Safeguard your business and reputation with professional liability insurance
Professional liability insurance, also known as errors and omissions (E&O) insurance, is essential for protecting your business from lawsuits related to the services or advice you provide. Without this coverage, you may be exposed to significant legal costs that could threaten your financial stability or even force your business to close its doors.
Your trusted guide to E&O insurance
Any company that offers advice or professional services faces the risk of costly lawsuits, even when the claims are unfounded. Errors and omissions insurance acts as a financial safety net, helping you manage legal fees and other expenses so you can continue to operate with confidence.
Rely on our experienced brokers to:
- Assess and identify the specific insurance needs of your business
- Source competitive, customized quotes from multiple providers
- Serve as your trusted insurance advisor and resource
- Advocate for you and support you throughout the claims process
Working with experienced commercial insurance advisors streamlines and simplifies the process of obtaining your E&O coverage.
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Common coverages for professional protection
Your expertise and proactive risk management are the first line of defence against potential claims, but even the best-prepared professionals can face unexpected challenges. That’s where professional liability insurance comes in. E&O allows you to better prepare for those “just in case” situations.
Service or Product Failure
If something you deliver doesn’t perform as intended, you could be held responsible for damages or lost revenue. With professional liability coverage, you won’t have to worry about shouldering these costs alone – your policy can help cover defence expenses, settlements, and awards up to your coverage limit. This lets you focus on making things right for your client, knowing you’re protected.
Professional Negligence
Sometimes, despite your best efforts, a client may feel the service you provided did not meet their expectations. If such a dispute arises, your policy steps in to help cover any resulting financial losses and legal fees, so you can resolve issues confidently and keep your business moving forward.
Reputation & Media Liability
In today’s fast-paced digital world, accusations of copyright infringement, libel, or defamation can happen unexpectedly. Professional liability insurance helps safeguard your business from these risks, covering legal costs and protecting your reputation, so you can focus on what you do best.
Why choose Acera Insurance for professional liability?
Protect your business with ease. Acera Insurance is your reliable partner in professional liability coverage. With a network of branches spanning coast to coast, you’ll always have expert support close by. Our team is dedicated to helping you secure comprehensive coverage tailored to your needs, all at a competitive price you can feel good about.
Access the Best in the Industry
As a truly independent brokerage, we partner with over 100 leading insurance providers. This means we’re able to shop the market for you, ensuring your business receives the best coverage and value available. There are no compromises, just the right fit for your unique situation.
Benefit from Local Insurance Expertise
Our professional liability advisors are local experts who prioritize building lasting relationships. They are more than insurance specialists; they are trusted business advisors, ready to offer guidance and support whenever you need it.
Reduce Risk and Save Money
Acera’s experienced brokers do more than secure great rates. They proactively identify risk mitigation strategies that can help lower your premiums and strengthen your business’s protection, often uncovering opportunities you might not have considered.
Helpful tips from our advisors.
Our expert advisors will take the time to understand your business needs and provide ways to help you save.
Answering your most common questions.
How much does professional liability insurance cost?
The cost of professional liability or errors & omissions (E&O) insurance varies based on a few key factors such as:
- Your industry
- Your location or where your business operates
- Your company’s revenue
- Your workforce size
- Your insurance and claims history
- Your selected level of liability coverage
Who needs professional liability insurance?
If your business involves providing a service or professional advice to clients, you need professional liability insurance. Here are some of the common types of professions who work with us to secure their coverage:
- Consultants
- Contractors
- Engineers
- Financial Controllers
- Forensic Experts
- Graphic Designers
- Health Professionals
- IT Analysts
- Photographers
- Project Managers
- Software Developers
If you do not see your profession listed in the above, but think you may need professional liability insurance, not to worry. Contact us today and we can discuss if a policy would benefit you.
Is professional liability insurance required for my business?
Depending on your industry, you may be legally required to carry professional liability insurance. Some professional associations, organizations or regulatory bodies make this a requirement of registration, while others do not. If you are uncertain, it is always a good idea to check with your own professional association, as well as confirming with a licensed business insurance broker.
How much professional liability coverage do I need?
Since professional liability insurance covers legal expenses related to the services and advice your company provides, the level of coverage you need is very specific to your unique risks and exposures. When answering this question, we consider the following factors:
- Any contract requirements from clients (many are $1 to $2 million)
- Your industry
- Your business risks
- Your budget
- The number and size of client contracts
- The type of clients you work with and their industries
- The overall value of your projects
- Estimated legal costs to depend a claim
What professional liability limit should I purchase?
It is important to keep in mind that your policy limit applies across your entire policy term and is not per incident. If you are not certain how much you should select for your policy limit, one of our dedicated professional liability specialists would be happy to help discuss and weigh your options with you.
Do home-based businesses need professional liability insurance?
Yes, no matter where your business operations are located, if you offer advice or services to clients, you can still be exposed to professional liability claims and should strongly consider purchasing this insurance. Your home insurance policy would not cover legal fees related to your business.
What if I’m not guilty of the allegations?
Even if you are not guilty of the allegations made against you, you could still spend at least thousands of dollars defending yourself in court. Even the most consummate professional can face accusations from clients and should not think they are immune to these types of allegations. Professional liability insurance is there for you and your company when unexpected situations happen.
What is the difference between professional liability and commercial general liability insurance?
Professional liability or errors & omissions (E&O) insurance covers lawsuits resulting from mistakes or failures to deliver promised services. Commercial general liability (CGL) insurance covers claims in which someone suffered a bodily injury or had their property damaged due to your business or its services. If you are unsure if you need both types of coverages, we recommend connecting with a dedicated business insurance expert.
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