Errors & Omissions
Professional liability insurance should be at the centre of your effective risk management strategy. As categories of professionals and consultants evolve and emerge, Errors and Omissions (E&O) coverage has become more specialized. We can ensure that you have the right E&O coverage for all aspects of your business.
E&O insurance is supplementary liability insurance that enhances any business owner’s policy by safeguarding against catastrophic loss in the event of a lawsuit due to a negligent act, error or omission by the professional. In addition to claims of error, omission, or negligence, E&O insurance can also protect against slander, libel and breach of contract.
By nature, professional firms are all at risk of being sued over the services they perform. Even if a lawsuit is groundless, the defense costs can be expensive. Our staff has an advanced understanding of these concerns and can offer the right level of coverage with insurers that understand your business.
Who Needs It?
It is appropriate coverage for anyone who gives advice, makes educated recommendations, designs solutions, or represents the needs of others. Service professionals, such as accountants, computer consultants, software developers, planners, architects, real estate agents, contractors, etc., are prime candidates for carrying E&O insurance.
How much does it cost?
One of the most asked questions we get is, “How much does E&O insurance cost?” The premium for Professional Liability insurance is primarily calculated on two factors, your operations and your revenues. The operations provide an indication of the risk and hazards associated with your professional work while the revenues offer a measure of the size/scope of the exposure. The underwriters calculate the premium once the application forms are completed. As every industry is different, and everyone’s revenues are different, the premiums need to be calculated specifically for each submission.
We have relationships with several of the world’s biggest professional liability insurers. As such, we can offer policies for most industries and operations in Canada.
It is important that you speak with your insurance broker to make sure that you have the proper insurance coverages in place. Doing so will help protect your bottom line and provide peace of mind.