Types of Liability Insurance For Adoption Agencies
As someone who runs an adoption agency in Ontario, it is pertinent to work with an adoption agency PLI insurance company. You just never know what is going to go awry. The good news is that an adoption agency professional liability insurance provider will be able to help you get the insurance that you need within a matter of minutes. People who run adoption agencies are going to be put under a significant amount of pressure. You could easily make a mistake and it could come back to haunt you in the near future. By obtaining an adoption agency errors and omissions insurance policy, you will be able to minimize the risks to some degree.
Your goal is to help people adopt children as quickly as possible. Since you’re working rapidly, there is a possibility that something is going to go wrong. You could make a mistake along the way. This is why professional liability insurance for adoption agencies is so important. If something goes wrong because of your mistake, you’re going to be held liable. And of course, you’re going to be hit with a very big lawsuit. Getting professional liability insurance quotes for adoption agencies can help you figure out how much you’re going to be required to pay.
Of course, you need to understand the E&O insurance for adoption agencies may not cover all of the risks you may be exposed to. This is why you should mention every risk that you feel can potential cause you a loss one day to your broker when initially going through the process of applying for a policy.
Additional Coverage Options
When it comes down to it, adoption agencies E&O insurance can help. Nevertheless, this is not going to protect you from all potential risks. This is why you should consult with your team and decide whether or not additional insurance coverage may be necessary. Once you’ve acquired E&O insurance quotes for adoption agencies, you should consider other coverage options. Below, you’ll learn more about the other insurance coverages options that you should add to your policy.
If your E&O insurance isn’t enough to protect you, there is a good chance that your CGL insurance will. A CGL policy will be designed to protect you against liability claims for property damage and bodily injury as long as they occur from products, complete projects and advertising. As an adoption agency, the risks here are minimal. Nevertheless, you should still protect yourself with a sufficient amount of insurance. Obtaining at least $100,000 per claim is recommended. $1,000,000 per year should be okay.
CGL Insurance Recommended Limits – $1,000,000 Per Claim / $2,000,000 aggregate
When it comes down to it, pretty much every single business in Ontario is going to need some degree of cyber insurance. You have no idea what could happen in the future. Cyber criminals are constantly on the prowl and they’re working diligently to find people to prey on. If you do not protect your adoption agency, there is a good chance that you’re going to be hacked at some point or another. That could lead to significant losses. With this in mind, you should not hesitate to get cyber insurance. To ensure that you are protected to the fullest, you’ll want at least $50,000 dollars per claim and $100,000 aggregate. If you work with far more clients, you may need more coverage.
Cyber Insurance Recommended Limits – $50,000 Per Claim / $100,000 Aggregate
Employee Dishonesty Coverage
At the end of the day, you just never know what your employees are going to do. Despite training them significantly and thoroughly, there is still a possibility that your employees are going to do something wrong. With this in mind, you should protect yourself. Do not hesitate to get employee dishonesty coverage. It could prove to be immensely beneficial in the long run. If you have a lot of employees, you’re going to need far more coverage. Try to obtain at least $100,000 per claim and $1,000,000 per year. If you have a larger staff, more coverage is recommended.
Employee Dishonesty Coverage Recommended Limits – $100,000 Per Claim / $1,000,000 Aggregate
The costs of insurance can be expensive. One of the main reasons why we purchase insurance is to make sure if we get in financial trouble, it does not cost our own pocket.
So saying that, just make sure that you’re aware of the costs before moving forward. Below, you’ll learn about the average costs.
- Professional Liability Insurance – $600/Year
- Commercial General Liability Insurance – $800/Year
- Cyber Liability – $50/Year
- Employee Dishonesty Insurance – $100/Year
Other professions we also provide insurance for: