Professional Liability Insurance for Toronto Construction Professionals
Construction professionals in Toronto can face claims over project planning, site evaluations, or documentation errors. E&O insurance helps protect your business from costly professional liability disputes.
Errors and omissions insurance for construction professionals in Toronto
Whether you’re a Toronto construction contractor overseeing a small project or a consultant managing a large group of sub-contractors in the GTA, at any time your clients could accuse you of failing to meet project deadlines and budgets, or accuse you of errors that may have occurred under your supervision.
Unfortunately, most Toronto construction insurance policies don’t cover service-based claim scenarios. As a result, you could face huge legal defense costs—-even if you’re not found liable.
Fortunately, EasyCover offers Toronto construction professional liability insurance. This unique form of coverage goes beyond standard construction insurance, offering additional protection should you be sued due to allegedly providing faulty advice or a service-based error or omission. It’s the ultimate way for Torontonians working in construction to protect their finances and reputation.
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
Construction professional or contractor liability insurance in Toronto
The construction industry is booming in the Greater Toronto Area. From expanding industrial buildings to major commercial high-rises, contractors with various specialties are required to create a foundation of economic growth and potential for local and national businesses. While you are busy focusing attention on the development of new buildings, contractors should never forget to focus attention on protecting themselves and their own business. Having the right insurance is a key part of ensuring your own personal success.
What type of protection does professional liability insurance provide construction contractors in Toronto?
Professional liability insurance offers construction contractors in Toronto protection from unanticipated legal expenses. While you may have other types of business insurance, E&O insurance is the only coverage available to protect you in the event you are sued by a client for financial damages based on your professional advice or services.
Professional liability protection for Toronto construction contractors
Professional liability insurance can safeguard construction contractors in Toronto from bearing the brunt of expensive legal costs. E&O coverages helps cover expenses such as:
- Defence fees
- Wages lost due to court attendance
- Settlements
- Judgement awards
Unfortunately, regardless of whether you are in the wrong, you will still need to defend yourself if claims of negligence or mistakes are brought against you. These legal expenses can quickly build. Without the right insurance policy, you will face covering these costs out of pocket. With EasyCover, you are not alone. We help you secure the right coverage. If you ever face a claims scenario, your insurance will provide the safety net you need to ensure your continued business success.
Is professional liability insurance mandatory for construction contractors in Toronto?
No, the government does not mandate businesses obtain professional liability insurance, like it does for automobile liability coverage, but your client may require you to have it. Carrying professional liability insurance shows clients that your are financially prepared to correct any unexpected expenses resulting from accidents or mistakes related to your professional advice or service. It demonstrates your accountability, which is increasing more important in the construction industry.
Toronto construction contractors, engineers and managers covered through EasyCover
EasyCover by Acera Insurance provides professional liability insurance to the following construction professionals in Toronto:
- Architectural technologists
- Contracts managers
- Document controllers
- Electrical engineers
- Fire and safety auditors
- Health and safety consultants
- Maintenance managers
- Operations managers
- Planning engineers
- Project managers
- Site engineers
- Technical engineers
If you don’t see your occupation listed, not a problem. One of our brokers will be happy to discuss your options and help find you coverage.
Common contractor liability insurance claims in Toronto
Construction contractors in Toronto may face lawsuits from clients seeking compensation for financial damages allegedly caused by the contractor’s professional services or recommendations.
Sub-contractor fails to deliver on time
A sub-contractor fails to meet the deadline for his or her work and the client holds you responsible for the extra time.
Project exceeds original estimate
A project unexpectedly exceeds the original budget due to a third-party change and the client holds you liable for the difference.
Staff error
Employees under your supervision install a component of a project incorrectly after miscommunication with a client representative. The client holds you liable for the error.
How much are professional liability premiums for construction contractors in Toronto?
For construction contractors in Toronto, there are multiple factors which influence the cost of professional liability insurance:
- Your occupation. Construction contracting is a very diverse field, which requires multiple skillsets and specialties. Each of these come with their own set of risks. EasyCover has experience insuring a variety of construction-focused technologists, engineers, managers and more. This knowledge translates more opportunities for better coverage and better rates.
- The number of people on the policy. The greater the number of employees on a policy, the greater the insurance risk. While EasyCover offers construction contractors in Toronto with the option to get a policy just for themselves, our team can also insurance small companies up to five individuals. For larger companies, we can refer you to one of our colleagues at Acera Insurance who specializes in construction insurance for large businesses.
- Your annual revenue. Through EasyCover, we can insurance construction contractors who earn up to $2 million per year. For construction professionals with higher annual revenue, we can offer an introduction to a commercial account executive and risk management specialist at Acera Insurance.
- Your coverage level. With EasyCover, you can choose from three limits: $1 million, $2 million and $5 million. It is important to remember that the limit you choose will be the total amount paid out for all approved claims during your policy year.
Through EasyCover by Acera Insurance, professional liability insurance premiums for construction contractors in Toronto could be as low as $700 per policy for basic E&O coverage. For enhanced protection, you can add commercial general liability and cyber liability for an extra $425.
Optional commercial coverages for construction consultants in Toronto
Besides offering professional liability insurance, EasyCover can also provide a few additional protections for Toronto construction contractors.
Commercial General Liability Insurance (CGL)
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 select EasyCover for your consultants’ professional liability insurance in Toronto?
Construction contractors in Toronto can benefit from quick and affordable professional liability insurance from EasyCover. Our unique digital platform makes it very straightforward to get your free quote and purchase your policy. The entire process — from start to finish — only takes a few of minutes. Plus, our tool is available 24/7. Securing your coverage is as easy as finding a couple of minutes to answer a few questions and enter your payment information. There is no need to speak with a broker, unless you want additional help or require further guidance.
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