Professional Liability Insurance for Financial Controllers
Quote and buy professional liability insurance online in minutes.
What is financial controller professional liability insurance?
As a financial controller, you operate at a high level, making recommendations and decisions that can have a long-term impact on your company’s prosperity. This also means you could face legal action if a client believes you’ve committed an error or omitted important information during the course of your duties.
Many companies currently have some form of commercial general liability insurance in place. However, these types of policies typically don’t cover claims stemming from professional services or advice you’ve provided. As a result, you could be sued for any financial damages and held personally liable.
Fortunately, EasyCover offers a unique form of insurance for your profession: financial controller professional liability insurance.
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 financial controllers professional liability insurance cover?
Our professional liability insurance delivers critical protection for financial controllers who oversee budgeting, financial reporting, risk assessments, and internal controls. If a client, stakeholder, or employer claims that you’ve made an error in your analysis, reporting, or recommendations that led to a financial loss, you could be taken to court.
We recommend all financial controllers purchase professional liability insurance to ensure you’re protected from legal action. As long as there is no evidence of intentional misconduct, fraud, or criminal activity, this essential coverage can cover your legal expenses resulting from a claim.
How much professional liability coverage do financial controllers need?
If you’ve been sued because of the financial advice and support you’ve provided, EasyCover by Acera Insurance can provide the critical coverage you need. This coverage could help pay for your legal fees, along with settlements or judgments (up to your policy limits).
With EasyCover, you can choose one of the following three coverage levels:
- $1 million
- $2 million
- $5 million
These represent the maximum claim payouts within a 12-month policy period. The level of coverage that Financial Controllers need may vary depending on the size and type of clients you work with, as well as the financial implications of a potential lawsuit.
For each covered claim, you’ll pay a deductible. This is usually in the range of $250 to $1,500 and is based on your annual revenue. If you had two covered claims in one year and your deductible is $500, you’d pay $1,000 in deductibles. Your professional liability insurance could then cover remaining legal expenses, up to your policy limits.
E&O Insurance for Financial Controllers
With EasyCover, we insure various financial controller roles, such as:
- Assistant Controllers
- Senior Controllers
- Cost Controllers
- Divisional Controllers
- Manufacturing Controllers
If you don’t see your profession listed here, do not worry.
Connect with us and we’ll see what we can do.
Common
claims scenarios for financial controllers
Reconciliation
An improper bank reconciliation has caused an overstated cash balance that inflated company’s assets and income. Decision-making was affected and triggered reputational risk.
Wrong report
An error in your financial report shows lower cash and assets values than the actual amounts. This causes an issue getting funds from financial institutions for the company’s normal operation.
Breach of contract
Your client expects a financial report from you. You miss the deadline which causes financial loss to the company. The company holds you responsible.
Top factors influencing professional liability insurance rates for financial controllers
Professional liability insurance rates vary for financial controllers and are influenced by factors like:
- 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
Get an online quote so you can see what your professional liability insurance will cost with our EasyCover virtual tool. It only takes a few minutes.
How much does E&O insurance for financial controllers cost?
On average, most financial controllers in Canada can plan to budget $660 for professional liability insurance. Given the level of responsibility, enhanced protections can also be added. Cyber liability would cost $150 extra, while commercial general liability can be included for $220 more.
Use our quick quote tool to generate your own online E&O estimate. If you are comfortable with the price, continue to the next step to complete your purchase online. It’s that easy.
Risk management strategies for financial controllers
Although professional liability insurance for financial controllers is essential for protecting your career, proactive risk management is your strongest safeguard against costly legal disputes. By implementing preventative strategies, you can reduce risk, protect your professional reputation, and stay focused on overseeing financial operations, ensuring compliance, and delivering accurate reporting with confidence and peace of mind. Here are some practical tips to help lower your exposure and stress:
Clear Communication
Ensure you are communicating clearly and have a record of your communications. When having in-person or virtual meetings, it’s important to send a follow-up email that captures any key discussions and decisions.
Detailed Documentation
Having detailed records of financial agreements, records and reports can help to ensure you have evidence readily available to support you in the event of a claim.
Policies & Procedures
To help ensure consistency and avoid costly errors that can lead to legal actions, it’s vital to establish well-defined standards of all your financial processes and procedures.
Why financial controllers depend on Acera Insurance and EasyCover for their E&O coverage
Financial controllers in Canada trust EasyCover by Acera Insurance for professional liability insurance they can depend on. In minutes, you can use our online quoting online tool to get a free quote and secure your professional liability policy. We’re also here to answer any coverage questions you, and if you’re involved in a claim, we’ll be there to provide exceptional support.
We also offer additional liability coverage options for financial controllers.
Commercial General Liability
Most businesses have a standard CGL policy. It provides protection for third-party injury claims or property damage caused by negligence. For instance, if someone slipped and fell at your office. Note: CGL does not cover employee injuries or damage to business property.
Cyber Liability
Cyber liability is an essential coverage that can help you recover after a cyber-attack or data breach. Because any business can be susceptible to these kinds of cyber issues, we strongly recommend this protection for financial controllers. It can help cover legal and public relations expenses and more, up to your policy limit.
Ready to get your free financial controllers 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.