Calgary Professional Liability Insurance
Professional liability insurance in Calgary helps protect consultants, contractors, and service-based professionals from costly claims related to your service or advice. Without coverage, even a small mistake could lead to major legal expenses.
Protect your Calgary business from costly lawsuits with E&O coverage
If you are providing professional advice or service in Calgary, professional liability insurance is essential to safeguard yourself and your business. If you’re sued by a client or third party for a mistake, negligence, or failure to provide that service or advice, professional liability insurance can help cover your legal expenses.
Even if you’ve done nothing wrong – you will still be responsible for the costs associated with defending yourself against these claims. That’s why having professional liability insurance in Calgary is so important. You wouldn’t want to find yourself in hot water without protection.
Generally, commercial general liability insurance policies will not cover claims for financial loss related to advice or services that you offered in your professional field. But with Acera Insurance and EasyCover, you can protect your Calgary business with professional liability insurance. If you are sued by a client or third-party because of financial loss due to a real or perceived mistake or misrepresentation, professional liability insurance for Calgary professionals can help you pay your legal expenses for covered claims.
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
Understanding the basics of Calgary E&O insurance
What is covered by professional liability insurance in Calgary?
Professional liability insurance covers legal expenses if you’re sued by a client or third party for a mistake or failure to provide your service or professional advice. This includes:
- Defense costs
- Settlements
- Judgement awards
Keep in mind that you’ll only be covered to your policy limit (the maximum amount that’s covered by your professional liability policy). You’re also not covered for intentional or criminal actions.
Exactly what’s covered will depend on your individual policy and the insurance company. Talk to one of our professional liability insurance brokers in Calgary for full details.
What scenarios are covered by professional liability insurance in Calgary?
The following scenarios are usually covered by professional liability insurance in Calgary:
- Mistakes
- Misrepresentation
- Negligence
- Libel or slander
- Lost documents
- Failure to provide a service/advice
Keep in mind that intentional or criminal acts won’t be covered. Your coverage may also depend on your industry and individual policy. Our professional liability insurance brokers can explain your coverage and answer any questions you may have.
What isn’t covered by Calgary professional liability insurance?
Generally, criminal and intentional acts are not covered by professional liability insurance in Calgary. This means your E&O insurance does not include cases of deliberate dishonesty, misrepresentation, or fraud. For example, if you intentionally give bad professional advice to your client and it is proven in court, you may not be covered.
Do I need professional liability insurance in Calgary?
If you provide a professional service or advice in Calgary, you need professional liability insurance. This includes consultants, contractors, and business owners across a wide variety of fields. Plus, did you know many licensing or professional organizations require members to have professional liability insurance?
If you’re not sure if you need professional liability insurance in Calgary, our brokers can help. Give us a call or stop by one of our offices to speak to a professional liability insurance broker.
How do I get a professional liability insurance quote in Calgary?
You can get a professional liability insurance quote by either:
E&O insurance for Calgary professionals
Acera Insurance provides cost-effective professional liability insurance in Calgary for businesses that require comprehensive coverage and peace of mind. Here are some of the Calgary-based industries and professions we offer professional liability insurance coverage for:
- IT/Computer Contractors
- Engineering Contractors
- Managers
- Consultants
- New Media
- Social Services
- Finance Professionals
- Legal Professionals
- Photographers
- Forensic Experts
If your business works directly with clients while providing its service, you might want to consider coverage with professional liability insurance. We can get you started on your professional liability insurance in Calgary today.
Claims scenarios covered by professional liability insurance in Calgary
Professional liability insurance in Calgary will cover defence costs if you are taken to court due to a claim of financial loss to a client relating to a service or advice you provided (or failed to provide). Claims that professional liability insurance covers include:
Misrepresentation – If you provide advice that is inaccurate or misleading, a client could sue you for misrepresentation.
Negligence – If you make a mistake in the course of providing your service or advice, you could be held liable for any financial loss incurred by your client as a result.
Loss of documents – If you lose important documents, your client can hold you financially responsible.
Inaccurate advice – A client could sue if they feel you have provided inaccurate advice that resulted in financial loss.
How does professional liability insurance in Calgary work?
Sometimes known as “errors and omissions insurance,” professional liability insurance protects you from any claims that arise from service or advice you have provided to a client. Usually, a client sues due to financial loss as a result of a perceived or real mistake or misrepresentation in the course of your service or as a result of your advice. Professional liability insurance covers your legal expenses, including your defense as well as any awards or settlements (up to your policy limit) for covered claims.
At Acera Insurance, we offer different levels of protection to best suit your needs and risks. For example, through our EasyCover program, we provide three levels of protection for you to choose from: $1 million, $2 million or $5 million.
Your coverage limit is the maximum amount your insurance will pay out over the 12-month policy period for all claims combined. The level of protection you choose will depend on your industry, your clients, the value of your service or advice, and the estimated costs of a legal case.
For each claim, you’ll pay a deductible. This deductible is determined by your company’s revenue and ranges from $250 to $1500. Let’s say you had two covered claims and a deductible of $500. You’d pay $1000 that year in deductibles, but the rest of your legal costs would be covered.
Calgary professionals have liability insurance coverage to protect their personal and business finances. Even if you’re innocent, you still have to pay for your defense. Professional liability insurance helps Calgarian professionals avoid financial hardship in the event they’re sued.
In certain professions, professional liability insurance is required by law. For example, in healthcare, this coverage is required due to the high stakes and high incidence of litigation. If you’re a contractor, you’ll find that many contracts stipulate that you must have professional liability insurance as well. This type of coverage gives your clients peace of mind that they’ll get their money if they suffer a financial loss as a result of your service or advice… and you can work with confidence because you know you’re protected.
Protecting your business from professional liability risks in Calgary
Whenever you offer a service or advice, you’ll be faced with liability risks. While having professional liability insurance is an important part of your defense, it’s always better to avoid litigation in the first place. You’ll save yourself so much stress!
Here are some additional measures you can take to lessen your chance of being sued:
Stay Organized
Keeping yourself organized lessens your chance of missing an important communication or forgetting an important detail.
Have a Clear Contract
Make sure your contract outlines exactly what is expected of you and the client. Make sure your deadlines and fees are clear.
Communicate
Having open and honest communication is hard, but critical. Regular updates are a great way to keep everyone on the same page. Always clarify if you’re not 100% sure, especially if it’s regarding a deliverable.
Keep Records
Always follow up a conversation with an email, confirming everything that was discussed. It keeps everyone on the same page and accountable. In the event you are sued, this is important documentation.
Quality Control
Ensure you have processes to ensure your deliverables are of the highest quality possible, including staying up to date on industry information and standards.
Refer Out
If you can’t provide a service or the request goes beyond your knowledge, refer your client to someone who can help them.
Even if you do everything in your power to prevent them, mistakes happen. Acera’s professional liability insurance helps give Calgary’s professionals peace of mind and protection for when things don’t go as planned.
Why partner with Acera Insurance for Calgary professional liability insurance
Here are a few reasons to partner with Acera Insurance for your professional liability insurance in Calgary:
- Our brokers are experienced, professional and friendly
- We’re an independent, employee-owned brokerage
- We offer choice and competitive Calgary professional liability insurance quotes
- We provide risk management services as well as insurance
- We we are here for you from quote to claim and everything in between
- We work for you, not an insurance company.
Submit your information via our quote request form or talk to one of our brokers to learn more.
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