Professional Liability Insurance for Saskatoon Engineers
One miscalculation can lead to major liability. Engineers in Saskatoon rely on E&O insurance to manage claims tied to design flaws, inspections, or project oversight.
Errors and omissions insurance for engineers in Saskatoon
As an engineer, you can be held liable for causing financial loss to a third party as a result of your services or advice. Professional liability insurance in saskatoon can help reduce the financial impact if this happens. At EasyCover, we make it simple for Saskatoon’s engineers to get professional liability insurance. You can get a quote or purchase a policy online in minutes. You’ll have peace of mind that you’re covered and can take care of your insurance when it’s convenient for you.
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 basics of professional liability insurance for engineers in Saskatoon
Professional liability insurance for engineers helps cover legal expenses if an engineer is sued for causing financial loss to a third party due to their service or advice. This includes defence costs, judgement awards and settlements. For example, let’s say an engineer is accused of making a mistake. This has caused their client to lose revenue and pay to fix the mistake. The client decides to sue to make up for these costs. The engineer’s professional liability insurance can help cover their defence costs as well as any settlement or judgement awards.
With EasyCover, we offer three optional limits of professional liability insurance for engineers in Saskatoon:
- $1,000,000
- $2,000,000
- $5,000,000
Choose the amount of coverage that reflects your company’s needs. Consider the likelihood of a lawsuit and the average cost of lawsuits in your industry. You should also take into account the number of clients you have, the value of each contract or project and your annual revenue.
All of EasyCover’s professional liability insurance policies include retroactive cover. This means that as long as you have a policy with us in effect, all of your work is covered. That means if a client from a few years ago accuses you of making a mistake that cost them money, your current policy would respond. Make sure you disclose any potential claims when you purchase your policy!
Saskatoon engineers insured by EasyCover
We’re able to offer the following types of engineers in Saskatoon professional liability insurance:
- Acoustic engineer
- CAD/CAE engineer
- Chemical engineer
- Civil engineer (excluding structural)
- Draughtsman
- Electrical engineer
- Electrical inspectors/appliance testers
- Expert witnesses (engineer)
- Feasibility studies
- Geologist
- Health and safety consultant
- Heating and ventilation engineer/HVAC engineer
- Mechanical engineer
- Mining engineer
- Oil/gas engineer
If your specialization isn’t listed here or you have more than two employees, contact us! We’ll see what we can do or refer you to a trusted colleague at Acera Insurance.
Claims examples
Here are a few scenarios where professional liability insurance could
help an engineer in Saskatoon.
If you’re alleged to have made an error causing financial loss for a client.
If a client holds you liable for causing a delay in the project timeline.
The budget of a project is much more than you projected.
Your design contained flaws that led to expensive repairs.
The cost of professional liability insurance for Saskatoon engineers
Professional liability insurance starts at $440 per year for engineers in Saskatoon. However, your costs may be higher depending on your specific business operations, annual revenue, if you have employees, if you operate outside of Saskatchewan and your insurance options.
Here are some examples of what engineers in Saskatoon could expect to pay for professional liability insurance:
- An acoustic engineer making $105,000 each year could expect to pay $660 per year for basic professional liability insurance.
- A petroleum engineer earning $240,000 each year can expect to pay $2800 for basic professional liability insurance.
We offer cyber liability as an add on for $150 per year; commercial general liability starting at $220 per year, and directors and officers liability starting at $150 per year.
Optional coverages for engineers in Saskatoon
Besides offering professional liability insurance, EasyCover can also provide a few additional protections for engineers in Saskatoon.
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.
Directors and Officers Liability Insurance
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.
Cyber Liability Insurance
Cyber liability insurance is designed to help cover costs following an alleged or actual hacking event or privacy breach. 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.
Four reasons Saskatoon engineers need professional liability insurance
- It’s required by a professional association or regulatory body.
- It’s required in a contract.
- You couldn’t afford to cover the costs of a lawsuit out of pocket.
- It is appealing to potential clients.
Benefits of choosing EasyCover by Acera Insurance
Saskatoon engineers can rely on EasyCover for their professional liability insurance because we offer:
- Competitive rates.
- Comprehensive coverage.
- 24/7 online insurance quotes and policy management.
- Ability to add additional coverages to your E&O policy.
- Access to helpful, educated insurance brokers.
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.