Accidents occur at the drop of a hat, which is where liability insurance comes into play. Accidents, such as motor vehicle collisions and house fires must be investigated at the highest level. These professionals responsible for investigating such accidents are known as accident investigators.
In Canada, accident investigators must be licensed in the province, city, or territory they are operating in. For example, accident investigators operating in Montreal must be professionally licensed in Montreal.
Is Professional Insurance Required by Canadian Law?
Licensed accident investigators must also be insured in Canada. A customized professional liability insurance (PLI) policy will protect you from mishaps associated with lawsuits and third-party claims.
PLI will play a major role in preventing financial loss associated with negligence claims and lawsuits. Unfortunately, some of these professionals believe insurance is unnecessary until it is too late. Once a third-party claim is filed against you and your accident investigation firm, it is too late to obtain liability insurance.
Uninsured accident investigators facing negligence claims will be forced to pay out of pocket. They may be looking at a few thousand or millions of dollars, depending on the severity of the claim or lawsuit.
When it comes to liability insurance, you must ask yourself is it worth it. The correct answer is “yes”. Working as an uninsured accident investigator poses many risks. The biggest risks are a third-party negligence claim and lawsuit. Other risks include monetary loss, bankruptcy, and poor reputation. While liability insurance will do little to protect your reputation, it will cover most or all of an out of court settlement or monetary court judgment.
It may be possible to save your reputation with the help of liability insurance coverage. How is this possible? Just having access to the funds needed to cover an out of court settlement or court judgment will ease the plaintiff’s mind.
Covers Professional Negligence Claims
Accident investigators have a broad range of professional responsibilities, all of which are in-depth and time-consuming. Whether it is a house fire, a motor vehicle collision, or a non-vehicle accident turned fatal, the investigation is one of the most important parts of the entire process.
Accident investigation negligence claims can range from a distance calculation error to missing physical evidence to a documentation error. Unfortunately, all licensed accident investigators are prone to these risks, and many more, which is why liability coverage is important.
Errors & Omissions Coverage
Liability insurance is also referred to as Errors & Omissions (E&O) for licensed accident investigators. E&O is not included in commercial insurance policies. In fact, it is a separate professional insurance policy specifically designed to protect licensed accident investigators and other professionals.
Who Qualifies For Accident Investigator Liability Insurance
All licensed professionals and companies are eligible for liability insurance. ProfessionalsCoverage is only a phone call away. When you are ready to get liability insurance, we will be there to help. To start the process, you will need to complete an accident investigator liability insurance application. To move forward, submit the completed application to ProfessionalsCoverage. An agent will review your application and notify you to determine which liability coverage will be most suitable for your profession.
Not Covered Under Commercial Insurance
Accident investigator liability is not covered under commercial insurance policies. E&O is sold separately and can be combined with other insurance coverage types. It is also not included with a homeowner’s endorsement, business owner’s, or in-home business policies. Instead, E&O is what insurers describe as a “specialty” policy. It is specific for professionals, businesses, nonprofit organizations, contractors, and some public service providers.
How Much Does Accident Investigator Liability Insurance Cost
Like other insurance coverage types, accident investigator liability premiums vary from one professional or business to another. The premiums will also vary depending on the risk exposures. In this case, risk exposures can be anything from insufficient investigatory data collection to a poor investigation.
Victims of accidents are relying on you and other accident investigators to do their jobs. The slightest mishap could result in a poor investigation and a very low monetary payout for the victim.
Ask For A Free Accident Investigator Insurance Quote
The best and only way to determine how much your accident investigator coverage premiums will be is to request a free quote. ProfessionalsCoverage offers free quotes within 24 to 48 hours to all Canadians.
To request a free insurance quote, you will be required to answer a few simple questions and submit them to ProfessionalsCoverage. A licensed insurance agent will complete the quote within 48 hours of the initial request. In most cases, free quotes are returned to applicants prior to the deadline.
What Claims Are Covered Under An Accident Investigator Policy
Almost all negligence claims are covered under accident investigator policies. In order to qualify, the claim must be within the active policy period. For example, a client claiming an accident investigator failed to collect sufficient visual data from a motor vehicle accident files a claim. The accident investigator’s liability insurance policy was active at the time the claim was submitted to the insurer.
