Shield Your Business from Claims with Errors and Omissions Insurance in Alberta
Protect your company should a claim of inadequate or negligent work be made against you.
Errors and Omissions (E&O) Insurance (also known as Professional Liability Insurance) is coverage for anyone who gives professional advice, makes educated recommendations, designs solutions for or represents the needs of others.
In the event a claim is made against you regarding advice or a service you provided, E&O insurance can cover your costs. Service professionals, such as accountants, financial planners, software developers, real estate agents, contractors, engineers, lawyers etc., are prime candidates for carrying E&O insurance.
Errors and Omissions Insurance FAQ
What is Errors and Omissions Insurance?
Errors and Omissions (E&O) insurance is a type of liability insurance that provides coverage for professionals who provide advice or services to clients. This insurance protects professionals from claims made by clients for mistakes, negligence, or failure to perform their professional duties.
Who needs Errors and Omissions Insurance?
Those who provide advice or services to clients, such as consultants, accountants, lawyers, real estate agents, and insurance brokers, should consider getting E&O insurance.
Is Errors and Omissions Insurance mandatory in Alberta?
No, E&O insurance is not mandatory in Alberta. However, some may be required by their professional regulatory bodies to carry this type of insurance.
What does Errors and Omissions Insurance cover?
E&O insurance typically covers legal costs and damages that arise from claims made by clients due to errors, omissions, or negligence in the services provided by the insured professional.
How much Errors and Omissions Insurance do I need?
The amount of coverage you need depends on the size and nature of your business and the type of services you provide. It is recommended to consult with an insurance broker to determine the appropriate amount of coverage for your specific needs.
How much does Errors and Omissions Insurance cost?
The cost of E&O insurance varies depending on the type of services provided, the size of the business, and the level of coverage required. CMB can obtain quotes from several insurance carries to compare prices and coverage.
How do I purchase Errors and Omissions Insurance?
You can purchase E&O insurance from an insurance broker who specializes in professional liability insurance (like CMB). It is recommended to do research and obtain quotes from several providers to ensure you are getting the best coverage at a reasonable price.
What should I do if a claim is made against me?
If a claim is made against you, you should immediately contact your insurance provider to report the claim. Your insurance provider will guide you through the claims process and provide legal representation if necessary.