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Professional Liability Insurance Edmonton

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 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, Professional liability 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 Professional liability insurance.

Do I need Professional Liability Insurance?

Anyone who provides professional advice or services should consider Professional Liability coverage.

Consider this example of a case where Professional Liability Insurance would be beneficial:

Tracy, the owner of an Ontario-based event planning firm, was hired to provide event management services to a trade association holding its annual convention in Toronto.

During the course of the event preparation, errors were made in the advertising flyers sent to the convention attendees. The flyers incorrectly listed the speaking times and topics, making the flyers unusable. All of the flyers had to be reprinted and resent to the attendees, generating substantial additional costs in printing and postage.

The trade association sought to hold Tracy liable for the losses, and they filed a lawsuit against her and her event planning firm. Thankfully Tracy had a professional liability policy, which she purchased when she started her company a few years ago.

Tracy’s professional liability policy was written to cover service errors, contract performance disputes and defence costs. Therefore, the costs of the lawsuit brought against Tracy’s company were covered by her insurance policy, saving Tracy a lot of money in litigation costs.

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 today to learn about the professional liability coverage solution that’s right for you.

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