. 32 Square Meters Studio Inside Cancun’s Heart

STUDIO IN THE HEART OF CANCUN

Warm wood accents, a nice large private bathroom and a sunny rooftop garden patio are all things you can expect from this studio-style Airbnb in Cancun. Glowing reviews from previous guest ensure you’ll enjoy a 5-star stay – and maybe even a lazy afternoon in the patio hammock.

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Are you planning a hot and tropical trip down south? From cancelled flights to lost bags to inclement weather conditions – you never know what trouble you may run in to. Enjoy peace of mind on your getaway by purchasing Travel Insurance before you go. Connect with one of our friendly & experienced insurance agents for a quick & easy quote on Travel Insurance today!

5 Absolutely Incredible Travel Destinations for 2019

1. Naxos, Greece

This undiscovered Greek island gem boasts beautiful, clear cyan blue waters, small town charm, and a rich history – all with a much lower price tag than many of it’s more popular counterparts. A quick ferry ride from Paros, it’s sister island, Naxos if the perfect Greek island to discover for families and honeymooners. Rent an ATV and spend your day open air cruising along the coast while popping into pool and beach bars as you go. At night, enjoy a romantic walk along the main street and marina or people watch while indulging in gelato in the Old Town.

2. Sorrento, Italy

Lesser-known Amalfi Coast addition, Sorrento, packs an incredible Italian punch without the crowds. Located just west of Positano, on the northern edge, travel bugs can revel in all of Italy’s glory in this seaside town. Snack on local lemon slushy sweet treat, a granita, and lounge in the sweet Italian sun at one of the town’s ocean-side beach clubs. At night, sip on an Aperol Spritz at one of the many charming outdoor restaurants.

3. Copenhagen, Denmark

Experience Scandinavia in Denmark’s capital, Copenhagen. Widely known for it’s foodie culture, minimalist style and bicycle-first city structure, Copenhagen is an untapped and incredibly interesting travel destination for 2019. Take the high speed train across the water to Sweden in 1 hour, and tell all of your friends you visited two European countries in one day.

4. Marrakesh, Morocco

This up and coming destination, located in Northern Africa, has become somewhat of a hot spot for world travellers in the past number of years, and for good reason. With a mix of old and new, Marrakesh offers both the modern, updated shopping streets of “New City” yet manages to robustly contrast this glitz and glamour with the preserved, authentic “Old City”, just a few blocks away. If you dare, venture into the food stalls in the main square to sample foreign delicacies, or try your hand at bartering with a local vendor in the winding, open air shops called the ‘souks’.

5. Singapore

Sip swanky cocktails in a rooftop infinity pool as you watch the sun set over this Asian metropolis. Owing it’s recent skyrocketing fame to the film, Crazy Rich Asians, Singapore has no shortage of exciting activities to offer. Adventure out on a night safari, take in some the destination’s botanical gardens, or soak in the city’s unique skyline on the Singapore Flyer; Asia’s answer to the UK’s famed London Eye.

As you plan your travel for 2019, keep in mind that any exciting trip can soon leave you reeling if you risk adventuring without travel insurance. Get in touch with our knowledgeable team to learn more about protecting yourself while you travel with a travel insurance policy today.

You May Also Enjoy These Exciting Travel Tips

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7 Healthy Holiday Appetizers You Need to Make ASAP

healthy fruit and cheeses for Christmas

Healthy Holiday Appetizers To Lighten Up Your Holidays

Christmas may often become a time when our waistlines endure a little stretching, but with a bit of planning, intentionality, and these delicious and healthy holiday appetizers, you’ll be able to enjoy a happy, healthy holiday season.

When entertaining, or visiting those closest to you during this festive time, try to stay on track by following these helpful tips.

1. Ciao, Bruschetta

If you’re able to find some ripe, juicy tomatoes in the middle of winter, you’re well on your way to creating a delicious, nutritious holiday snack. Chop tomatoes, drizzle with heart-healthy olive oil, minced garlic, aromatic basil and serve over thinly sliced baguette rounds. Try opting for a whole-wheat baguette for added fibre, or spreading the toast round with goat cheese and drizzling with balsamic glaze for an extra flavour punch.

This healthy holiday appetizer will serve up a healthy dose of lycopene thanks to the tomatoes, and fill your belly with healthy vegetables, too.

