Professional Liability Insurance for Credit Controllers
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What is credit controller professional liability insurance?
As a credit controller, you play a critical role in managing your company’s financial health, and your recommendations can directly impact the stability of the business. This responsibility also comes with exposure to risk. If a client or stakeholder believes you made an error or missed key information, you could face legal action.
Your company may already have commercial general liability insurance in place. but typically these policies don’t cover claims based on professional services or advice. That’s where EasyCover’s Professional Liability for Credit Controllers comes in. If you’re sued for any financial damages that occurred during your duties as a credit controller, this vital coverage can help pay for your legal expenses.
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 credit controllers professional liability insurance cover?
EasyCover’s professional liability insurance offers essential protection for credit controllers who provide financial oversight, credit risk assessments, and payment management advice. If a client or stakeholder claims that your recommendations or reporting led to a financial loss, you could be liable.
With professional liability insurance, you can have confidence knowing you’re protected from legal action. This of course assumes that there is no evidence of intentional misconduct, fraud, or criminal activity. We recommend all credit controllers purchase professional liability insurance to limit your risk and provide you with peace of mind.
How much professional liability coverage do credit controllers need?
EasyCover by Acera Insurance can provide the critical coverage you need if you’ve been sued as a result of the credit advice and support you provide. Our coverage could not only help pay for your legal costs, it could also cover settlements or judgments, up to your policy limits.
With EasyCover, you can select from three levels of coverage:
- $1 million
- $2 million
- $5 million
These are the maximum payouts for any claims within a 12-month policy period. Before determining the level of coverage you need, consider the nature of and size of your clients as well as the financial impact of a potential lawsuit.
For each covered claim, you’ll need to pay a deductible that usually ranges from $250 to $1,500 – the actual deductible amount is determined by your annual revenue. If you were to have two covered claims within one year and your deductible is $500, you would be paying $1,000 in deductible costs. Your professional liability insurance could then cover the remaining legal costs, up to your policy limits.
E&O Insurance for Credit Controllers
With EasyCover, we insure specialized roles for credit controllers, such as:
- Credit Analysts
- Commercial Credit Controllers
- Consumer Credit Review Managers
- Credit Risk Officers
If you don’t see your profession listed here, connect with us and we’ll see what we can do.
Common
claims scenarios for credit controllers
Wrong interest
A miscalculation of interest of an overdue account upsets the customer and they refuse to pay. As a result, the company losses that revenue. The company holds you liable for the loss
Debt recovery
You are following up on clients’ overdue invoices. Unfortunately, you miss properly documenting phone conversations with the customer. This makes it more difficult to prove that the customer was aware of the debt and the company’s collection efforts. The company considers this an omission on your part that results in financial loss.
Wrong limit
When following up on a client’s overdue payments, the company realizes that the credit limit provided was extremely high and it increased the risk significantly. They found an error in the assessment for the credit limit and hold you responsible for the extra financial loss.
Top factors influencing credit controllers professional liability insurance rates
Professional liability insurance rates for credit controllers are influenced by these factors:
- The clients/industries you work with
- The scope of your responsibilities
- The annual revenue you manage
- Your claims/insurance history
- Your coverage limits and options
- Your experience and credentials
- The province(s) you operate in
Using our EasyCover virtual tool, you can get an online quote in minutes so you can see what your professional liability insurance will cost.
How much does E&O insurance for credit controllers cost?
In Canada, credit controllers with an average salary of $85,000 can pay as little as $660 for their errors and omissions coverage. For enhanced protection, additional coverages can be bundled into one easy to manage policy. For example, cyber liability can be purchased for an extra $150. This would bring the total cost for E&O and cyber liability coverage to $810 on an annual basis.
Risk management strategies for credit controllers
Although professional liability insurance for credit controllers is essential for protecting your career, proactive risk management is your strongest safeguard against costly legal disputes. By adopting preventative strategies, you can reduce risk, protect your professional reputation, and stay focused on managing credit and collections with greater confidence and peace of mind. Here are some practical tips to help lower your exposure and stress:
Clear Communication
Clarity in communications and well-maintained records can provide useful evidence in case of disputes. For any in-person or virtual meetings, be sure to send a follow-up email that captures key discussions and decisions that have been made.
Detailed Documentation
It’s important to have detailed records readily available in the event of a claim. This could include things like credit agreements, collection efforts, correspondence and more.
Policy & Procedures
By establishing well-considered standards for your credit processes and procedures, you can help ensure consistency, and reduce the kinds of errors that can result in legal actions.
Why credit controllers trust Acera Insurance and EasyCover for their E&O coverage
EasyCover by Acera Insurance offers affordable and reliable professional liability insurance to credit controllers in Canada. Using our online quoting online tool, it only takes a few minutes to get a free quote and purchase your professional liability coverage. Plus, if you’re ever involved in a claim, our dedicated support team is here to help.
We also offer additional liability coverage options for credit controllers.
Commercial General Liability
CGL is a standard insurance for most businesses. It is designed to cover third-party injury claims or property damage caused by negligence – for example a client or delivery person slipping at and falling at your office. However, this insurance does not cover any employee injuries or business property damage.
Cyber Liability
Cyber liability can help you recover after a cyber-attack or data breach. Any business can be vulnerable to these types of attacks. That’s why we strongly recommend this protection to assist with legal and public relations expenses, regulatory fines and more – up to your policy limit
Ready to get your free credit controllers professional liability insurance quote?
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