Tour guides are generally in high demand in Canada. Due to the coronavirus pandemic, Canadian tourism has slowed to a crawl in many popular tourist areas. The COVID impact is expected to be temporary. While consumers are waiting for peak season to kick off, tour guides are looking for ways to help minimize their exposure risks.
These professionals play a major role in Canada’s tourism industry. Some work independently while others are employed with museums, amusement parks, historical entities, and tourist companies.
Being a tour guide is a rewarding career. You get to meet people from all walks of life. There is so much more to being a tour guide than just greeting, touring, and selling tickets. When you are not performing these tasks, you are preparing for upcoming tours, creating new tour routes, and keeping customers informed.
If you are a tour guide for a tourist company, museum, or government entity, you are probably insured against some exposure risks. However, most Canadian employers do not offer their employees enough coverage to ensure 100 percent risk protection. If this sounds like your situation, you should consider obtaining a liability policy. What is a liability insurance policy ? How can liability protect me from the most common tour guide exposure risks? Find the answer to these questions and much more in the content provided below.
Tour Guide Professional Liability Insurance
Professional Liability Insurance (PLI) is specifically designed to protect professionals, such as tour guides, from financial damage related to negligence claims and lawsuits. Even if you love your job, you are surrounded by risks that could turn your career upside down.
PLI, also known as Errors & Omissions (E&O), covers professional negligence claims. Depending on the cover amount, the policy may offer 100 percent protection against negligence. However, this is rarely the case because most Canadian professionals opt for core PLI policies.
While a core PLI policy is better than being uninsured, some professionals need more coverage. This is especially true for those with a lot of risk exposures.
All tour guides share many of the same risks, including development, brand, reputational, market, weather, illness, bodily injury, and financial. When you are a professional working in a high-risk industry, such as tourism, you must always be concerned about your financial well-being.
Opting for a custom PLI policy will offer a broader range of coverage compared to the basic PLI policy.
Custom Tour Guide PLI
It cannot be stressed enough, the importance of professional liability insurance. As previously mentioned, there are two main PLI policies. These include core and custom. Core PLI provides basic negligence coverage. A custom PLI policy, on the other hand, offers more protection because it is composed of various coverage types, which will vary from one professional to another.
When you opt to customize your liability policy, you have the option of adding and removing insurance coverage at will. It is recommended to combine several liability policies into a single policy. For example, you can combine general liability with professional liability into a single policy. When most people think of liability insurance, these two policies almost always come to mind.
You also have the option of combining general liability with employer liability or business liability if you are the owner of a tour guide business.
How Difficult Is PLI Enrollment
PLI enrollment is a simple process that begins with an application and ends with a denial or approval letter. Most professionals qualify for PLI coverage because the requirements are fairly basic.
Even professionals working in high-risk industries can be approved for PLI coverage. The only downside to this is potentially higher premiums. If you have any questions about high-risk insurance, please feel free to reach out to ProfessionalsCoverage, a Canadian liability insurance specialist.
Disability Insurance
You biggest asset in life is your earning ability. If you are unable to work, you will need to rely on either your savings or borrow money to sustain your lifestyle. When these unfortunate circumstances occur, dependents and spouses are also impacted financially and emotionally.
Disability insurance coverage will provide you a monthly income benefit, usually totaling 70% to 80% of your income, when you are unable to work for a period of time due to injury or illness.
Types of disability insurance
- Long-Term Disability Insurance (LTD)
- Short-Term Disability Insurance
- Key Person Disability Insurance
- Self Employed Disability Insurance
- Mortgage Disability Insurance
- Temporary Disability Insurance
- Supplemental Disability Insurance
Need coverage in effect? Compare the market!
FAQ before purchasing liability insurance
- How much professional liability insurance do I need?
- How do I get a liability insurance policy?
- What does professional liability insurance cover?
- What is the difference between claims made & occurrence form of coverage?
- When will I need to be insured?
- What other professions need this type of insurance?
Other useful posts you should also read
- Canadian insurance companies that provide professional liability insurance
- How does the claims process work if I get sued because of my professional services?
- What is the cost of professional liability insurance?
- How do I apply for a professional liability insurance policy?
- How do I qualify for coverage as a professional service provider?
- What is the purpose of getting insured as a professional?
- How long will it take to get an insurance quote for my business?