Canada is home to some of the best companies in the world. These companies go above and beyond to distinguish themselves from their competition. In addition to this, they pride themselves on protecting their customers and employees. Many people fail to realize that the workplace can be a very dangerous place. Workplace injuries in Canada are very common. A recent report determining that more than 1,000 Canadian workers died of work-related causes in 2018.
Suffice to say, Canadian employers need to do more to protect their employees. This is why many Canadian companies are employing health safety consultants. As a health and safety consultant, you’re making the workplace safer. Your job is rewarding and you’re likely saving lives. You need to learn about protecting your business with health safety consultant insurance.
What Is Health Safety Consultant Insurance?
Health safety consultant insurance is sometimes called errors and omissions insurance or professional liability insurance. This unique type of insurance focuses on protecting the company from professional liability lawsuits. It offers protection when the company is accused of negligent acts and making errors. Lawsuits can be devastating for even the wealthiest Canadian companies. If your company is struggling now, a lawsuit will likely bankrupt it. You can avoid an untimely bankruptcy by acquiring health safety consultant insurance.
The Benefits Of Health Safety Consultant Insurance
When it comes down to it, your business will benefit greatly from health safety consultant insurance. The insurance is designed to protect your company from day one. It helps you deal with lawsuits associated with professional liability issues. If you’ve failed to provide the health and safety report on time, you might get sued. If you failed to disclose an important fact, you might get sued. If you missed something and your client lost money as a result, you’ll likely get sued. Professional liability insurance will protect you from these lawsuits.
In addition to this, health safety consultant insurance will give you more peace of mind. You’ll finally be able to focus on providing your clients with the most reliable services. You won’t be held back by your concerns. You’ll also legitimize your company in the eyes of your customers when you sign up for insurance.
What Are The Risks Of Not Having Health Safety Consultant Insurance?
Failing to acquire sufficient health safety consultant insurance could be devastating. Your business is doing well right now but it only takes one mistake for a client to sue you. You cannot afford to gamble with the future of your business. You need to obtain consultant insurance so you can keep your company afloat for many years to come. If a lawsuit is filed and you don’t have professional liability insurance, you’ll need to pay out of pocket for an attorney. Legal counsel could cost as much as $100 an hour. In addition to this, you’ll have to pay the court costs.
Finally, you need to worry about the settlement. Even if the lawsuit is dropped, you’ll likely spend thousands. Can you do this without severely impacting your business? Health safety consultant insurance covers these costs so you don’t need to use your revenue.
What Will Health Safety Consultant Insurance Pay?
You’re likely wondering what you’ll get by paying for health safety consultant insurance. Will the premium costs pay off in the long run? Ultimately, health safety consultant insurance offers numerous advantages. The costs associated with a lawsuit can be immense. Businesses that are facing financial turmoil may not survive a lawsuit. To ensure that your company lives to serve more Canadian customers, you need health safety consultant insurance.
Once you’ve bought professional liability insurance, you won’t need to worry about paying out of pocket to hire lawyers and expert witnesses. Your insurance will also cover court fees, administrative expenses, settlements, and judgments. Getting the right insurance is the best way to deal with future professional liability lawsuits.
Other Coverages For Health Safety Consultants
Professional liability insurance is a must. You cannot serve the public until you’ve protected your company’s future. However, any professional insurance agent will tell you that professional liability insurance isn’t enough on its own. This insurance must be combined with others to fully protect your health and safety consultancy. For instance, you’re going to need a policy with general liability insurance. GLI will help cover the costs of property damage, personal injury, and advertising injury claims. If someone gets hurt at your office, general liability insurance will take care of it.
Don’t forget to ask your agent about business contents insurance, cyber insurance, and business interruption insurance. All of these coverage options are important since they give you more protection and greater peace of mind. Business contents insurance helps replace stolen or damaged equipment. Cyber insurance allows you to deal with the aftermath of a cyber breach while supporting your impacted clients.
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 liability insurance
- How much professional liability insurance do I need?
- How do I get a liability insurance policy?
- What does professional liability insurance cover?
- What is the difference between claims made & occurrence form of coverage?
- When will I need to be insured?
- What other professions need this type of insurance?
Other useful posts you should also read
- Canadian insurance companies that provide professional liability insurance
- How does the claims process work if I get sued because of my professional services?
- What is the cost of professional liability insurance?
- How do I apply for a professional liability insurance policy?
- How do I qualify for coverage as a professional service provider?
- What is the purpose of getting insured as a professional?
- How long will it take to get an insurance quote for my business?
