Professional Practice & Freelance Professional Insurance with LMBF

Professionals, whether you’re an architect, an engineer, or even an account, all face a number of unique liabilities. Professionals offer services and advice to clients and deal with sensitive private information daily. No matter the professionalism of your enterprise, mistakes can happen. Should a client perceive you to have made an error or judged you to have failed to meet the standards of a promised service, you could very well face a lawsuit that might put your firm out hundreds of thousands of dollars. Enter professional practice insurance with LMBF. We offer unique professional insurance solutions to help cover your enterprise easier.

What Professional Practice Insurance Covers



All businesses need commercial general liability insurance, but professional businesses are a breed apart. These businesses may be required to carry professional liability insurance by hiring bodies. Professional liability, or E&O, protects professional enterprises from claims and allegations of negligence.

Property Insurance

Property Insurance

Your commercial property, whether owned or leased, needs protection against the elements. Fire damage, wind damage, and damages due to theft and vandalism are generally all covered under your standard commercial property insurance policy. Your contents and building assets, such as your furniture and equipment, may also have protection.



Should your business be forced to close its doors temporarily while repairs are being completed, business interruption insurance can cover ongoing costs - such as rent, bills, employee payroll, etc. This coverage may be available as an option to include with your professional practice insurance package.

  What professional insurance covers
  • Commercial property
  • Commercial liability
  • Errors and omissions
  • Equipment breakdown
  What professional insurance excludes
  • Undocumented income
  • Criminal activities
  • Gradual wear and tear
  • Intentional actions

What is professional practice insurance?

Professional practice insurance is an insurance package designed for a wide range of professional enterprises, from small single professional enterprises working out of home offices to multidisciplinary companies that generate millions of dollars of revenue every year. Large or small, professional enterprises need insurance to protect their bottom line from physical damages to claims and allegations of errors or negligence.

Types of Professional Insurance Products

Whether an individual enterprise with a single practitioner to a multinational firm with thousands of professionals, professional insurance is a necessity to ensure your business can thrive. It helps to have a base understanding of your company’s commercial policy in order to expedite the process should you ever have to make a claim. That being said, professional practice insurance can be confusing. See below for some examples of professional insurance coverage options or discuss with LMBF’s professional insurance brokers today about your policy.
Property Insurance

Commercial property

  • Physical property
  • Stored belongings
  • Contents
More info
Professional Liability Insurance

Professional liability

  • Negligence
  • Misinformation
  • Omissions
More info
Commercial Auto Insurance

Commercial auto insurance

  • Collision
  • Comprehensive
  • Liability
More info
Business Interruption Insurance

Business interruption

  • Ongoing wages
  • Employee payroll
  • Bills
  • Rent
More info
Commercial General Liability Insurance

Commercial general liability

  • Bodily injury
  • Advertising injury
  • Property damage
More info
Cyber Insurance

Cyber liability

  • Data breach
  • Restoration costs
  • Liability
More info
Umbrella Insurance

Umbrella insurance

  • Extended liability
  • Advertising injury
  • Bodily injury
  • Property damage
More info
Equipment Breakdown Coverage

Equipment breakdown

  • Unexpected breakdown
  • Machinery
  • Boilers
More info
Directors and Officers Liability Insurance

Directors and officers liability insurance

  • Lawsuit expenses
  • Settlement fees
  • Defense costs
More info
Warehousemans Legal Liability

Workers’ compensation

  • Healthcare costs
  • Treatment
  • Medical bills
More info
Crime Insurance

Crime insurance

  • Fraud
  • Dishonest actions
  • Reputational injury
More info
Risk Management

Risk management

  • Strategies
  • Risk reduction
  • Mitigation
More info

Our Professional Insurance Partners

LMBF is confident in its abilities to serve you better and help you find professional practice insurance tailored to your unique enterprise. Thanks to our partnerships and continued collaboration with some of the top professional insurance carriers in Canada, we are confident in helping professional enterprises acquire free quotes and can ensure a program that covers all corners for businesses that need it. You can start today and see how affordable coverage can be with a free professional practice insurance quote.

Get an Instant Quote

Want to Get Started on Your Professional Practice Insurance? Start with a Professional Insurance Quote.

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Professional Practice Insurance: FAQs

A: While exact coverage may vary by provider and policy, professional practice insurance is designed to cover professionals who offer advice or services (like accountants, lawyers, etc.) from claims resulting in financial loss, errors and failure to offer services at the promised level, and professional negligence.

A: Many professionals require professional indemnity insurance to operate, as many hiring bodies will require proof of insurance before any work can be done. However, in the event that it is not mandatory, it is still highly recommended that professionals carry professional insurance as a lawsuit due to an error or negligence can very well put your business out thousands or hundreds of thousands’ of dollars without professional insurance.

A: The cost of professional insurance varies by profession, service offered, business size/commercial property, years of experience, insurance history, size of staff team, and more. You may not be paying the same premiums as another consultant within your network. If you are concerned about budget, discuss saving options with LMBF’s professional insurance brokers.

A: The amount of coverage you require largely depends on your business. Your coverage may look very different than the next over lawyer firm that operates out of a large commercial property with hundreds of lawyers than your own home-based office where you are the only professional. LMBF can help you find uniquely tailored professional insurance for your enterprise.

A: Professionals are workers or enterprises that offer a professional service or advice. That includes appraisers, lawyers, accountants, engineers, architects, and so on. These businesses face a unique risk due to the sensitive nature of the advice they provide, the private information they deal with, and the potential financial losses that may come of a professional’s negligence or error.

A: Architects, at their core, deal with high expectations, short deadlines, and are expected to plan, design, and even oversee the construction of buildings - residential, commercial, government, and otherwise. The risks that architects face are about as varied as the profession itself. Architects may be required by their hiring body to carry professional indemnity insurance. Even if it is not a requirement, it is highly recommended as a crucial form of protection.