Professional Liability/Malpractice Insurance FAQs
Professional Liability Insurance
Q: Why should this coverage be purchased?
- Allegations of professional misconduct should be investigated and handled by specialized legal experts that employers either do not have access to or are not in a position to provide for their staff.
- Professional advice given outside the place of employment may not be covered by the employer's liability insurance program.
- The scope of coverage and the limit of liability of the employer's liability insurance program is highly variable.
- Independent professionals (those that are self-employed) are not covered by an organization's corporate liability insurance and must secure their own coverage.
- Legal costs incurred in the successful defence of a criminal action are generally not recoverable from the employer.
Q: What are the coverage highlights of Trisura's Professional Liability Insurance program?
- There is a broad definition of “Professional Services” to provide coverage for services usual to a pharmacist, such as opinions, advice, consulting, medication counseling, prescribing authority, task force and committee activities, public speaking, the development of position papers, community practice.
- There is a broad definition of “Insured” to include any present or former employees of the insured member, as well as students and interns acting under the direct supervision of an insured member.
- Prior acts are covered and the policy is on a “claims-made” basis.
- The policy includes reimbursement for legal expenses incurred while under a disciplinary investigation by a professional body regulating your profession, up to $150,000 each policy period.
- The policy includes reimbursement for legal expenses incurred in the successful defence of a criminal proceeding.
- There is Extended Reporting Period coverage available for up to five (5) years for claims made after retirement or in the event of non-renewal, for professional services rendered prior to retirement or non-renewal. The additional premium schedule is:
1 Year – 150% of your most recent annual premium
2 Years – 175% of your most recent annual premium
3 Years – 200% of your most recent annual premium
5 Years – 250% of your most recent annual premium
Commercial General Liability Insurance
Q: Who needs this coverage?
- Members who are independent contractors (i.e. a self-employed individual)
- Members who lease office space
- Members who visit patient sites
- Members who conduct educational / training seminars
- Members who write articles in publications
Q: What are the coverage highlights of Trisura's Commercial General Liability Insurance program?
- Coverage is provided for bodily injury and property damage suffered by others arising out of a member's “non-professional” activities.
- There is coverage for personal injury and advertising injury liability.
- Tenants Legal Liability provides coverage for property damage for which the member is responsible, to property that is owned by the member's landlord.
- Limits of Insurance of $1,000,000 to $5,000,000 may be purchased.
Q: How long does it take to process the insurance application?
- Once you've completed the on-line application and your credit card payment is approved, coverage is immediate and is effective the date that the on-line application is signed and dated.
Q: When will I receive confirmation of coverage?
- Confirmation is immediate. You can print out a copy of your Certificate of Insurance right away. A copy of your coverage certificate and receipt will also be sent to you by email.
Q: I did not receive my coverage receipt and certificate by email. How do I obtain another copy?
- Please login to your Trisura account to obtain a copy of your coverage certificate and receipt. Your account will also have a copy of last year’s coverage certificate and receipt as well.
Q: What is the policy term?
- The policy term is from July 1st to June 30th. Applications submitted mid term will be subject to a quarterly discount as follows:
- November 30 to March 31 where a discount of 25% will apply; and
- April 1 to June 30 where a discount of 50% will apply.
Q: If I purchase a policy but move to another province mid term, will my policy still be valid?
- Yes, as long as you are still working in the hospital environment. If you are working in a hospital/community practice, your hospital practice must still account for 70% or more of your earnings, and your community practice must still account for 30% or less of your earnings. You must also login to your Trisura account to update your contact information.
Q: If I cancel my policy mid-term, am I entitled to a refund?
- No, all premiums are considered fully earned. This means that there are no refunds for cancelled policies.
Q: Are the insurance premiums taxable?
- Provincial sales tax may apply, depending on your province of residence (e.g. Ontario insurance premiums are subject to 8% P.S.T. and Quebec residents are subject to 9%).
Q: Who is Benson Kearley IFG?
- Benson Kearley IFG is a multi-line insurance brokerage based in Newmarket, Ontario. Their specializations include professional liability for healthcare and other professional disciplines.
Q: Who is the insurer?
- Trisura Guarantee Insurance Company is a Canadian-based insurance company that specializes in professional liability and other corporate risk products.
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