I think my employer offers robust coverage. What risks could I be facing?

Well, let’s think again. A lot of times, there are several scenarios where even the most solid employer-provided policies might leave you in a difficult position. Here’s how:

1. Shared Limits

Employer insurance policies often come with shared limits, meaning the coverage is divided among all employees. Imagine several colleagues facing a big lawsuit that goes over the policy’s limit—each person’s share might not be enough to cover legal costs, leaving you on the hook. It’s like sharing a pizza— when everyone takes a slice, there’s less for you.

2. Legal Representation

Employer insurance usually shares legal resources among all employees. This can lead to conflicts of interest and a lack of personalized support. In legal matters, having dedicated legal counsel who puts your interests first is crucial. But, employer-provided resources may prioritize the company’s interests or are spread too thin, impacting the quality of your defence. This can seriously affect the outcome of legal disputes, leaving you vulnerable to decisions or settlements that don’t fully protect your professional reputation and financial well-being.

3. Policy Lapses

One of the biggest risks with employer-provided insurance is that the policy can lapse or be cancelled without your knowledge. Imagine relying on coverage that suddenly disappears when you need it most. This can happen if your employer forgets to renew the policy, faces financial difficulties, or decides to change providers. The result? You’re left unprotected and scrambling for alternatives.

4. Scope of Employment

Employer policies typically only cover incidents that occur within the scope of your employment. But what if you’re volunteering at a community event or doing freelance work on the side? These activities fall outside your primary job role and are often not covered by your employer’s insurance. For instance, an accountant who volunteers to manage finances for a local charity may not be protected under their employer’s policy if a legal issue arises.

5. Regulatory Complaints for those in Regulated professions

Employer policies usually don’t cover legal costs associated with complaints to regulatory bodies. If a regulatory body questions your professional conduct or if you face allegations of wrongdoing, you might have to bear the legal expenses yourself, which could be expensive and stressful.

Plus, if you’re in a regulated profession, the rules for Professional Liability insurance can be pretty specific. Relying on your employer’s policy might not meet the standards you need to keep your license, which could lead to serious consequences like suspension, fines, and other penalties.

What can I do in this scenario?

When a strong gust of wind turns your employer’s insurance umbrella inside out, you don’t want to be left soaking wet. It’s natural to feel overwhelmed and uncertain about what to do next.

But here’s the good news: insurance is here to help, and you have options. You can take control with an individual insurance policy that will make all the difference in protecting your career. Unlike employer-provided plans, your own Professional Liability Insurance can fill those gaps and can offer solid, personalized coverage that’s designed for your needs.

Here’s how having your own insurance can benefit you:

Comprehensive Coverage

Whether you’re volunteering at a community event or doing freelance work, independent insurance makes sure you’re protected in these situations and more, including regulatory complaints and incidents outside of work.

Flexible Coverage Options

You can choose the coverage limits that suit your needs, so you’re not underinsured. The full limit applies solely to you.

Consistency Across Jobs

If you switch jobs or move to a different province, independent insurance continues to cover you. You don’t have to worry about gaps or being unprotected during transitions—your coverage stays with you.

Security

Whether you’re changing jobs or starting your own business, you can work with your provider to cover both past and future work, ensuring continuous protection.

Coverage Anywhere

You’re covered no matter where you are—on the job, giving private instruction, or even while on vacation. Your insurance will follow you.

Option to Add Additional Insureds

If you offer advice or training outside of work and have an assistant, you can add them to your policy too.

Dedicated Legal Support

Instead of sharing an overwhelmed legal team with everyone at your company, you’ll get funds to access a dedicated lawyer who’s focused on your case. Plus, your policy can connect you with specialized counsel who knows the ins and outs of your industry, rather than a general counsel who can’t provide tailored advice. Personalized defence can make a BIG difference in the outcome.

Investing in your own Professional Liability Insurance ensures peace of mind, providing solid protection for your career whenever unexpected challenges arise.

Okay, I hear you. But how do I find coverage that fills the gaps in my employer’s policies?

Finding the right independent insurance needs careful consideration and the right partner. Here are some steps you can consider taking:

• Evaluate Customizable Plans: Choose plans that you can tailor to your needs. Whether you need extra coverage for specific professional activities or higher limits for peace of mind, customizable insurance plans ensure you get what you need without paying for unnecessary extras.
• Ensure Continued Protection: Look for a policy that offers continuous protection, regardless of job changes or additional professional activities.
• Work With an Insurance Broker: A licensed broker like PROLINK can help you navigate the complexities of insurance coverages, helping you find a policy that suits your specific needs.

At PROLINK, we specialize in providing insurance solutions tailored to professionals like you. Our pooled approach allows us to offer competitive group pricing, making comprehensive coverage affordable without compromising on quality. Plus, we also work closely with associations to understand the unique needs of their members, ensuring that our plans are customizable to fit your specific requirements.