Professional Liability Insurance Edmonton
Even the most experienced professionals can be sued. Edmonton E&O insurance helps protect your business from legal claims due to errors, omissions, or poor advice.
Errors and omissions insurance for professionals in Edmonton
Getting a business off the ground and having it remain competitive is easier said than done. As a professional, you must manage your quality of work, customer management and safeguard your business against potential risks.
There is always the risk that something could go wrong when you’re dealing with clients. Whatever the size of your organization in Edmonton, a professional liability insurance policy can go a long way to preserving your business finances and its reputation.
We offer instant coverage with our easy-to-use E&O insurance tool. Get a free online quote, secure your policy and pay for it—all in four easy steps.
Step 1:
Provide your contact information
Step 2:
Answer a few questions about your business
Step 3:
Choose your
Insurance options
Step 4:
Review your coverage
and pay online
In just five minutes or less, you can find, secure and pay for your policy. No sales tactics. No pressure. No middleman. It’s the fast and simple way to get affordable and effective professional liability insurance.
Get the professional liability insurance Edmonton professionals rely on and protect your finances, reputation and livelihood.
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
Edmonton professional liability insurance explained
Professional liability insurance, also called errors and omissions (E&O) insurance, is designed to protect Edmonton-based professionals from allegations against their business due to negligence, and errors and omissions
What does professional liability insurance in Edmonton include?
Professional liability insurance for Edmonton professionals helps defend businesses by covering legal expenses if they are sued for negligence or errors and omissions. Negligence can take many shapes and forms.
Professional liability insurance can cover your business for:
- Settlements
- Legal fees
- Administrative fees
- Defense costs
- and more
You may need to carry this type of coverage for two reasons:
- If you are contractually obligated to have insurance.
- To combat the high cost of a lawsuit if you are sued.
Lawsuits can be extremely expensive. Depending on your industry (and if it is required) a professional liability policy in Edmonton will require your business to obtain at least $1 million in coverage.
How does a professional liability insurance policy in Edmonton work?
Since professional liability insurance is written as a claims-made insurance policy, only claims made during the coverage period are covered by your insurer.
PLI policies contains two distinct features:
- Extended reporting date: the date in the future when claims may still be covered, even if your policy has ended.
- Unlimited Retroactive date: the inception of the policy period that may be set to a date in the past.
So long as your claim meets the following conditions, your claim should be honoured:
- You only became aware of the grievance against you during the policy term.
- The claim is reported to us during the policy term.
Typically, most professional liability insurance policies will place the retroactive date to the policy’s inception date. This means you would have no coverage for any work you did prior to that policy’s initial inception date.
E&O insurance for Edmonton professionals
We provided affordable professional liability insurance Edmonton businesses need for comprehensive coverage and peace of mind. We support a wide range of Edmonton industries and professions, including, but not limited to:
- Social Services
- Finance Professionals
- Legal Professionals
- Photographers
- Forensic Experts
Don’t see your profession listed here? Contact us and we’ll see what we can do to support your commercial insurance needs.
Examples of professional liability insurance claims in Edmonton
Professional liability insurance helps defend businesses by covering legal expenses if they are sued for negligence or errors and omissions.
Here are a few examples of claims that an E&O insurance policy may cover:
While filing a report at a health clinic, you make an administrative error, which results in unnecessary costs being added to a patient’s bill.
You work as a therapist, and your client feels as if your counselling efforts are ineffective. Your client sues you to recover what they paid for your services.
While working as a marketing consultant, you overbook yourself and fail to meet a critical deadline. Your client sues you for lost time.
Professional Liability in Edmonton: FAQs
Depending on your profession or occupation, a professional liability insurance policy may be legally required. Some professions including lawyers, contractors, doctors, and real estate agents often have a professional liability insurance policy to safeguard their business from potential risks.
Your insurance company will provide you with a document that serves as your proof of insurance. This is your certificate of E&O liability insurance.
Professional liability insurance and commercial general liability insurance both offer liability coverage to businesses but are triggered by different types of losses. The policies may also be structured differently in how they come into effect when a claim is filed.
Another difference between CGL and professional liability insurance is CGL policies tend to be written in an occurrence form, while PLI policies may be written as claims made. This means that, for professional liability insurance, your policy will only trigger claims that are made against your business and reported to your provider during the policy term.
Your errors and omissions policy does not cover any intentional harm, fraudulent acts, or criminal activity. It also will not cover any claims that would otherwise fall under the scope of another type of business insurance policy, such as CGL insurance, which covers third-party bodily injury or property damage.
You can cancel your professional liability insurance policy, but we highly advise against it while your business is still active and operating. Consult with your broker about pricing options if you aren’t satisfied with your current insurance rates or what better coverage options.
What does it cost for a PLI policy in Edmonton?
Many factors can affect a business’ insurance rates, including the number of employees, coverage options, and annual revenue.
- A business in a higher risk industry may pay more for their insurance rate. For example, a lawyer might end up paying more for their coverage than a software developer.
- A business that earns more annual revenue a year with multiple employees may pay more than a business who earns less per year with no employees.
To safeguard your bottom line, professional liability insurance – in its many forms – can give you peace of mind and it will allow you to get back to doing what you do best. Working with Acera Insurance can help you save on your premium. Get a free quote with our simple process.
Edmonton business resources
If you’re a consultant or business located in Edmonton, here are a few resources that can help you operate more effectively:
Ready to get your free Edmonton 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.