Professional Liability Insurance for Legal Services in Calgary
Calgary legal professionals face significant liability risks. E&O insurance helps protect your practice from claims tied to legal advice, missed deadlines, or client dissatisfaction.
Errors and omissions insurance for legal professionals and law firms in Calgary
As a legal professional in Calgary, you know that the most important parts of any document are in the details. However, mistakes happen to the best of us which is why EasyCover’s professional liability insurance is essential protection for your practice.
Also known as errors and omissions, professional liability insurance will help cover your legal costs if you are sued over the services or advice you provide.
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 professional liability insurance for legal professionals cover?
Professional liability insurance protects you if a client claims your professional actions, or failure to act, caused them a financial loss. It can pay for legal defence fees, court-ordered judgments, and settlements, up to the policy’s coverage limit.
This protection can also extend to accusations such as:
- Defamation
- Slander
- Breaches of privacy or confidentiality
- Violations of intellectual property rights
How much professional liability coverage does a legal services professional in Calgary need?
The amount of coverage you will need depends on your circumstances. When reviewing coverage limits, consider the likelihood of a lawsuit and what the expected costs could be.
For legal professionals in Calgary, EasyCover offers three levels of professional liability insurance:
- $1 million
- $2 million
- $5 million
Take note that, regardless of the number of claims, this is the maximum amount your coverage will pay out over a 12-month policy period. Typically, our EasyCover advisors suggest carrying a minimum of $2 million in coverage.
Calgary legal professionals insured through EasyCover
We offer coverage to the following legal services professionals:
- General legal support
- Legal secretaries
- Legal skills trainers
- Paralegals
- Professional support (PSL)
Is your profession missing? Contact an EasyCover advisor directly to explore your options.
Calgary legal services claims examples
Here are some scenarios where Calgary legal professionals would benefit from having a professional liability insurance policy.
Missed filing deadline
You’re a paralegal who fails to submit a critical court document before the statutory deadline, causing your client’s case to be dismissed. The client sues you for the value of the lost claim.
Inadequate contract review
Working as a paralegal, you are tasked with reviewing a commercial lease and overlook a restrictive clause that prevents the client from subletting the property. When the issue is discovered, the client sues for lost rental income.
Improper case management
You are a legal executive overseeing multiple litigation matters and fail to follow up on a discovery request. This leads to sanctions against the client and an unfavourable settlement. The client files a claim for the additional costs.
What factors determine the rate of professional liability insurance for legal professionals in Calgary?
The cost of professional liability insurance for legal professionals in Calgary is influenced by several factors specific to your practice and business operations.
Key considerations include:
- Claims and payment history: Past insurance claims or late premium payments can raise your rates.
- Annual billings: Higher earnings often indicate larger or more complex legal matters, which can increase the likelihood and potential size of claims.
- Number of staff: More team members covered under your policy generally means higher liability exposure and increased premiums.
- Practice area: Levels of risk vary across different areas of law, and your premiums will reflect the exposure associated with your specialty.
- Coverage selections and limits: Choosing higher coverage limits or adding other protections (such as cyber liability or directors and officers liability) will increase your costs but expand your protection.
You can quickly review your potential coverage options and pricing by getting a free online quote with EasyCover in just a few minutes.
How much does E&O insurance for Calgary legal service professionals cost?
Here are a few examples of what legal professionals can expect to pay for professional liability insurance in Calgary:
- A paralegal who makes $87,000 a year may pay $660 per year for $2 million of professional liability insurance coverage.
- A legal executive in Calgary that makes $360,000 a year with three employees would pay approximately $1,573 for $2 million in professional liability insurance annually. Adding commercial general liability insurance for $220, directors and officers liability for $150, and a $150 cyber liability policy would bring the total of their insurance coverage to approximately $2,093.
Get an online professional liability insurance quote today and find out what your rates would be.
Risk management for legal professionals in Calgary
While professional liability insurance for Calgary legal professionals provides essential protection, the best strategy is to prevent issues before they arise. By embracing proactive risk management practices, you can minimize liability risks, safeguard your professional reputation, and stay focused on delivering effective legal counsel, protecting client interests, and navigating complex legal matters with confidence and peace of mind.
Strict Security Protocols
Safeguarding client confidentiality by following strict protocols for handling sensitive information, including secure file storage, encryption for electronic communications and controlled access to the files.
Detailed Documentation
Keeping accurate, dated records of client communications, advice provided, decisions made and any changes to instructions or scope.
Scope Management
Setting out the scope of work, responsibilities, timelines and fee arrangements in a signed agreement before starting any legal matter to avoid misunderstandings.
Case Management Tools
Using reliable case management tools to track court deadlines, filing dates and client commitments to prevent missed time limits.
Additional liability coverage options for Calgary legal professions
Commercial General Liability Insurance (CGL)
CGL is a foundational form of business liability protection. It helps cover claims if you or your staff unintentionally cause injury to someone or damage their property while conducting your work –whether on your premises or at a client’s location. EasyCover’s CGL policies start at limits of $1 million, with higher limits available if needed.
Directors and Officers (D&O) Liability Insurance
Serving on a board of directors carries personal legal exposure if duties are neglected or actions fall outside the law. D&O insurance can help protect board members and officers by covering legal defence costs from claims made by regulators, employees, vendors, creditors or clients. Losses tied to criminal acts or penalties are not insurable.
Cyber Liability Insurance
Cyber threats and privacy breaches can have serious consequences for law firms handling sensitive client data. EasyCover’s cyber liability insurance includes network security and privacy liability coverage, which can help with expenses for breach investigation, business interruption, legal defense, ransomware payments, digital asset recovery and certain regulatory penalties. Each policy has defined coverage limits, so review yours carefully and be aware of exclusions or separate deductibles.
Why Calgary legal professionals trust EasyCover for their E&O coverage
Legal professionals in Calgary consultants choose EasyCover for their professional liability insurance because we offer:
- Flexible coverage.
- Competitive prices.
- Convenience.
- Quick, easy service to get a quote or purchase your policy.
We’re one of the few digital options in Canada – you don’t need to speak to a broker to get insured! We make it easy for consultants in Calgary to get the professional liability insurance they need.
Ready to get your free legal 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.