2. Guacamole with Crudite

It’s no secret that avocados have really grown in popularity over the past few years, and for good reason. This green gem is loaded with potassium, healthy fats, and fibre, which will fill you up – the right way – so that you have less room to overindulge on sweets. Whip up a simple and easy batch of guacamole and serve in a beautiful bowl, with a side of freshly sliced vegetables to dip.

3. Lean and Mean Meatballs

Lighten up festive holiday meatballs by swapping out regular ground beef for it’s leaner counterparts; either chicken or turkey. Meatballs provide a good source of protein, and ensuring you use chicken or beef will reduce the amount of fat in each tasty treat. Try to sweeten the sauce using a reduced amount of sweetener, and opt for honey or maple syrup over white sugar.

4. Bacon-Wrapped Dates

Yes. We just said bacon. While these divine little indulgences may seem counterintuitive, dates are actually packed with fibre, among many other health benefits. Slice pitted dates down the middle, add a spoonful of goat cheese, then wrap each packet in one third of a slice of bacon. Secure with a toothpick, and bake on a cookie tray at 350 F until the dates have softened. These delicious treats incorporate whole foods and provide both fibre and a touch of protein from the goat cheese – much better than many alternatives.

5. Carrot Fries

Peel and slice carrots, season with cumin, salt and pepper and drizzle with olive oil. Roast the sticks until tender and serve with a nutritious dip like tzaziki.

6. Buffalo Chicken Celery Boats

Simply pick up a rotisserie chicken from the grocery store, pull chicken from bones, and toss with hot sauce in a bowl. Slice and trim celery sticks, fill with spicy chicken mix and drizzle with blue cheese dressing or crumbles of blue cheese.

7. Corn and Bean Salsa

Dice a few bell peppers and an avocado, and rinse and drain a can of black beans and corn and toss them together. Season with the juice of a lime, salt, and a spoonful of juice from a jar of banana peppers. Serve with baked tortilla chips for dipping.

Enjoy a ‘lightened up’ holiday spread this year by incorporating some of these delicious healthy holiday appetizer ideas today!

Taking care of your health is an important piece of enjoying a long, happy life. Ensuring you are covered with life insurance allows you to live worry-free that if anything were to happen, your loved ones will be covered financially.

Learn more about life insurance coverage, or speak with one of our experienced team members today about getting protected.

More Tips for a Healthy Lifestyle

5 Thoughtful Tips for a Stress Free Holiday Season

5 Harmful Habits You Need to Stop Today

5 Outstanding Tips for a Stress Free Holiday Season

Christmas, and the holiday season in general, can be a time of tremendous stress for many. Avoid the overwhelm by planning ahead and keeping these helpful tips for a stress free holiday season in mind.

1. Follow in Granny’s Footsteps

Remember the good old days when people, like Granny, paid with… cash?

Overspending is one of the holiday season’s major contributors in causing financial stress.

This year, leave your plastic at home and pay in cash.

If you’re married, start by sitting down with your partner or setting time aside alone to create a Christmas budget – and stick to it!

Get envelopes together with each person’s name on it, and fill the envelope with the right amount of cash. When it’s gone, the shopping spree ends.

By having a clear and concise plan for Christmas spending, and avoiding access to imaginary unlimited amounts of money available on credit cards, you’ll ease the financial stress inherent with uncontrolled spending.

2.  We’re Gonna Wrap Around The Clock Tonight

Bill Haley might have been on to something.

This year, instead of being consumed by the shopping frenzy, and then engulfed in a pile of last minute wrapping projects, take the time to wrap each gift you purchase as you purchase them.

By tucking into the storage box full of wrapping supplies early, you’ll also be able to purchase staples like clear tape or ribbons as you go instead of having those added to the already long list later on.

stress free holiday season

3. Eat The (Christmas) Frog

Any fan of self help books will be familiar with Brian Tracy’s famous phrase – eat the frog – which encourages the largest, toughest tasks to be tackled first.

The top-to-bottom list of cleaning tasks required to get your home in host-worthy condition can often become a major stressor when combined with all the other demands of the holiday season.

Tackle the deeper cleaning tasks like wiping down the baseboards or cleaning the inside of your oven as early on as possible, and don’t be afraid to enlist the help of your family!

4. Choose Empathy

It’s easy to let expectations run high around the holiday season and allowing this mindset to take root can often lead to disappointments and extra stress.

