Professional Liability Insurance for Toronto Management Consultants
Management consultants in Toronto are held accountable for strategic outcomes. E&O insurance protects you from costly disputes tied to advice, planning, or execution.
Errors and omissions insurance for management consultants in Toronto
If you’re in a management position within a Toronto business, you run the risk of being held liable if something goes wrong under your watch. Whether it’s an issue with the performance of an employee or the quality of a particular service, you could be accused of negligence and legal action may be taken against you and your organization. Errors and omissions insurance provides the coverage you need to ensure your livelihood now and for the foreseeable future.
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 E&O insurance for Toronto management consultants
When clients count on your management expertise, even a small misstep can lead to big consequences. If your advice results in financial loss, you could be facing a lawsuit. That’s why professional liability insurance is a smart safeguard for management consultants in Toronto—it’s protection when you need it most.
Why do management consultants in Toronto need professional liability insurance?
Many companies have directors and officers liability insurance, but this type of policy typically doesn’t cover services carried out in your capacity as a manager. Even if you have a general management liability insurance policy, you may not be completely protected should legal proceedings take place.
That’s why EasyCover offers Toronto management liability insurance (also known as errors and omissions insurance). This specialized type of professional liability coverage goes above and beyond directors and officers liability insurance, offering additional coverage should you face legal proceedings due to services or advice you may have provided in a managerial capacity. It’s affordable and effective protection for Torontonians working as managers.
What does professional liability insurance cover in Toronto?
Professional liability provides management consultants in Toronto with a safety net when faced with allegations of negligence. If a client claims they lost money due to a mistake in your management advice or services, your E&O insurance can help cover:
- Defence fees. This could include lawyer fees or lost wages due to court attendance.
- Restitution. This could include settlements or judgement awards.
Even if you are innocent, the fees required to defend yourself and your reputation can prove costly. Without the right insurance, you’ll need to cover these expenses out of pocket. Depending on the extent of the claim, a lengthy legal battle can substantially drain your resources and threaten the survival of your business.. That’s why it’s critical for management consultants in Toronto to consider purchasing professional liability insurance.
Toronto management professionals insured through EasyCover
EasyCover by Acera has experience insuring the following types of management professionals and consultants in Toronto
- Business process re-engineering
- Change manager
- Company development and planning
- Distribution manager
- Estate/facility director
- Finance and accounting
- Human resources director
- Operations manager
- Personnel management and selection
- Procurement manager
- Production manager
- Quality systems manager
- Marketing manager
- Sales manager
- Training manager
Don’t see your profession listed here? Contact us to discuss your situation. We’re happy to refer you to a great partner if we can’t insure you.
Claims Examples
Here are a few scenarios where professional liability insurance would
help a management consultant in Toronto.
Wrongful termination
After dismissing an employee on reasonable grounds, you may be faced with allegations of wrongful termination from a difficult employee
Mishandling of funds or investments
After working on a project for a client, they accuse you of mishandling their funds or failing to meet the instructions for how funds were allocated
Lack of corporate governance
Following changes in the structure of your organization, shareholders accuse you of lack of corporate governance
How much will management consultants in Toronto pay for professional liability insurance?
Professional liability rates are determined based on the following key factors:
- Your area of specialty. Toronto management consultants work across numerous industries and different service sectors. Through EasyCover, our team has specialized in developing industry-leading solutions for management consultants operating in several distinct fields.
- The size of your company. The more employees, the greater the risk. With EasyCover, management consultants in Toronto can get a professional liability policy for themselves or for their small business (up to five employees). For larger companies, we can refer you to one of our colleagues.
- Your annual revenue. EasyCover provides E&O insurance for Toronto management consultants who make up to $2 million per year. If your earnings are higher than this amount, one of our Acera Insurance commercial advisors can provide a customized solution for you.
- Your level of coverage. When purchasing professional liability insurance through EasyCover, management consultants in Toronto can select coverage limits of either $1 million, $2 million or $5 million. Your coverage limit is the maximum amount you will receive for all claims within the 12-month period of your policy.
- Your insurance and claims history. Your individual commercial insurance history may also impact your professional liability premium. This is especially the case if you have submitted liability claims in the past.
The fastest, most efficient way to learn exactly how much your insurance will cost is to get a free quote with EasyCover’s online tool.
Additional liability insurance options for Toronto management consultants
Besides offering professional liability insurance, EasyCover can also provide a few additional protections for Toronto’s management consultants.
Commercial General Liability Insurance (CGL)
Commercial general liability (CGL) insurance represents a core component of your business protection. It provides coverage in situations where you or your employees unintentionally cause bodily injury or property damage to a third party during business activities, including incidents occurring either on your premises or at a client’s property.
Directors and Officers Liability Insurance (D&O)
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. It 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. Our cyber liability coverage can 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.
Why select EasyCover for your management consultants’ professional liability insurance in Toronto?
With EasyCover by Acera Insurance, you receive excellent coverage at very competitive prices. Plus, we offer industry-leading solutions to get a quote and complete your policy. Everything can be done online and in minutes, which means getting the protection you need has never been easier. Apart from digital convenience, our team of dedicated E&O experts provide support and guidance whenever you need help. It’s the best of both worlds. Want to complete the transaction online without speaking to an advisor? Use our quick quote tool at your convenience. Looking for someone to answer your questions and discuss your coverage? Connect with one of our brokers. We offer the personalized solutions you need, when you need them.
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