Professional Liability Insurance
Policy Term July 1 - June 30
|Professional Liability Insurance Rates
|$1,000,000 per claim / $1,000,000 aggregate
|$2,000,000 per claim / $2,000,000 aggregate
|$2,000,000 per claim / $4,000,000 aggregate
|$3,000,000 per claim / $3,000,000 aggregate
|$4,000,000 per claim / $4,000,000 aggregate
|$5,000,000 per claim / $5,000,000 aggregate
Applications submitted mid-term will be subject to a discount as follows:
- November 30 to March 31: 25% discount
- April 1 to June 30: 50% discount
* Student insurance rates are exempt from pro-rated discounts.
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.
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