Since the claim was filed during the policy period, the insurer will approve and initiate an immediate investigation into the claim. In this case, the insurer is responsible for the investigation. Insurance companies are impartial to third-party claims to ensure a fair and just investigation.
One step to ensuring a third-party claim or lawsuit is covered under your accident investigator policy is to stay insured.
Are Third-Party Claims Submitted Prior To The Policy Period Covered?
No, only negligence claims filed during the policy period will be approved for further investigation. When claims are submitted prior to the coverage period will not be approved for investigation. If you are faced with a pre-policy negligence claim, it will not be covered under your accident investigator policy.
All unapproved negligence claims will become the accident investigator’s responsibility.
Does An Accident Investigator Policy Cover Criminal Convictions Or Lawsuits
Criminal convictions and lawsuits are not covered under accident investigator liability policies. If you are indicted on a criminal charge, your accident investigator insurance policy will not cover your litigation fees. Accident investigator coverage is not a crime insurance policy. Instead, it is a professional or business liability insurance policy.
Are Data Breach Claims And Lawsuits Covered Under Professional Liability?
No, basic professional liability policies do not cover data breach claims or lawsuits. Since most accident investigators rely on computer systems for data storage, documentation, and communication, data breaches are always a risk.
Cyber liability insurance will protect you and your accident investigation claim from monetary loss linked to data breach claims and lawsuits. Do not mistake accident investigator insurance as a protection against data breaches.
Are IT Issues Covered Under Professional Liability Policies?
No, claims associated with IT and other technical issues are not covered under the basic accident investigators insurance. Again, nearly all accident investigators rely on the Internet of Things to ensure accuracy, timely outcomes, and convenience on all levels. While IT is guaranteed to make your job easier, it does pose some level of security risk.
IT devices are wonderful but they are not always 100 percent secure from viruses. Hackers work around the clock, searching for vulnerable IT devices. If your IT device is discovered to be vulnerable, you could very well become a hacker’s next victim.
How To Customize A Liability Insurance Policy
To customize a liability policy specific for your accident investigation firm, knowing your risk exposures is a necessity. A ProfessionalsCoverage agent will gladly work with you to customize a liability policy that will meet or exceed your insurance needs.
Customized liability policies are far better than core liability policies, which only cover the basics. You can customize your policy to ensure full protection against negligence claims and lawsuits.
If your knowledge of liability insurance is only slight, you probably know being uncovered is everything for your Canadian accident investigation firm. Accident investigator is a tough job that requires diligence, patience, and time. It also requires liability insurance coverage. You can have all the right qualities and still be at risk of a mishap, which could result in a negligence claim or lawsuit.
ProfessionalsCoverage – You Can Count On Us
No professional or entity knows liability insurance like ProfessionalsCoverage agents. These experts have many years of combined insurance experience. When it is time to get covered, do not hesitate to reach out to these experts. Whether you just have a few questions about accident investigation coverage or need a free quote, you can always count on ProfessionalsCoverage.
Accident investigator Disability Insurance
You biggest asset in life is your earning ability. If you are unable to work, you will need to rely on either your savings or borrow money to sustain your lifestyle. When these unfortunate circumstances occur, dependents and spouses are also impacted financially and emotionally.
Disability insurance coverage will provide you a monthly income benefit, usually totaling 70% to 80% of your income, when you are unable to work for a period of time due to injury or illness.
Types of disability insurance
- Long-Term Disability Insurance (LTD)
- Short-Term Disability Insurance
- Key Person Disability Insurance
- Self Employed Disability Insurance
- Mortgage Disability Insurance
- Temporary Disability Insurance
- Supplemental Disability Insurance
Need coverage in effect? Compare the market!
FAQ before purchasing accident investigator liability insurance
- How much accident investigator professional liability insurance do I need?
- How do I get an accident investigator insurance policy?
- What does accident investigator professional liability insurance cover?
- What is the difference between claims made & occurrence form of coverage?
- When will I need to be insured as an accident investigator?
- What other professions need this type of insurance?
Other useful posts you should also read
- Canadian insurance companies that provide professional liability insurance for accident investigators
- How does the claims process work if I get sued because of my accident investigation services?
- What is the cost of accident investigator liability insurance?
- How do I apply for an accident investigator professional liability insurance policy?
- How do I qualify for coverage as an accident investigator?
- What is the purpose of getting insured as an accident investigator?
- How long will it take to get an insurance quote for my accident investigation business?