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Professional Liability Insurance for Financial Services in Calgary

Calgary financial services professionals face risks from investment recommendations, advisory errors, and client disputes. Professional liability (E&O) insurance helps protect against claims tied to your professional role.

Errors and omissions insurance for financial professionals in Calgary

As a financial professional, you are responsible for handling confidential client information with a high degree of attention to detail. Unfortunately, this can mean that when mistakes happen, no matter how diligent you are, they can have a big impact.

Professional liability insurance (also known as errors and omissions insurance or E&O) is designed to help protect finance professionals in Calgary from the financial burden of a lawsuit because of your services or professional advice.

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

What does financial services professional liability insurance in Calgary cover? 

Accountants and people who work in financial services are often responsible for extremely sensitive financial and personal information. A data breach or negligence can have a disastrous impact on your clients if this information is shared.

EasyCover’s professional liability insurance for Calgary-based finance professionals offers coverage for the legal expenses and damages if clients start legal proceedings against you alleging professional negligence or mistakes resulted in financial loss. Regardless of whether the claim is true, the costs to defend yourself can snowball quickly.

How much professional liability coverage does a Calgary finance professional need? 

Finance professionals in Calgary need professional liability insurance to help cover the costs of defending themselves when a client claims financial loss as a result of their services and advice. This will typically include coverage for legal expenses, such as a defence attorney, judgment awards and settlements.

As a bonus, EasyCover’s coverage includes retroactive protection, meaning your policy can respond to claims made during the policy term for incidents that took place before its effective date. Certain conditions apply, including the requirement to disclose any circumstances that could potentially lead to legal action.

We offer three options for professional liability limits: 

  • $1 million 
  • $2 million 
  • $5 million 

Keep in mind that the limit is the maximum your policy will pay out over a 12-month term. When choosing an amount as a financial professional, you should review your contractual requirements, determine the value of your work and the likelihood and potential costs of a lawsuit. A minimum of $2 million is highly recommended in today’s legal landscape.

E&O insurance for financial professionals in Calgary

EasyCover offers insurance for financial services providers with a staff of one or two people.

  • Financial analysts 
  • Bookkeepers 
  • CPAs (Chartered Professional Accountants) 
  • Financial compliance professionals 
  • Credit controllers 
  • Financial controllers 
  • Management accountants
  • Payroll administrators
  • Regulatory reporting professionals
  • Treasurers

Payroll administrator breach of confidentiality

Sensitive financial data containing rates of pay for everyone in an organization is emailed to the wrong recipient where it is then widely shared throughout the company. The client takes legal action against you for damages related to loss of privacy and potential competitive harm.

Incorrect financial reporting by financial controller

As part of your contract, you prepare quarterly statements for a client but misclassify several large expenses that result in inaccurate profit figures. The client takes you to court claiming financial losses after making investment decisions based on the incorrect data.

Financial analyst inaccurately forecasts cash flow

As a cash flow consultant, you provide a forecast that significantly underestimates the client’s upcoming expenses. As a result, the client experiences a liquidity crisis and sues you for negligence in your analysis.

What factors determine the rate of professional liability insurance for financial services professionals in Calgary? 

When determining the cost of professional liability coverage, there is no set price for financial services professionals in Calgary. Your insurance rates will be influenced by factors that include:

  • The number of employees in your company
  • The value of your contracts and how many clients you have
  • Where your revenue is generated
  • Your insurance coverage options
  • Your insurance history

The best way to get insight into how much your professional liability insurance might cost in Calgary is to get a free quote with EasyCover’s online tool.

How much does E&O insurance for financial services in Calgary cost?  

Since the types of roles in the financial services sector based in Calgary can be extremely varied, so can E&O insurance quotes. Below are some examples that can help determine your budgeting starting points for your business insurance:

  • A bookkeeper who earns $75,000 per year in Calgary may pay an average of $1030 per year for our basic level of coverage that includes $2 million in professional liability insurance as well as commercial general liability and cyber liability insurance.
  • A chartered professional accountant who earns $265,000 per year with one additional employee in Calgary may pay an average of $2801 per year for their professional liability, commercial general liability, cyber liability and directors and officers insurance. Just $2 million in professional liability insurance would cost on average $2171 per year.be. 

Risk management strategies for Calgary financial services contractors

Risk management plays a key part in avoiding an insurance claim. Some measures that financial services professionals in Calgary should implement before starting work with a new client include:

Define Engagement Terms

Setting clear engagement terms that include using detailed contracts outlining the scope of work, fees, timelines, confidentiality obligations and dispute resolution procedures.

Maintain Organized Records

Maintaining accurate and organized records that document all communications, recommendations, approvals and changes to protect against disputes or misunderstandings.

Strengthen Cybersecurity

Implementing cyber security measures such as encryption, multi-factor authentication, secure storage and access controls to protect sensitive client financial information.

Keep Informed & Compliant

Staying current on national and provincial financial regulations and standards such as tax laws and industry best practices to avoid compliance errors. 

Additional liability coverage options for financial services professionals in Calgary

Our team at EasyCover recommends that all financial services professionals carry professional liability insurance. However, depending on your situation, you may require additional business insurance. EasyCover offers several types of protection that you can easily add to your policy, which include:

Cyber Liability Insurance 

Commercial General Liability Insurance (CGL) 

Directors and Officers (D&O) Liability Insurance

Before buying an insurance policy, you should review all of your contracts for contractual insurance obligations so you can assess the type and amount of coverage you require.

Why financial services professionals in Calgary trust EasyCover for their E&O coverage 

EasyCover offers instant, online coverage for financial service professionals in Calgary. We make it easy to get comprehensive professional liability coverage with just a few clicks. Simply answer our questions about your business operations, choose your coverages and pay online. Your policy is issued and you’re insured within just a few minutes.

Ready to get your free financial services professional liability insurance quote?

Simple answer a few questions to immediately receive a quote, bind your policy and pay online in only a few short minutes.