Hoping for the perfect gift from that special someone?

Praying Aunt Ethel won’t hit any nerves with awkward topics and intrusive questions at the dinner table?

It’s easy for extra family time around the holidays to become stressful but by choosing to approach any disappointments with empathy, you won’t only make for a more peaceful party but a less stressful experience for yourself.

Try to understand their point of view, circumstances or reasoning behind their actions and instead of scoffing at them and allowing yourself to become upset, choose to let it go.

5. A Card Counts

Getting caught up in trying to make everyone in your life feel considered and appreciated during the holiday season can become consuming.

Release the expectations that you may put on yourself of having to give a gift to everyone who matters in your life.

By writing a present purchasing list that includes everyone from the milk man to your dentist, you’re setting yourself, and your wallet, up for disaster.

Decide to write out a thoughtful and personalized card for individuals in your life that you’d like to include, and if you have the time, consider a batch of home baked Christmas cookies instead of a gift, to show you care.

Do you have any go-to tips that you follow around Christmas to create a stress free holiday season for you and your family? 

More Interesting Holiday Tips

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Demerit Points in Alberta: 9 Things You Absolutely Need To Know

demerit points alberta chart

Demerit points in Alberta are incurred on your driving record when you are convicted of a traffic offence. The following 4 important facts about demerit points in Alberta will help you better understand the regulations and consequences involved with receiving demerit points while in Alberta.

1. This Chart Listing Demerit Points in Alberta

As this demerits point chart shows, demerits range from two (2) to seven (7) points, depending on the seriousness of the offence.

2. How Long Do Demerit Points Stay on Your Record? (and When Do They Expire?)

Scratching your head, wondering “how long do demerits last in Alberta?” 

The short answer is, demerits last for 2 years on your driving record in Alberta. Demerit points in Alberta operate on a revolving basis; this means that demerit points do not last forever.

Demerit Points for Drivers with a Class 5 License

For drivers with a Class 5 license, license suspension will occur once 15 demerits have been accumulated over a two (2) year period. At eight (8) demerits, a written notice will be mailed to the driver as fair warning. 

Demerit Points for Drivers with a Class 7 License (GDL)

For Class 7, or GDL-licensed drivers, a  license suspension will occur once eight (8) demerits have been accumulated, and a written notice will be mailed to the driver once they have accumulated four (4) demerits.

3. How Long Will my License be Suspended?

For Class 5 drivers, the initial license suspension is one (1) month long.

If 15 demerits are accumulated for a second time within a one (1) year period, the license suspension will be three (3) months long.

If 15 demerits are accumulated for a third time within a two (2) year period, the license suspension will be six (6) months long and the driver may be required to stand before the Alberta Transportation Safety Board.

For Class 7/GDL drivers, the same time periods and suspension lengths apply, but they are invoked once the driver accumulates eight (8) demerits, not 15.

demerit points alberta

4. How Can I Reduce The Number of Demerit Points On My Record?

Many local Edmonton driving schools offer courses directing aimed at reducing demerits; however, not every course offered at Edmonton driving schools is approved, so be sure to check beforehand.

If a driver successfully completes an approved defensive driving course before they have accumulated eight (8) demerit points, they may earn a demerit point reduction of three (3) points.

5. Exactly How To Check Demerit Points in Alberta

If you’re wondering how to check demerit points in Alberta, a quick trip to your local Alberta Registry is all it takes. Simply request an updated driver’s abstract, which will cost around $25. At the registry, you will be able to choose between having a 3, 5 or 10 year demerit history report pulled.

Can You Check Demerit Points Online?

In Alberta, there is no way to check demerit points online. In order to check the number of demerit points on your record, you will have to visit your local registry.

Demerit Points can Affect Insurance Premiums

Demerit Points can Affect Insurance Premiums

Have one of our experienced insurance brokers provide a complimentary policy review today

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6. How Many Demerit Points Are Given for Distracted Driving in Alberta?

Distracted driving is no joke. Besides the risk of both injuries and fatalities, distracted driving also comes with a hefty price tag.

Drivers found to be driving distracted in Alberta will be faced with a minimum $287 fine, as well as three (3) demerit points.

Think texting is the only distraction while driving? Think again. 

