Errors and Omissions Insurance (E&O Insurance) also referred as (E&O Insurance) also referred as professional liability insurance , and professional indemnity insurance is an insurance coverage that provides financial protection to companies, their employees, and professionals from lawsuits, negligence claims, court costs, settlements and or other losses. , and professional indemnity insurance is an insurance coverage that provides financial protectionto companies, their employees, and professionals from lawsuits, negligence claims, court costs, settlements and or other losses. Not all policies come with broad or comprehensive coverages. Your broker or agent should do a complete risk analysis of your business to create an adequate policy. We work with insurance companies, brokerages, and agencies that bind E&O Liability Insurance coverages across Ontario, Canada for over 100 professions such as IT professionals, accountants, consultants, and engineers.

Why do I need E&O Insurance?

E&O insurance is crafted to protect professionals from their liability exposures at work. Think of this insurance as your shield in the event you get sued by a client for negligence, errors, failure to deliver up to standard, etc. When your clients encounter financial losses or any sort damages to their business or personal life as a result of your services, advice, products, etc… they may come after you with a law suit because they need to recover from the damages they have incurred.

If you run a business and want it to turn into a dream autopilot project, you need to covered by an E&O policy along with a comprehensive business insurance package that is crafted by an experienced and specialized insurance broker.

Usually limits start at $1 Million for E&O and CGL for most professions. If you would like an estimate for your own business, speak to one of our brokers or request a quote to receive some ballpark figures. You can reach us through your preference INSTANTLY.

It is HIGHLY recommended that you always opt for legal defense coverage as lawyers show no mercy when it comes to retainers or invoices.

How much is the cost?

As you begin to search for insurance companies or brokers, you must know that it is pretty standard in the insurance industry to get quotes for your business for absolutely FREE. You should only be paying anything AFTER you have settled on a policy and want to purchase it.

As per the cost, well that varies quite a bit. Think about an IT contractor vs paralegal. Who do you think will pay more? Well the answer is it depends. The cost of E&O depends on a few factors such as your profession, experience, gross revenues, your sub contractors, company employees, insurance company loss ratios, and a few other things.

If we speak in terms of ballparks and quotes we usually see, here are a few examples:

Consulting customers about their finances ( Accountants – From $350/year )

– From ) Designing buildings ( Engineers – From $450/year )

– From ) Home Inspections (Home Inspectors – From $500/year )

It is common to see people trying to save a buck or two when it comes to buying insurance policies for their business. Think about it.. you went to broker ‘x’ instead of ‘y’ because ‘x’ offered you the same coverage amount of $1 Million $150 cheaper. What you did not know is that cheaper policy comes with heavy exclusions. By exclusions, we usually see clauses which DEFINITELY should not be excluded from the policy. You are paying your hard earned dollars for the future of your business. Good comprehensive policies usually come with a fair premium.

Again, while performing these services, professionals expose themselves to a potential ‘financial’ liability in a form of a law suit. It is often mistaken that this insurance is only required by professionals if the party to whom the service is being provided to demands it, or law regulation require it. If YOU as a professional feel that a client may potentially sue you one day because of any form of loss that may occur to them because of your advice or services, then errors and omissions insurance is an absolute must for you.

Quick FAQ

Get Free & NO Obligation E&O Insurance Quotes today

Best rates for – $1 million per claim / $2 million aggregate annually

Professionals that need E&O Insurance:

If your profession is NOT listed, please contact us with your profession details. We will try our best to find you a market that can insure you.

As a professional, you must keep in mind that your services in any form, CAN cause your client financial damages. Lets imagine an unfortunate circumstance. A client you serviced has now suffered financial loses that has caused them to lose their business. In this situation, the client feels that because of YOUR professional advice or services, they suffered damages and now decided to sue you. This is where your E&O coverage kicks in. Your policy, up to it’s insurance limits, terms, and coverages, can protect you from liability caused by negligence, error, failure to do something, or any legitimate reason that caused the loss to occur while practicing your profession. Having an E&O Insurance policy in place from a Canadian Errors & Omissions Insurance Company like LiabilityCover can save you time and money.

What if I already have a Commercial General Liability Insurance policy?

Let’s make one thing VERY clear, CGL and E&O are 2 DIFFERENT types of policies.

CGL (Commercial General Liability) insurance also known as business insurance package protects companies from lawsuits and claims in the event their customers, third parties, or contractors face any sort of physical damages as a result of Bodily Injury (BI), Property Damage (PD), and or Personal Injury (PI).

A CGL policy does not provide any protection or coverage for any lawsuits or damages that arise as a result of your professional services.

On the other hand, an E&O Policy does provide coverage to the professional in the event that they are being sued by a third party and damages have occurred as a direct result of their services. If you are a professional who provides any form of services such as consulting, recruiting, accounting, or architectural work, then you must be adequately insured by an E&O policy. To read more about about this insurance, click here and checkout products what CFC Underwriting has to offer.

Example – Cost for Yoga instructions, therapists, and Paralegals

Predetermined rates are avaliable for many professions such as Yoga instructors ($135/year), Therapists ($150/year), and Paralegals ($450/year)! Saying that, if need be, the broker or agent will take a custom tailored approach towards your business to ensure coverage for every liability exposure.

In the event detailed information is required about your operations, the procedure below will be followed to to quote you.

The process to get quotes is as follows:

Your insurance advisor will send you a general application to know more about your business. Your insurance advisor will receive the completed application from you along with any supporting documents you may provide (Resume, promotional material, etc.) Your insurance advisor will then approach multiple insurance companies and request a quotation from each one. Once your insurance advisor receives some numbers, if there is room, they may try to negotiate further to get a better price or coverage. Your insurance advisor provides you the quotes and discusses coverages. If you are satisfied with the numbers and the coverages, you instruct your insurance advisor to bind the policy by making the premium payment.

So why Choose LiabilityCover?

We welcome all enterprises and independent professionals who currently have liability coverage or have had no previous insurance history. Our insurers and brokers have resources to accurately provide insurance for professionals within quick turn around times with competitive cost.

Contact us for information regarding your Errors and Omissions Insurance, Malpractice Liability Insurance, and Professional Liability Insurance insurance needs in Ontario, Canada.

Please feel free to contact us through email or call us directly Toll Free: 1-888-480-7677.