Professional Liability Insurance for Financial Professionals in Vancouver
Vancouver financial advisors face liability for market performance, guidance, or fiduciary responsibility. E&O insurance helps cover client loss claims and professional disputes.
Errors and omissions insurance for financial professionals in Vancouver
Whether you’re working in corporate or personal finances, the advice you give as a financial professional in Vancouver can leave you open to many risks. If a client is not satisfied with your work, you could be sued – whether you’re at fault or not.
Fortunately, a professional liability insurance policy can help protect your business against accusations of negligence. Plus, with EasyCover by Acera Insurance, getting started is easy.
Step 1:
Provide your contact information
Step 2:
Answer a few questions about your business
Step 3:
Choose your
coverage options
Step 4:
Pay for your
coverage online
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 importance of E&O insurance for Vancouver financial service providers
If you were brought to court by a third party over allegations of negligence or wrongful act based on your professional financial advice or opinion, a professional liability insurance policy can help cover the financial burden of judgements, settlements and defence costs.
Even just one claim could put you out of business or ruin your reputation in Vancouver. Professional liability insurance can help keep your financial business up-and-running so that you can keep doing what you do best.
EasyCover offers a few professional liability coverage level options for Vancouver finance professionals:
- $1 million
- $2 million
- $5 million
Keep in mind that this is the maximum amount you will receive in a 12-month period when filing a claim.
Financial professionals in Vancouver eligible for EasyCover
EasyCover provides coverage for Vancouver finance professionals across a wide range of disciplines including, but not limited to:
- Financial analysts
- Bookkeepers
- CPAs (Chartered Professional Accountants)
- Financial compliance professionals
- Credit controllers
- Financial controllers
- Management accountant
- Payroll
- Regulatory reporting
- Treasury
If you do not see your finance profession listed above, no worries! We may still be able to offer you coverage or can refer you to one of our colleagues at Acera Insurance.
The cost of professional liability insurance for financial services in Vancouver
“Premiums” are the payments you will make per month, quarter or year for your professional liability insurance in Vancouver. Essentially, you can view your premiums as the cost of your E&O insurance. The amount you can expect to pay for your premium is based on unique factors related to you and your business.
What affects the cost of professional liability insurance for finance professionals in Vancouver?
The cost of professional liability insurance for finance professionals will depend on several factors:
- The number of clients you have
- What province and/or countries you offer your services
- The size and scope of the projects you are working on
- Your claim history
- The potential financial impact of a lawsuit
- Your annual revenue
- The coverage level option you select
The best way to calculate exactly how much your finance professional liability insurance in Vancouver will cost is to get a free quote with our online EasyCover tool.
FAQs: Professional liability insurance for finance professionals in Vancouver
Professional liability insurance is one of the most important coverages for professionals in the financial services industry. In fact, professional liability may be stipulated in a client contract or may be required by your regulatory body. For example, CPAs are often required to carry professional liability insurance.
Besides helping meet specific requirements, professional liability insurance provides valuable protection for financial service businesses in Vancouver if they’re sued. Notably, it can assist with covering legal expenses such as defense costs, legal fees, judgement awards and settlements.
You should refer to all contracts for any contractual insurance requirements. This includes any contracts with clients and landlords. You should also review any governing or regulatory body requirements and recommendations.
However, we recommend all finance professionals in Vancouver at least carry professional liability insurance. Depending on your situation, you may require additional business insurance coverage. At EasyCover we offer a number of other crucial protections, such as cyber liability insurance and commercial general liability insurance, as well as directors and officers liability insurance.
Commercial general liability (CGL) insurance protects against accusations of bodily injury or property damage by a third party. A common example of when a CGL policy may be of use is if someone were to slip and injure themselves on your property, you could be sued for not providing the appropriate signage.
Whereas if a client were to sue you for any professional advice or opinion you provided, a professional liability (also known as errors and omissions) insurance policy would protect you and your business.
In some cases, having both policies may be necessary for financial professionals in Vancouver.
Important insurance coverage options for finance professionals in Vancouver
In addition to professional liability insurance to help protect you against accusations of wrongdoing, you may also want to consider the following coverages:
Commercial General Liability Insurance
If you have staff, clients, delivery drivers or other guests visiting your office, commercial general liability insurance policy can protect against allegations of bodily injury or property damage by a third party.
Directors and Officers Liability Insurance
If you serve as a corporate director, officer, or volunteer on a board for a nonprofit organization, directors and officers (D&O) liability insurance is a must.
Cyber Liability Insurance
The severity and frequency of cyberattacks continues to rise and affect companies of all sizes. As a finance professional dealing with sensitive client information, a cyber liability insurance policy can help with costly litigation following a cyberattack.
Why do finance professionals in Vancouver choose EasyCover?
EasyCover by Acera Insurance offers quick, online coverage for financial service businesses in Vancouver. Here are just a few of the benefits we can provide finance professionals in Vancouver:
- Affordable rates
- Comprehensive coverage
- 24/7 online insurance quotes and policy management
- Access to experienced insurance brokers
- We make insurance convenient and easy
- We also offer other valuable insurance protection to add on to your professional liability insurance
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.