Professional Liability Insurance for Edmonton Management Consultants
In Edmonton’s business landscape, management consultants face pressure for results. E&O insurance protects your services from legal fallout tied to planning or advice.
Errors and omissions insurance for management consultants in Edmonton
As a management consultant, your role is to solve problems and improve businesses. Unfortunately, this means perceived or real mistakes can have a major financial impact on your clients. Protect yourself with Professional Liability Insurance for Edmonton management consultants.
At EasyCover, we make it simple to get the right protection:
Step 1:
Provide your contact information
Step 2:
Answer a few questions about your business
Step 3:
Choose your
insurance products
Step 4:
Review your coverage and pay online
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 management consultants
Professional liability insurance protects Edmonton management consultants if they are sued for negligence causing financial loss as a result of their professional service or advice (or failure to provide it). It is also often called errors and omissions insurance.
When purchasing professional liability insurance, Edmonton management consultants should consider:
- Contractual requirements
- The likelihood of a lawsuit
- The expected costs of a lawsuit
In Canada, contracts generally require you to hold $1 million of professional liability insurance. Check your contracts, though, as this amount can vary.
At EasyCover, we offer three levels of protection:
- $1 million
- $2 million
- $5 million
This is the maximum amount your policy will pay out over your policy term (12 months) regardless of the number of claims.
Management Consultant Claims Examples
Here are a few scenarios where professional liability insurance would likely help protect a management consultant in Edmonton.
Mishandling of Funds
A client may accuse you of mishandling their money.
Mistake
An error (or perceived error) can cost your clients money and they may sue to recuperate the loss.
FAQs: Professional Liability Insurance for Edmonton Management Consultants
There are two main reasons management consultants in Edmonton may need professional liability insurance:
- They are required to carry the coverage in their contracts.
- They cannot afford to cover the costs of a lawsuit if they’re sued for negligence causing financial loss.
Even if you’re not required to carry professional liability insurance contractually, unless you can cover legal expenses out of pocket, it is a good idea to have this coverage.
For Edmonton management consultants, professional liability insurance covers legal expenses if they’re sued for negligence causing financial loss due to their service or advice (or failure to provide it). This includes defence costs, judgement awards, and settlements.
There is also coverage for unintentional defamation, slander, and product disparagement claims by third parties, breach of privacy/confidentiality, and infringement of intellectual property rights.
This coverage does not offer protection for claims of bodily injury, property damage, or criminal acts.
The cost of professional liability insurance will vary depending on factors such as annual revenue, business operations, and number of employees. Here are a few examples:
- An operations management consultant in Edmonton with no employees earning $160,000 in revenue may pay around $748 for basic professional liability insurance each year. For another $150 per year, they can add cyber liability coverage.
- A personnel management consultant in Edmonton earning $80,000 each year with no employees might pay $748 for basic professional liability insurance per year. To increase their coverage to $2 million, they may pay around $660 yearly.
Your rates may be higher or lower depending on the following factors:
- Profession
- Company revenue
- Number of employees
- Regions you operate in
- Coverage options
Additional commercial coverages for management consultants in Edmonton
Besides offering professional liability insurance, EasyCover can also provide a few additional protections for management 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. EasyCover’s 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 management 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 provide the professional liability insurance management consultants in Edmonton require to operate successfully with peace of mind.
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.