Professional Services

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Professionals are committed to providing their clients with accurate and high quality service. Whether you are an architect, engineer, lawyer, accountant, management consultant, we can provide you with strategic advice for your insurance and risk management needs. In this highly skilled, detail-oriented industry, professionals are expected to provide quality services that are free of errors or omissions. Despite your expertise, knowledge and best intentions, the reality is that not all projects are error-free, and eventually a mistake or misjudgment is bound to occur. Even the smallest error can have serious consequences. If a client believes damages are due to a mistake on your part, he or she can sue your company. It is important to protect yourself against this potentially devastating liability. Though you may specialize in certain areas, you likely handle a variety of projects and services, and you’ll want your policy to reflect that.

In order to protect you and your firms from a number of exposures, contact Foster Park as we understand these unique concerns and offer tailored products and services to dozens of types of small, medium and large professional service firms.

Essential Services

Business Interruption

Just one brief business interruption can be incredibly costly for an organization, often leading to loss of revenue, key employees, or long-term closures. That’s where business interruption insurance can help.

Commercial Automobile

Auto insurance provides coverage to drivers in the event of an accident that results in damaged property and/or injuries. Mandatory insurance in all provinces includes liability insurance and accident benefits. Drivers may also purchase optional insurance coverage, which includes physical damage to your vehicle.

Commercial General Liability (CGL)

One of the best ways to effectively protect your business is to carry adequate Commercial General Liability Insurance coverage.  This coverage mitigates your companies financial exposure to bodily injury and property damage claims so you can continue running your business with peace of mind.

Commercial Property

This insurance provides protection for physical assets such as buildings and their contents, equipment and inventory, and property in transit.  Commercial property insurance doesn’t only protect the building you use, but a long list of things inside including equipment, inventory, furniture, computers and other electronics. It can also provide protection for things outside of the building including outdoor signs, fencing and landscaping such as gardens, trees and shrubs.

Contractors Equipment

This form of insurance protects your equipment when on the job site or when it is being transported. A key to this coverage is a firm understanding of the equipment valuation. 

Crime

The reality is that nearly every business can become a victim of crime. Thieves (regrettably even your employees) do not need direct access to cash to steal from you—merchandise, supplies and securities are all fair game. While standard commercial insurance policies may provide some protection from criminal acts, they often do not cover losses resulting from fraudulent activities. Crime insurance was developed to deal with the limitations of other policies and extend protection to include coverage for a wide variety of wrongdoing.

Cyber Liability

The continued rise in the amount of information stored and transferred electronically has resulted in a remarkable increase in the potential exposures facing businesses. In an age where a stolen laptop or data breach can instantly compromise the personal data of thousands of customers, protecting your business from cyber liability is just as important as some of the more traditional exposures businesses account for in their commercial general liability policies.

Directors and Officers Liability

As a member of a board, you are personally liable for executive decisions and actions. From fiduciary responsibilities to employment practices and human rights complaints, D&O insurance protects against the financial consequences of alleged and wrongful acts.

Equipment Breakdown

A standard property insurance policy will not cover you in the event of a loss causing damage to mechanical, electrical, and production equipment. Equipment Breakdown coverage fills this gap by providing coverage for the equipment as well as potential business interruption losses.

Legal Defence

Legal disputes can disrupt any business, large or small, and the subsequent legal expenses can be crippling.  While Commercial General Liability, Directors & Officers, Errors & Omissions  and Employment Practices liability generally cover some legal expenses, Canadian businesses are turning to legal expense insurance for added protection.  This an insurance product designed to enable businesses to defend or pursue legal action against a third party, while limiting their financial exposure.  Under this form of coverage, policyholders pay an annual premium in exchange for legal advice, information, assistance and representation in certain defined situations, according to the terms of the policy.

Marine & Aviation

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Medical Malpractice

Often attributed as one of the causes of the ever-increasing cost of health care, medical malpractice claims are a common, and costly, risk faced by health care providers.

Medical Malpractice insurance is a type of professional indemnity insurance for healthcare professionals that protects them from claims of misdiagnosis, negligence, or harm.

These claims can come from a patient, someone undergoing treatment or a person in care, but with the rise of claims experts and solicitors targeting the medical industry, it is more important than ever for the healthcare industry to make sure it is protected against any potential claims made against any errors or omissions they may have caused.

Pollution Liability

No matter what industry you work in, your business faces environmental and pollution risks stemming from operations. To protect against these risks, companies are increasingly turning to pollution liability insurance.   Virtually every CGL policy contains a pollution liability exclusion. It is imperative that a business understands the scope of pollution liability coverage under its CGL policy, the availability of limited pollution liability endorsements and the existence of broad form pollution liability policies, if needed.

UAV / Drone

Drones are being used in many unique situations such as surveying lands, aerial photography, and in film. Businesses utilizing this fairly inexpensive tool need to consider their potential physical losses carefully. With drones, it’s often the loss of the payload—not the aircraft itself—that can be the most costly. For example, the cameras used on drones get expensive. Because of the increasing affordability of drones, the payload often has a higher intrinsic value than the aircraft itself. Additionally, cameras and other payloads are usually slung below the aircraft, meaning that in the event of a hard or emergency landing, damage to the payload is almost certain.

Umbrella / Excess Liability

Excess Liability Insurance (ELI), more commonly known as Umbrella Insurance, is one of the most important types of insurance your company can buy. It protects your business from holes or limits in existing policy coverage as well as from financially draining lawsuits. Just as you carry an umbrella to protect you from a potential downpour, ELI protects your company from the types of claims that could close your business.  Businesses choose this form of coverage to back up the limits contained in their underlying liability policies (commercial general liability, business auto, employer liability, and professional liability.) For the most part, it is used to cover exceptionally large events or losses with low probabilities of occurrence. Without this coverage, these events – as few and far between as they may be – would be financially devastating to many companies.