When a loved one passes, your client will be dealing with one of the most difficult problems in their life. They’ll likely have to go through the probate process so they can receive the will of their deceased loved one. Offering probate services can be emotional but rewarding. While you’ll face numerous hurdles along the way, you’ll be helping your clients obtain their inheritances. You may help the deceased improve their loved one’s lives for the better. As a probate service provider, you have to set time aside to worry about yourself and your business.
You’ll want to continue serving Canadians for many years to come but that will be impossible if your business is bankrupt. The probate laws in Canada vary from one province to another. Therefore, you need to specialize in the laws in your province. In case of problems, you’ll want to secure your company’s future with probate services insurance.
What Is Probate Services Insurance?
Canada’s lawyers are staying busy as consumers and businesses find more and more reasons to file lawsuits. It isn’t unfathomable to think that your business will end up on the wrong side of a professional liability lawsuit in the near future. Probate services insurance will back you up when you’re sued by an angry client. Probate services insurance is also known as professional liability insurance and errors and omissions insurance.
As the names imply, this insurance protects companies from professional liability issues, such as errors and omissions. It is not general liability insurance that covers personal injury and property damage.
What Is Covered By Probate Services Insurance?
In Canada, it is common for businesses to be sued by their clients. Despite doing your best to fulfill the wishes laid out in the will, something may go wrong. Canadian businesses can be sued for many reasons, including discrimination, neglect, false advertising, and personal injury. In Ontario, the province wanted to sue tobacco companies for the healthcare costs caused by cigarettes. Your business is different but you face many risks as well. Probate services insurance can cover some of your risks but not all of them.
Once you’ve obtained probate services insurance, your company will be defended from lawsuits associated with professional liability issues. Whether you’re sued for neglect, error, or oversight, this insurance has you covered. You can use the insurance to assemble a top-notch defense team and hire expert witnesses to testify for you.
What Is Paid By Probate Services Insurance?
Probate services insurance protects your business from professional liability lawsuits. With that being said, it will pay for many lawsuit-related expenses. When facing a professional liability lawsuit, you’ll have many expenses to worry about. For instance, you’ll need to pay your attorneys. You’ll also have to worry about the court fees which will include a court reporter fee, filing fee, and administrative fee. Having probate services insurance is the best way to cover these costs. You can use this insurance to pay for them without using your company’s money.
While you’ll pay a premium, the insurance company’s assistance during the lawsuit will be worth it. You’ll also appreciate the fact that this insurance will help you pay any settlements or court judgments that come with the lawsuit.
Limits & Probate Services Insurance
Probate services insurance is a must for any firm offering probate services. With this insurance, you’ll be able to minimize the impact of a professional liability lawsuit. Nevertheless, you need to study your policy and make sure you have enough insurance to cover the risks. Probate services insurance is not limited. It comes with two limits and they could impact your ability to defend yourself. This insurance has an aggregate limit and a per occurrence limit. The aggregate limit covers the insurance’s policy period. The insurance will pay the aggregate amount for all claims during this time.
The per occurrence limit determines how much can be used on one claim. You’ll want to work with an insurance agent so you can customize the policy to match your company’s risks and budget.
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
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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?