Professional Liability Insurance for Edmonton Consultants
Consultants in Edmonton are often held liable for operational results. E&O insurance gives you the confidence to advise without the fear of lawsuits.
Errors and omissions insurance for consultants in Edmonton
If you’re a consultant in Edmonton, are you protected if you’re accused of making a mistake that causes your client financial loss? Unfortunately, lawsuits arising from such situations are not uncommon. They can also be very expensive. Protect yourself and your business with professional liability insurance for Edmonton consultants.
With EasyCover, we make it simple to get a quote or purchase your policy. Simply enter your contact information, answer a few questions about your business and select your coverage. You receive instant quotes. Review your coverage, pay online right away and you’re insured. It’s really that easy. Get a professional liability insurance quote for Edmonton consultants today or read on to learn more.
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
The importance of E&O insurance for Edmonton consultants
Professional liability insurance covers Edmonton consultants if they’re sued by a third party for causing financial loss due to negligence. This includes legal defense costs, judgement awards, and settlements.
Consultants in Edmonton should have professional liability insurance unless they can pay out of pocket for legal expenses if they’re sued for causing financial loss due to negligence. Most businesses can’t afford to cover these costs, which is why they opt for this coverage. Also, you may be required to have this coverage by a contract or regulatory/professional body.
The amount of professional liability insurance a consultant in Edmonton will need depends on:
- Contract requirements
- The number and size of client contracts you have
- The type of clients you have and their business operations
- The overall value of projects you work on
- The size of a legal claim that may be made against you including legal costs and the possible compensation award or settlement
- The likelihood of a lawsuit
Most contracts require $1 million or $2 million of professional liability coverage for Edmonton consultants. However, if your business consults to clients who operate in high-risk environments, you may want to purchase a higher amount of professional liability insurance to protect you from any collateral responsibility.
With EasyCover by Acera Insurance, we offer three levels of protection:
- $1 million
- $2 million
- $5 million
This is the maximum amount your policy will pay out per year, regardless of the number of claims. needs based on the likelihood of lawsuits, contractual requirements, and the projected cost of a lawsuit.
Edmonton consultants insured through EasyCover by Acera Insurance
We’ve used our extensive experience to create broad, specialized insurance coverage for consultants in Edmonton. EasyCover has insured the following types of consultants:
- Business analyst
- Business/management consultant
- Business continuity consultant
- Business recovery consultant
- Business development consultant
- Change management consultant
- Compliance consultant
- Data analyst
- Health and safety consultant
- IT consultant
- Logistics consultant
- Management consultant
- Oil and gas consultant
- Project management consultant
- Risk management consultant
- Strategy consultant
Don’t see your profession listed here? Contact us to discuss how we can help insure your consultant business today.
Claims Examples
Here are some examples of professional liability insurance claims for consultants in Edmonton:
Professional Error
You make the wrong call on a decision, resulting in a financial loss your client has to pay for. They sue you to cover it.
Administrative Error
You file documents incorrectly or have an incorrect number in an invoice or order which costs your client financially They decide to sue you for this mistake to regain their lost money.
Lost Documentation
You lose essential documents and your client sues you for the costs they incurred being without them and to replace them.
Defamation and Slander
You approve an ad criticizing a competitor who then sues you for defamation.
FAQs: Understanding Professional Liability Insurance for Edmonton Consultants
In Edmonton, professional liability insurance for consultants starts at $330 per year. However, your premium may be higher.
Here are some examples of professional liability insurance rates for Edmonton consultants:
- A risk management consultant in Edmonton who and earns between $50,000 and $100,000 from jobs in Alberta pays $440 per year for $1 million of professional liability insurance.
- A logistics consultant in Edmonton who: employs 1 other person; earns between $150,000 and $200,000 each year; operates in Alberta, BC and Saskatchewan; has $2 million of professional liability coverage; has $1 million CGL coverage; and has cyber liability coverage pays $1352 each year.
- A change management consultant in Edmonton who earns between $100,000 and $150,000 and operates in Alberta, Ontario and BC pays $1040 per year for professional liability insurance and cyber coverage.
Your rates may be higher or lower depending on the following factors:
- Profession
- Company revenue
- Number of employees
- Regions you operate in
- Coverage options
There are many types of liability insurance and each will cover a different risk. Professional liability insurance specifically protects Edmonton consultants if they’re sued for causing financial loss due to negligence.
These are two different types of insurance that cover two different types of liability risk. Professional liability insurance covers Edmonton consultants if they are sued for causing financial loss to a third party in the course of providing their service or professional advice. General liability wouldn’t cover you in this situation, as it covers injuries and property damage caused by negligent acts.
Optional commercial coverages for professional consultants in Edmonton
Besides offering professional liability insurance, EasyCover can also provide a few additional protections for consultants in Edmonton.
Commercial General Liability Insurance
Commercial general liability insurance (CGL) is the most basic form of liability insurance. It offers protection in the event that you or any of your employees accidentally injure a third party or cause damage to their property while carrying out business operations. This includes any injuries or damages that occur on your premises or on a client’s property.
CGL insurance is considered a critical coverage option and if you have professional liability insurance but leave CGL out, you may leave your business vulnerable. We start CGL coverage at $1 million but you can choose higher limits if desired or required.
Directors and Officers Liability Insurance
Directors and officers can be held personally responsible for their actions while serving on a board of directors if they have acted outside the law or failed to perform their duties properly. Directors and officers liability insurance (D&O) is designed to offer protection for directors and officers, covering legal expenses from claims brought by regulatory bodies, suppliers and vendors, employees, creditors, and customers.
Criminal penalties or offences will not be covered as this type of loss is not insurable by law
Cyber Liability Insurance
Cyber liability insurance is designed to help cover certain costs following an alleged or actual hacking event or privacy breach. Our cyber liability coverage includes network security liability and privacy liability. It may help cover the cost of network security and privacy breach costs, business income interruption losses, defence costs, extortion fees, digital asset losses, and regulatory fines.
Every policy has a specified limit, so be sure to familiarize yourself with yours and note any exclusions or separate deductibles.
Why choose EasyCover by Acera Insurance?
Edmonton consultants should choose EasyCover for their professional liability insurance because we offer:
- Great 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 provide the professional liability insurance consultants in Edmonton need and make it easy.
Ready to get your free 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.