Professional Liability Insurance for Financial Services in Winnipeg
Financial advisors and planners in Winnipeg can be sued over investment outcomes or guidance. E&O insurance offers protection against claims of professional missteps or financial loss.
Errors and omissions insurance for financial professionals in Winnipeg
The financial services sector provides a lot of value to Winnipeg. Whether you provide personal or commercial accounting, work as a financial analyst, or provide another finance-related consulting service, it’s important to protect yourself and your business. EasyCover makes this fast, simple and convenient by offering 24/7 online professional liability insurance quotes for finance professionals in Winnipeg.
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
Why is professional liability insurance important for financial services in Winnipeg?
Professional liability insurance can help if you’re sued for causing financial loss to a client or third party due to your service or advice. It covers legal expenses like defence costs, judgement awards and settlements.
Some examples of professional liability insurance for financial services in Winnipeg include:
- You make a mistake on payroll, costing your client company money. They sue you to recoup their losses.
- You lose an important financial document, causing your client to miss an important deadline. Your client sues you for the cost of replacing the document and the lost business.
- A client accuses you of making a mistake that apparently cost them thousands of dollars – but you didn’t make a mistake.
In these scenarios, your professional liability insurance could respond and help cover your legal expenses. Even in a situation where you know you did nothing wrong, you’ll still need to pay a lawyer to defend you! This coverage helps reduce the financial impact of such events.
Winnipeg financial professionals EasyCover supports
We can provide service for the following financial services professionals in Winnipeg:
- 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 profession listed above, give us a call. We may be able to offer you coverage or we can refer you to one of our colleagues at Acera Insurance.
The cost of professional liability insurance for financial services in Winnipeg
The cost of professional liability insurance for finance professionals in Winnipeg will depend on your individual situation. Here are a few examples:
- A bookkeeper earning $85,000 a year operating in Manitoba might expect to pay $440 for basic professional liability insurance in Winnipeg. They can add on cyber liability for $150 and basic commercial general liability for an additional $220.
- A financial controller earning $115,000 per year operating in Manitoba might expect to pay around $660 for basic professional liability insurance. Cyber and commercial general liability are an extra $150 and $220, respectively.
- A CPA earning $155,000 per year operating only in Manitoba might expect to pay around $1100 for basic professional liability insurance. Commercial general liability is an extra $330 and cyber liability can be added on for $150.
Note these examples are for reference only and do not indicate an agreed premium.
How are professional liability rates for financial services in Winnipeg determined?
Professional liability insurance rates for financial services in Winnipeg are calculated based on the following factors:
- Your daily operations
- The number of clients you have
- The value of your contracts
- Your insurance history
- Your coverage options
- The number of employees you have
- The province(s) you operate in…and more
For the most accurate estimate, get a free quote with our online EasyCover tool. If you like the price you see, you can even purchase your policy right away.
FAQs: Professional liability insurance for finance professionals in Winnipeg
Professional liability insurance may be required for finance professionals in Winnipeg by contract or by a regulatory body. For example, CPAs are often required to carry professional liability insurance.
Besides contractual requirements, professional liability insurance protects financial service businesses in Winnipeg if they’re sued. It helps cover legal expenses such as defense costs, legal fees, judgement awards and settlements.
The amount of protection you need will depend on your individual business risks. Consider:
- Your annual revenue.
- The likelihood of a lawsuit in your industry.
- The expected cost of a lawsuit in your industry.
- The value of each individual contract.
- The number of clients you have.
EasyCover offers three optional limits of professional liability insurance for Winnipeg’s financial service providers: $1,000,000; $2,000,000; and $5,000,000.
It may not be legally required, but financial service providers should absolutely carry professional liability insurance. There are a few reasons why:
- It may be required by your professional association.
- Your contracts may require this coverage.
- It is appealing to clients.
- Lawsuits are very expensive – could you afford to cover the costs out of your own pocket?
Additional liability coverage options for finance professionals in Winnipeg
Professional liability insurance (also known as E&O) covers legal expenses if you’re sued for causing financial loss to a third party due to your professional service or advice. However, E&O alone may not be enough. With EasyCover, we offer a number of other critical protections, including cyber liability insurance, directors and officers insurance, and commercial general liability insurance.
Commercial General Liability Insurance
Covers legal expenses if you’re sued for causing injury or property damage to a third party due to negligent acts.
Directors and Officers Liability Insurance
Covers legal expenses if you’re held personally responsible for your actions as a director or officer. Helps protect your personal assets.
Cyber Liability Insurance
Covers expenses related to a cyber-attack or data breach up to your policy limit. This includes legal expenses, regulatory fines, and recovery costs.
Why choose EasyCover for your professional liability insurance?
EasyCover offers great coverage in a convenient way. We’re online, available 24/7 and you can get a quote or purchase insurance when and where it’s convenient for you. In addition to providing professional liability insurance to Winnipeg financial service providers, we also offer additional coverages that could be valuable to such a business. Get a quote today to see for yourself!
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