Professional Liability Insurance Saskatoon
Protect the work you’ve built with professional liability insurance designed for Saskatchewan professionals and businesses. If a client claims your advice, services, or an honest mistake caused financial loss, the right coverage can help protect you from costly legal expenses.
Comprehensive errors and omissions insurance for businesses in Saskatchewan
If you offer professional services or advice in Saskatchewan, your work may come with risks that are unique to your industry. Even with the best intentions and experience, a client or third party could claim that an error, omission, or piece of advice caused them financial loss. Defending your business can be costly.
Many standard commercial general liability insurance policies do not cover claims related to professional services or advice. That’s where professional liability insurance in Saskatchewan can help. EasyCover by Acera Insurance is designed to help cover legal costs if a client or third party alleges negligence, misinformation, or faulty professional work.
Interested in purchasing your professional liability online in minutes?
Acera Insurance offers EasyCover where you can get a quote, bind your policy and pay online in only a few short minutes. Get comprehensive coverage and affordable rates quickly and easily.
Here are some of the benefits of EasyCover:
- Get free online quotes 24/7
- No long, confusing applications to fill out
- Purchase and manage your policy online
- Support by phone, email or chat
- Option to bundle with other coverages
Providing professional liability insurance to Saskatchewan professionals
Professional liability insurance in Saskatchewan is not just a want for professionals. It’s absolutely a must-have. Professionals who offer sought-after services may have an inkling as to just how much a client could lose if something went wrong on the job, and lawsuits aren’t cheap.
Mistakes can happen at any point, to any business, no matter your long-withstanding reputation built up in the industry, or your diligence when you do business. With EasyCover, Acera Insurance offers Saskatchewan professionals with liability insurance that protects them financially. Get a free liability insurance quote in SK online through our easy-to-fill form.
Professions that benefit most from errors and omissions insurance in Saskatchewan
Whether you’re a business owner, contractor, consultant, or employee providing professional services in Saskatchewan, professional liability insurance can help protect you if a client alleges your advice, work, or service caused them financial loss. EasyCover by Acera Insurance offers affordable coverage options for a wide range of Saskatchewan industries and professions, including:
The cost of Saskatchewan professional liability insurance
The cost of professional liability insurance in Saskatchewan can vary because every profession, business, and level of risk is different. Your premium is typically influenced by the type of services you provide, your industry, the size of your business, your insurance history, and the coverage limits you choose. In many cases, policies may start around $500 per year and can increase to more than $2,500 per year, depending on your needs and risk profile.
When reviewing your options, it helps to understand the factors insurers may consider when calculating your rate:
- The type of professional services or advice you provide
- The industry you work in and the risks commonly associated with it
- Your years of experience and professional qualifications
- Your past insurance and claims history
- The size of your business, including the number of employees or contractors
- The coverage limits, deductible, and policy options you select
- Where in Saskatchewan you operate and whether you serve clients outside the province
The quickest way to understand your actual cost is to compare coverage based on your specific work and business needs. You can get a personalized quote online in minutes and choose the professional liability coverage that fits your Saskatchewan business.
E&O coverage in Saskatchewan
Essentially what a professional liability insurance policy in Saskatchewan will cover is if a third-party (such as a client, or even a visitor in some instances) sues your business as a result of your services or your failure to provide a promised service; your professional liability insurance would cover the arising legal expenses.
Legal expenses may include costs such as defense costs, judgement awards, and settlements. It may also cover administrative costs and costs associated with a lawsuit.
With an EasyCover policy, there’s three levels of coverage you can purchase from:
- $1 million
- $2 million
- $5 million
How much coverage you will need may depend upon your likelihood and the expected cost of a lawsuit. Work with a liability insurance rep in SK to determine the amount of coverage you may need, as your coverage requirements will vary based on multiple factors.
Note that an EasyCover policy may also include retroactive cover, which covers claims for previous financial losses that occurred outside the policy period. Talk to a representative about this.
