April Canada has launched a new insurance product for professionals. The
professional liability package is targeted at “business orientated” occupancies such as travel agents, event planners, contractors, consultants, property managers and so on.
It compliments a similar commercial lines product launched recently for financial service institutions like mortgage brokers, investment companies and venture capital firms, which highlighted a greater need for the Managing General Agent (MGA) to offer specialized professional liability coverage.
These products come at a time when the focus of
insurance brokers in Canada is slowly shifting from personal to commercial lines – a trend driven by increasing competition from direct-to-consumer models and online insurtech tools.
“A lot of brokers we work with are rural or smaller in size, and they might only have one or two professional accounts to deal with, and so we do our best to assist them with placing that business,” said Kent Pitkin, VP Ontario and commercial lines director, April Canada.
“What we’re seeing in the marketplace is that lots of brokers are shifting from personal lines into the commercial lines space. At April we like to be able to offer some expertise and knowledge around commercial lines products in order to help brokers make the transition.”
The new package can meet licensed professionals’ specific needs both as an individual coverage or as a package policy, including E&O, CGL, D&O, legal expense and
cyber coverage. It has limits available from $250,000 up to $10,000,000, with a minimum deductible of $1,000 and minimum premiums starting at $750.
“More and more brokers are coming to us with someone who wants to learn commercial lines,” Pitkin added. “We can assist them in being a sounding board for them when they have questions about specific accounts, and we can advise them about the right coverage and where to find it.”
This is only the start of the
APRIL Canada’s professional liability suite. The MGA will be launching a medical malpractice product in the next couple of months, which will be a complimentary offer for alternative medicine professionals, medical professionals, as well as standard spa and healthcare related occupations.
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