Distracted driving demerits in Alberta can be handed out for:

  • Holding, viewing or manipulating a cell phone or other device
  • Using a GPS system while driving
  • Reading or viewing any printed material
  • Writing, printing or sketching
  • Personal grooming or hygiene

Accumulating too many demerit points can affect your ability to drive, the cost of driving and the cost of insurance. Be street smart by keeping this crash course on demerits in Alberta in mind and keep those roads safe!

Related: Everything You Need to Know About Distracted Driving in Alberta [2019]

7. Demerits for Running a Stop Sign in Alberta

“You’re in a hurry to get things done, yeah, rushin’, rushin’ till…” you’re handed  a few demerit points for failing to stop at a stop sign. 

Failing to stop at both a stop sign, and an intersection where the lights are flashing red will earn drivers 3 demerit points in Alberta.

8. How Many Demerit Points Are Given for Speeding in Alberta?

In Alberta, the number of demerit points that are incurred depend on how fast, or how many kilometres over the speed limit, that you were driving at the time of the offence.

Here’s a quick look at the number of demerit points that are handed out for speeding in Alberta:

  • 2 demerit points for driving 15 km/h over 
  • 3 demerit points for driving 15 – 30 km/h over 
  • 4 demerit points for driving 30 – 50 km/h over 
  • 6 demerit points for driving more than 50 km/h over

In addition to these guidelines, there is also one last penalty for speeding and that is for driving at “an unreasonable rate.” This offence sees 4 demerit points being assigned. 

9. How Demerit Points Affect Your Auto Insurance

There’s no doubt that there is a relationship between demerit points and insurance. While we wish it weren’t true, demerit points do in fact affect insurance rates. 

While it isn’t exactly a black and white issue, drivers that have received demerits on their record will most likely have to deal with raised insurance rates. 

Handed a Few Demerit Points?

Handed a Few Demerit Points?

Let our professionals provide you with a quick and easy quote today!

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In some cases, if the insurance company you are dealing with decides to consider you as a “tough” or “dangerous” client, they may decide that you will require high risk insurance. 

In this case, it really is best to speak with a professional insurance agent to explore all of your options and fully understand your situation. 

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Learn more about our Auto Insurance and Motorcycle Insurance policies today! 

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6 Expert Winter Driving Tips for New Drivers

If there’s anyone in Canada who knows about snowy, icy, roads, it’s Albertans. Each winter, drivers in Edmonton are presented with challenging conditions and when it comes to new and less experienced drivers, a few winter driving tips are sure to help.

1.Three Point Check Before The Winter Months

Ensuring your vehicle is ready for the more challenging snowy and icy driving conditions ahead is a key component of safe winter driving. Be sure to check these 3 things on your vehicle before you hit the road this winter:

  • Check your vehicle’s wiper blades to ensure they are streak-free and provide an unobstructed view of the road
  • Have your brakes tested to ensure they provide firm braking capabilities
  • Check your tire tread to ensure they are in good form. Pro Tip: insert a nickel in the tire tread. If you are able to see the top of the Queen’s crown, the tread is insufficient.

2. Slow And Steady Wins The Race

Expect to experience slower travel speeds, congested roadways and collision delays, especially with first snowfalls.  Give yourself extra time to get to your destination.

3. Fuel Up

Rollin’ on empty? Think again. Keeping your gas tank at least half full will prevent gas line freeze-ups.

4. Testing, Testing, 1, 2, 3

Not sure how a recent snow or rainfall has affected driving conditions? Before leaving your block, test your brake’s traction by braking suddenly. This will give you an  idea of how your vehicle will handle. Of course, be sure to check that there are no vehicles behind you before suddenly braking.

Remember, accidents raise auto insurance rates so be mindful behind the wheel.

5. Danger Zone

Take note of higher risk driving segments such as highways, deceleration or braking zones (stop lights, steep hills, curves or bends in the road). Bridges are also danger zones as they can ice more quickly than roads due to cold air passing above and below the driving surface.

6. Best Case Scenario

Did you know that the speed limit is actually just that – a limit? Speed limits are simply meant as a guideline for ideal driving conditions. Roads that are compromised by rain, snow, ice or fog are best navigated with a reduced speed, especially the danger zones listed above.

Help make Edmonton’s roads safer this winter by sharing these tips with the new and young drivers in your life. And remember, when it comes to auto insurance in Edmonton, keep your local neighbourhood insurance broker in mind, Sadler Insurance.