In order to have sufficient coverage against every potential risk, you’ll need to address the possibility of acquiring other types of liability insurance to fully protect your business. Professional liability insurance in Saskatchewan won’t protect against claims of property damage or bodily injury, nor will it cover claims made against your organization’s board of directors for things like breach of fiduciary duty.
Professional claims scenarios for liability insurance in SK
The most common professional liability lawsuits will involve high financial losses. This is sadly due to the nature of E&O claims, and moreover why it is so crucial that your business acquires the insurance coverage it needs to protect itself against claims of a professional nature. Most or all professional liability lawsuits will weigh on a professional’s failure to perform a service or provide advice. This means that the individual and/or his/her company will suffer serious financial losses.
Common claims will allege any or multiple of the following:
- Errors and omissions
- Negligence
- Alleged oversight causing financial losses
- Breaches of contract
- Failure to uphold contracted services
Here are a few scenarios where your liability insurance in SK may cover you:
- You work as a website designer, and while working diligently on a customer’s custom-ordered e-commerce website, you fail to correctly develop a tool that allows shoppers to put items in a virtual cart. You don’t notice this and deliver the project. The website is launched, and the client who runs the website alleges that they have lost revenue because their customers cannot make purchase due to the broken tool. They sue you for the resulting financial losses. This claim would be covered under a professional liability insurance policy.
- You work as a graphic designer and create incredible logos for your clients. While creating a new logo for a company, another company accuses your client of copyright infringement for their design. The client comes back and sues you for an error in your work. Your professional liability insurance in Saskatchewan would help cover you in this scenario.
- You operate as a freelance consultant and are doing work for a client. Unfortunately, due to too few hours of sleep, you flub and neglect to file an application for a client’s upcoming project, which results in numerous delays. They sue, but the resulting legal costs would be covered by your professional liability insurance in Saskatchewan.
Note that even alleged claims which are filed against you claiming loss due to errors, omissions, negligence, etc. may be covered, as these can still result in a lawsuit and can still put your business out tens of thousands of dollars.
About EasyCover for SK professional liability insurance
EasyCover is one of Canada’s only online portals which provides insurance directly to you without the need for a broker. Our specialization is in professional liability, even though we offer numerous other forms of insurance designed to protect professionals, like commercial general liability insurance, directors and officers insurance, and more.
We’re a division of Acera Insurance Ltd. Acera is one of Canada’s largest independent insurance brokerages. EasyCover itself draws on its own extensive network of insurance market connections to offer some of the most comprehensive and competitive professional liability insurance in Saskatoon, Saskatchewan, and the rest of Canada. We’re committed to the process and can’t wait to begin working with you.
FAQs: Saskatchewan Professional Liability Insurance
Some professionals will be mandated to carry professional liability insurance in Saskatchewan. It depends on their insurance. As an example, mortgage brokers are required to carry professional liability insurance, as well as any general contractors who are working on government projects. If you are, in fact, not required to carry PLI, then it’s still recommended to preserve your business’ reputation against potential claims alleging negligence or misinformation.
Because your business is your livelihood, and because your typical CGL or commercial general liability insurance will not cover you for financial damages caused to others as a result of your professional advice or services. Lawsuits alleging professional mistakes can be very complicated in nature – not to mention extremely costly, and they can put your business out tens of thousands of dollars if you aren’t careful. Altogether, it’s better to spend the slight cost per year on professional liability insurance in SK to preserve your business and ensure that it can keep its doors open for many years to come. This insurance covers a broad range of different professional advice and services, but if your profession isn’t listed in the industries we serve, don’t hesitate to give us a call to inquire.
In many cases, policies may start around $500 per year and can increase to more than $2,500 per year, depending on your needs and risk profile. To learn how much you can pay for your own professional liability insurance policy, start your free online quote right away. If you need assistance or prefer to speak to a broker, we’ve also got you covered.
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