Professional Liability Insurance for Toronto Consultants
Toronto consultants offering strategy, HR, or business advice need E&O protection against client claims related to performance, negligence, or perceived harm.
Errors and omissions insurance for consultants in Toronto
If you work for one of the many consulting firms Toronto has to offer, you could face accusations of negligence stemming from a service or advice you may have offered in a professional capacity. Even if you aren’t found liable, the resulting court proceedings could cost you financially and in terms of your professional reputation as one of the top consulting firms Toronto clients rely on.
In most cases, your commercial general liability insurance policy won’t cover you for your professional services or advice. Fortunately, EasyCover offers professional liability insurance for Toronto consultants. This unique form of insurance covers a wide range of professional services and advice for Torontonians working as consultants.
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
Understanding PLI insurance for Toronto consultants
Why do consultants in Toronto need professional liability insurance?
You’ve invested time and effort into building your reputation as a trusted consultant in Toronto — and you take pride in helping your clients thrive. But even with the best intentions, mistakes can happen. If a client sues, the financial fallout could be devastating. That’s why having the right insurance coverage is essential for consultants in Toronto.
Professional liability insurance helps consultants cover legal expenses in the event a client claims your professional advice or services resulted in their financial loss. Examples of covered costs include:
- Defence fees, such as hiring a lawyer.
- Lost wages due to attending court.
- Judgement awards should a judge rule in support of your client.
- Settlements if you and your client come to a financial agreement out of court (as agreed beforehand by the insurer).
Professional liability insurance coverages for consultants in Toronto
With EasyCover, consultants in Toronto can choose from three professional liability limits:
- $1 million
- $2 million
- $5 million
It is important to keep in mind that your coverage limit is the total amount you’ll receive for all approved claims during your 12-month policy period.
Considering the following can help consultants in Toronto determine an optimal level of coverage:
- the type of clients you work for;
- how risky of an environment you and your clients operate in;
- the overall value of your work; and,
- the size of a legal claim that can be made against you (factor in defence costs and potential restitution).
If you have questions about how to choose how much coverage you need, we are here to help. Get in touch with our brokers by calling 1-844-439-2683 or by emailing info@easycover.ca.
Toronto consultants insured through EasyCover by Acera Insurance
We’ve utilized our extensive experience to create specialized insurance coverage for consultants in Toronto. EasyCover has insured the following types of consultants:
- Business analyst
- Business/management consultant
- Business continuity consultant
- Business recovery consultant
- Business development consultant
- Change management consultant
- Compliance consultant
- Data analyst
- Health and safety consultant
- IT consultant
- Logistics consultant
- Management consultant
- Oil and gas consultant
- Project management consultant
- Risk management consultant
- Strategy consultant
Don’t see your profession above? Not to worry. Give us a call and we’ll see how we can help.
Claims examples for Toronto consultants
Defamation and slander
You are a public relations consultant and a past client accuses you of defamation and slander resulting from your services or advice
Professional error
You are a human resources consultant and a client accuses you of hiring a person who ends up being incompetent
Administrative error
While working as a freelancer for a client, you make an administrative error and are now being accused of negligence
Costs for Toronto consultant E&O
How much are professional liability insurance rates for consultants in Toronto?
EasyCover makes it easy to get competitive rates on your E&O coverage. Your premium will depend on a few key factors, including your area of expertise and revenues.
You’ll need to provide the following details to receive your quote:
- Your area of specialty. The consulting industry is fairly broad, which is why EasyCover provides professional liability insurance to consultants in Toronto with various different specialties.
- The number of people on the policy. Toronto consultants can choose to purchase a policy for themselves or for a small company with a maximum of five employees. For larger companies, Acera Insurance can help.
- Your annual revenue. EasyCover offers professional liability insurance to consultants in Toronto who earn up to a maximum of $2 million per year. Those with a higher annual revenue can receive support from one of our commercial account executives at Acera Insurance.
- Your coverage level. Through EasyCover, consultants in Toronto can select from three professional liability coverage limits: $1 million, $2 million and $5 million.
With just a couple clicks of the mouse, consultants in Toronto can get an instant quote—there is no need to pick up the phone to speak with a broker.
As you enter this information in our online quoter, you will see your price update instantly. While the exact amount you can expect to pay will vary depending on the details you enter, a Toronto consultants’ professional liability policy can cost as low as $500.
Optional commercial coverages for professional consultants in Toronto
Besides offering professional liability insurance, EasyCover can also provide a few additional protections for consultants in Toronto, if required.
Commercial General Liability Insurance (CGL)
Commercial General Liability (CGL) insurance is a fundamental form of business liability coverage. It protects you and your employees if you accidentally cause bodily injury or property damage to a third party while conducting business activities—whether on your own premises or at a client’s location.
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
Individuals serving as directors or officers can face personal liability if they breach legal obligations or fail to adequately perform their fiduciary duties. Directors and Officers (D&O) liability insurance is specifically designed to protect against such risks, offering coverage for legal expenses resulting from claims initiated by regulatory agencies, employees, creditors, suppliers, 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 structured to provide financial protection in the event of a real or alleged cybersecurity incident or data privacy breach. Our coverage encompasses network security and privacy liability and may include reimbursement for breach response efforts, business income losses, legal defense expenses, extortion payments, digital asset restoration, and applicable 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?
In a hectic world with multiple, competing priorities, Toronto consultants tend to appreciate our easy and efficient quoting process. We’re one of the very few digital options in Ontario where you can buy your insurance 24/7 without needing to speak with a broker. Our team has been focused on making the process securing your liability coverage as quick and effortless as possible. This was the fundamental goal in creating our online quoter. Ultimately, you can utilize our online tools at your convenience, but always have the option of reaching out to us for helpful advice and recommendations on your coverage. We believe this combination of convenience and support is key for our clients.
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.