Professional Liability Insurance Saskatoon
Professional liability insurance helps protect Saskatoon professionals and businesses from the financial fallout of lawsuits tied to advice, services, or mistakes. Quote and buy online in minutes, or speak with a local broker.
Reliable errors and omissions insurance for Saskatoon businesses
As a professional who provides any kind of service or offers advice in Saskatoon or anywhere else in Saskatchewan, you’ll be faced with exposures that are unique to your industry. If a dissatisfied client or a visitor holds your business liable with claims alleging negligence or misinformation causing loss, you could end up facing a costly lawsuit.
Many average commercial general liability insurance policies won’t cover claims related to services or advice. Fortunately, professional liability insurance in Saskatchewan is available now from EasyCover by Acera Insurance. If you’re sued by a client or third party because they believe you’ve been negligent or provided faulty services or advice, EasyCover can help cover your legal costs.
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
Providing professional liability insurance to Saskatchewan professionals
Professional liability insurance in Saskatchewan is not just a want for professionals. It’s absolutely a must-have. Professionals who offer sought-after services may have an inkling as to just how much a client could lose if something went wrong on the job, and lawsuits aren’t cheap.
Mistakes can happen at any point, to any business, no matter your long-withstanding reputation built up in the industry, or your diligence when you do business. With EasyCover, Acera Insurance offers Saskatchewan professionals with liability insurance that protects them financially. Get a free liability insurance quote in SK online through our easy-to-fill form.
Who needs professional liability insurance in Saskatoon?
Whether you’re a business owner, contractor or employee operating in and around the Saskatoon area, we provided affordable professional liability insurance Saskatoon businesses need for comprehensive coverage and peace of mind. Get professional liability insurance for a wide range of industries and professions, including:
This is only a small, finite list of the various kinds of professionals who may benefit from purchasing professional liability insurance in Saskatoon. The reality is that any business which offers professional service or advice may benefit from this specialized coverage.
The cost of Saskatchewan professional liability insurance
Every professional may pay different amounts for their professional liability insurance in Saskatoon and throughout Saskatchewan. Liability insurance in SK is priced largely upon your industry as well as the amount of coverage you choose. It can vary immensely, starting at as little as $500/year to well over $2,500/year.
Individual rates vary based on:
- The kind of work you do
- The industry you operate in
- Your business experience
- Your insurance history
- How many employees you have, if any
- Your coverage options and limits
- Where you operate
If you want to see a more accurate estimate of your costs, you can get a quote quickly online
E&O coverage in Saskatchewan
Essentially what a professional liability insurance policy in Saskatchewan will cover is if a third-party (such as a client, or even a visitor in some instances) sues your business as a result of your services or your failure to provide a promised service; your professional liability insurance would cover the arising legal expenses.
Legal expenses may include costs such as defense costs, judgement awards, and settlements. It may also cover administrative costs and costs associated with a lawsuit.
With an EasyCover policy, there’s three levels of coverage you can purchase from:
- $1 million
- $2 million
- $5 million
How much coverage you will need may depend upon your likelihood and the expected cost of a lawsuit. Work with a liability insurance rep in SK to determine the amount of coverage you may need, as your coverage requirements will vary based on multiple factors.
Note that an EasyCover policy may also include retroactive cover, which covers claims for previous financial losses that occurred outside the policy period. Talk to a representative about this.
In order to have sufficient coverage against every potential risk, you’ll need to address the possibility of acquiring other types of liability insurance to fully protect your business. Professional liability insurance in Saskatchewan won’t protect against claims of property damage or bodily injury, nor will it cover claims made against your organization’s board of directors for things like breach of fiduciary duty.
Professional claims scenarios for liability insurance in SK
The most common professional liability lawsuits will involve high financial losses. This is sadly due to the nature of E&O claims, and moreover why it is so crucial that your business acquires the insurance coverage it needs to protect itself against claims of a professional nature. Most or all professional liability lawsuits will weigh on a professional’s failure to perform a service or provide advice. This means that the individual and/or his/her company will suffer serious financial losses.
Common claims will allege any or multiple of the following:
- Errors and omissions
- Negligence
- Alleged oversight causing financial losses
- Breaches of contract
- Failure to uphold contracted services
Here are a few scenarios where your liability insurance in SK may cover you.
- You work as a website designer, and while working diligently on a customer’s custom-ordered e-commerce website, you fail to correctly develop a tool that allows shoppers to put items in a virtual cart. You don’t notice this and deliver the project. The website is launched, and the client who runs the website alleges that they have lost revenue because their customers cannot make purchase due to the broken tool. They sue you for the resulting financial losses. This claim would be covered under a professional liability insurance policy.
- You work as a graphic designer and create incredible logos for your clients. While creating a new logo for a company, another company accuses your client of copyright infringement for their design. The client comes back and sues you for an error in your work. Your professional liability insurance in Saskatchewan would help cover you in this scenario.
- You operate as a freelance consultant and are doing work for a client. Unfortunately, due to too few hours of sleep, you fub and neglect to file an application for a client’s upcoming project, which results in numerous delays. They sue, but the resulting legal costs would be covered by your professional liability insurance in Saskatchewan.
Note that even alleged claims which are filed against you claiming loss due to errors, omissions, negligence, etc. may be covered, as these can still result in a lawsuit and can still put your business out tens of thousands of dollars.
About EasyCover for SK professional liability insurance
EasyCover is one of Canada’s only online portals which provides insurance directly to you without the need for a broker – a “middleman.” Our specialization is in professional liability, even though we offer numerous other forms of insurance designed to protect professionals, like commercial general liability insurance, directors and officers insurance, and more.
We’re a division of Acera Insurance Ltd. Acera is one of Canada’s largest independent insurance brokerages. EasyCover itself draws on its own extensive network of insurance market connections to offer some of the most comprehensive and competitive professional liability insurance in Saskatoon, Saskatchewan, and the rest of Canada. We’re committed to the process and can’t wait to begin working with you.
FAQs: Saskatoon Professional Liability Insurance
Some professionals will be mandated to carry professional liability insurance in Saskatoon. It depends on their insurance. As an example, mortgage brokers are required to carry professional liability insurance, as well as any general contractors who are working on government projects. If you are, in fact, not required to carry PLI, then it’s still recommended to preserve your business’ reputation against potential claims alleging negligence or misinformation.
Because your business is your livelihood, and because your typical CGL or commercial general liability insurance will not cover you for financial damages caused to others as a result of your professional advice or services. Lawsuits alleging professional mistakes can be very complicated in nature – not to mention extremely costly, and they can put your business out tens of thousands of dollars if you aren’t careful. Altogether, it’s better to spend the slight cost per year on professional liability insurance in SK to preserve your business and ensure that it can keep its doors open for many years to come. This insurance covers a broad range of different professional advice and services, but if your profession isn’t listed in the industries we serve, don’t hesitate to give us a call to inquire.
Saskatoon business resources
If you’re a consultant or business located in Saskatoon, here are a few resources that can help you operate more effectively:
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