Professional Liability Insurance for Financial Services in Halifax
In Halifax, financial advisors and planners may be held accountable for market performance and advice outcomes. E&O insurance provides coverage for client claims and losses.
Errors and omissions insurance for financial professionals in Halifax
As a financial professional, you deal with clients’ sensitive information day in and day out. No matter how diligent you are in your daily duties, mistakes happen. Luckily, professional liability insurance can help protect finance professionals in Halifax from the unexpected costs of a lawsuit. Get an online quote today and learn how affordable and easy it is to protect yourself and your business with EasyCover by Acera Insurance.
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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 Halifax financial service providers
Professional liability insurance is designed to protect finance professionals in Halifax from being sued for causing financial loss to a third party as a result of their professional service. This includes legal expense coverage, such as defence costs, judgment awards and settlements.
Our policies include retroactive cover, which means you’re covered for claims made during the policy period arising out of events that may have occurred prior to the policy inception date. Some conditions apply here, such as disclosing any situation that may result in a lawsuit.
We offer three levels of protection:
- $1 million
- $2 million
- $5 million
This is the maximum your policy will pay out over a 12-month policy term, no matter how many claims you make during this time. Financial professionals are advised to choose an amount that reflects their contractual requirements, the value of their work, and the likelihood and expected cost of a lawsuit.
Halifax financial service professionals that EasyCover insures
We can provide service for the following financial services professionals:
- Financial analysts
- Bookkeepers
- CPAs (Chartered Professional Accountants)
- Financial compliance professionals
- Credit controllers
- Financial controllers
- Management accountant
- Payroll
- Regulatory reporting
- Treasury
If you do not see your finance profession listed above, no worries! We may be able to offer you coverage or can refer you to a trusted insurance partner.
The cost of professional liability insurance for financial services in Halifax
“Premiums” are the payments you will make per month, quarter or year for your professional liability insurance in Halifax. There is no one set price for professional liability insurance – it will depend on your company’s individual circumstances. Consider the examples below as a starting point for the cost of your finance professional liability insurance in Halifax:
- A finance professional who earns $85,000 per year in Halifax may pay an average of $810 per year for our basic level of coverage for professional liability insurance, commercial general liability and cyber liability insurance.
- A CPA who earns $235,000 per year with one additional employee in Halifax may pay an average of $1900 per year for their professional liability, commercial general liability and cyber liability insurance. Just professional liability insurance would cost on average $1400 per year.
How are professional liability rates for financial services in Halifax determined?
Professional liability insurance rates for finance professionals in Halifax can be calculated by the following factors:
- Your daily operations
- The number of clients you have
- The value of your contracts
- Your insurance history
- Your coverage options
- The number of employees you have
- The province(s) you operate in…and more
The best method to gauge how much your finance professional liability insurance in Halifax might cost is to get a free quote with our online EasyCover tool.
FAQs: Professional liability insurance for finance professionals in Halifax
Professional liability insurance may be required for finance professionals in Halifax by contract or by a regulatory body. For example, CPAs are often required to carry professional liability insurance.
Besides contractual requirements, professional liability insurance protects financial service businesses in Halifax if they’re sued. It helps cover legal expenses such as defense costs, legal fees, judgement awards and settlements.
You should refer to all contracts for any contractual insurance requirements. This includes any contracts with clients and landlords. You should also review any governing or regulatory body requirements and recommendations.
We recommend all finance professionals in Halifax carry professional liability insurance. Depending on your situation, you may require additional business insurance coverage. At EasyCover we offer a number of other critical protections, including cyber liability insurance, directors and officers insurance, and commercial general liability insurance.
There is no one set price for professional liability insurance – it will depend on your company’s individual circumstances. For example, an individual finance professional earning $85,000 per year may pay $810 per year for basic E&O, CGL and cyber liability. To learn how much you can expect to pay, you can immediately get a free quote online with EasyCover by Acera Insurance.
Additional liability coverage options for finance professionals in Halifax
At EasyCover we offer a number of other critical protections, including cyber liability insurance, directors and officers insurance, and commercial general liability insurance.
Commercial General Liability Insurance
Finance professionals in Halifax are responsible for sensitive customer data. We strongly recommend you carry cyber liability to protect your business in the event of a cyberattack or privacy breach. Our cyber coverage can help cover legal expenses, digital asset losses, regulatory fines and more.
Directors and Officers Liability Insurance
Directors and officers insurance, or D&O insurance, is designed to protect individual officers and company directors from personal loss if they are sued due to negligent acts or breaches of duty while carrying out the Board responsibilities. Refer to the policy language for specific exclusions.
Cyber Liability Insurance
Commercial general liability insurance (sometimes referred to as CGL) helps cover legal expenses if a third party is hurt or has their property damaged as a result of negligence by you or an employee. A common example is if someone slips and falls while visiting your office.
Why do finance professionals in Halifax choose EasyCover?
EasyCover by Acera Insurance offers instant, online coverage for financial service businesses in Halifax. We make it easy to get great professional liability coverage. Simply answer our questions about your business operations, choose your coverages and pay online and you’re insured!
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