Professional Liability Insurance Alberta (E&O Insurance)
Protect your company should a claim of inadequate or negligent work be made against you.
Professional Liability Insurance (also known as Errors and Omissions Insurance) is a type of coverage that protects professionals who provide services or recommendations to clients. This insurance shields these professionals from the financial consequences of any mistakes or omissions that result in a client suffering a financial loss. It pays for legal fees, settlements, and judgments related to negligence or errors or omissions claims.
This type of coverage is essential for any professional who has the potential to be held liable for the advice they provide. It can also provide protection from claims of libel, slander, and copyright infringement.
Professionals in industries such as accounting, finance, technology, real estate, construction, engineering, law, and business should consider getting Professional Liability Insurance to protect their business and cover expenses in the event of a lawsuit.
Do I need Professional Liability Insurance?
Professional Liability Insurance, also known as Errors and Omissions Insurance, is a type of insurance that protects businesses and individuals who provide professional services. It covers claims arising from errors, omissions, or negligent acts made in the course of providing professional services.
For example, Tracy is an event planner in Ontario who recently needed her professional liability insurance when a mistake in advertising for an event resulted in a lawsuit. Fortunately, Tracy had purchased a professional liability policy when she started her business, which protected her from the costs of the lawsuit and gave her peace of mind.
In Tracy’s case, her professional liability policy covered the costs of reprinting and resending the flyers, as well as the legal fees associated with the lawsuit. Without this type of insurance, Tracy could have been financially responsible for the losses incurred by the trade association, which could have been a significant financial burden.
Professional Liability Insurance is important for many different professionals, including accountants, lawyers, architects, engineers, and event planners like Tracy. It can protect them against claims arising from errors or omissions in their work, and help cover the costs of legal fees and settlements. In some cases, it can even help protect the professional’s reputation.
What does Professional Liability Insurance cover?
Typically coverage includes third party financial loss (without bodily injury or property damage) that results from:
- Poor, incorrect or faulty products that you manufacture, handle, sell or distribute
- Mistakes
- Missed Deadlines
- Negligent Service
- Oversights
How much does Professional Liability Insurance cost?
Cost varies according to risk factors such as:
- Company size
- Industry
- Location
- Past lawsuits
Contact CMB Insurance Brokers for the ideal professional liability coverage for you, or learn more about business insurance from CMB.
What types of Business Insurance do I need?
There are many types of insurance policies that our experts can advise you on and package to meet your specific needs, such as:
- Commercial General Liability
- Commercial Property Insurance
- Business Interruption Insurance
- Pollution Liability Insurance
- Professional Liability Insurance
- Product Liability Insurance
- Equipment Breakdown Insurance
- Commercial Auto Insurance
- Cyber Insurance