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While the later half of the 20th century may have only viewed professionals as doctors, engineers, lawyers and architects, that list has grown today to include other professions such as:

  • Nurses

  • Accountants

  • Educators

  • Scientists

  • Technology experts

  • Social workers

  • Artists

Important to note isn’t just what employees are considered professionals, but what all these professionals have in common:

  1. All provide personal service on an independent contractor basis

  2. All can be sued for a variety of things that could cause overwhelming financial hardship

With the exception perhaps of artists, all of these professions can be office-based and are usually formed as a limited liability corporation (LLC).  An LLC lets the owner(s) enjoy the tax benefits of being self employed with the legal protection afforded normal corporations.

For most professions, an excess liability policy (frequently called a business umbrella policy) is likely a good idea.

Benefits of a Business Umbrella Policy

An umbrella liability policy extends the limits of basic business insurance that is normally:

  • General liability

  • Automobile liability

  • Employee’s liability (the company liability covered by workers’ compensation)

The base coverage is increased in increments of $1 million.

What is Covered

  • Lawsuits

  • Legal fees

  • Settlements out of court

  • Court ordered awards

Excluded from Coverage

  • Professional liability

  • Errors and omissions

  • Employment practices

While many business owners think that their general business liability offers enough protection with the limits of their standard business policies, they could be wrong. Contact an agent at Heritage Insurance today for your Regina Business Insurance tips.

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