Professional Liability Insurance Edmonton
Affordable Professional Liability Insurance in Edmonton
As a professional offering consulting or specialized services, whether you’re an IT specialist, therapist, or a financial advisor, your clients rely on your expertise. However, even the most experienced professionals can face claims of negligence, errors, and omissions. Unfortunately, it only takes one unhappy client to file a lawsuit, and you’ll be left paying hundreds or even thousands of dollars in legal fees and settlement costs. Besides the significant financial loss, these lawsuits can also put your reputation at risk, and you’ll lose credibility with your clients.
Professional liability insurance, also known as errors and omissions insurance, protects professionals from claims of professional negligence, mistakes, and oversight. Contact us today to protect your business and professional reputation from potential claims!
Why Choose Sharp Insurance for Your Professional Liability Insurance?
What Does Errors and Omissions Insurance Cover in Edmonton?
Professional liability insurance, or errors and omissions insurance, covers businesses that provide professional services or advice from lawsuits and claims related to professional mistakes. Mistakes happen, and a single error doesn’t have to undo years of hard work. Professional liability insurance ensures that one misstep doesn’t put your business at risk by covering:
- Legal Expenses: Professional liability insurance pays for legal fees including attorney fees, court expenses, and settlements.
- Claims of Negligence: E&O insurance protects against claims of negligence, misinterpretations, and oversight.
- Alleged Quality Issues: If a client accuses you of delivering inadequate work or failing to meet expectations, professional liability insurance protects you against these claims.
- Incorrect Advice: If your advice causes financial loss to your client and they file a claim against you, errors and omissions insurance will cover the related expenses.
- Defamation and Slander: If a client or third party claims that your ad campaign or published content has caused damage to their reputation, PLI covers legal defence costs and settlements related to defamation, libel, or slander.
Is General Liability Insurance the Same as Errors and Omissions Insurance?
Did you know that general liability insurance doesn’t cover claims of professional mistakes, errors, and omissions? It typically covers third-party liability claims such as third-party bodily injury or property damage caused by your business operations. It doesn’t cover you for your advice or actions. Meanwhile, errors and omissions insurance provides coverage against claims arising from professional mistakes. These claims can lead to costly lawsuits and can financially strain your business, especially if you own a small business with limited resources.
That’s why talking to an Edmonton Insurance broker about Professional Liability insurance is a great idea. Our skilled brokers will work with you to find the right coverage for what you need so you can spend less time worrying and more time advancing your career.
What’s Not Included in Your Professional Liability Insurance in Edmonton?
Although professional liability insurance provides necessary protection to your business, there are some situations where it won’t protect you.
Below are the cases that professional liability insurance won’t cover:
- General Liability Claims: Third-party liability claims of bodily injury and property damage aren’t covered under professional liability insurance in Edmonton. You’ll need commercial general liability insurance to protect against these claims.
- Cyber Attacks: Errors and omissions insurance doesn’t cover cybercrime, ransomware attacks, or data breaches that compromise sensitive data; they are covered under cyber liability insurance.
- Intentional Harm: Your professional liability insurance policy, like any other insurance policy, doesn’t cover intentional misconduct or criminal acts, including fraud, unethical behaviour, and illegal activities.
- Fines and Penalties: If your business fails to comply with laws or regulations and gets sued over it, errors and omissions insurance won’t cover any fines or expenses associated with these claims.
Is Professional Liability Insurance Mandatory in Edmonton?
Professional liability insurance is legally mandated for several professions in Edmonton, including:
- Architects: Professional liability insurance is mandated for all practicing architects according to the Alberta Association of Architects (AAA).
- Accounting Firms: Accounting firms in Edmonton must carry professional liability insurance. The minimum coverage required is based on the number of accountants in the firm.
- Healthcare Providers: Doctors, nurses, and other healthcare professionals must carry a form of professional liability insurance known as malpractice insurance.
- Patent & Trademark Agents: The College of Patent Agents and Trademark Agents requires its licensees to carry professional liability insurance if they provide services to the public.
- Legal Firms: Lawyers and legal firms are required to carry professional liability insurance in Edmonton according to the Law Society of Alberta (LSA).
Although errors and omissions insurance isn’t mandatory for all professions in Edmonton, it’s one of the most significant coverages for professionals who provide advice or services. Without this coverage, a single claim of negligence can cost your business thousands in legal fees, settlements, and reputational damage. E&O insurance provides your business with the financial protection you need, allowing you to focus on developing your business.
Contact our insurance experts today to get a quote for the best professional liability insurance in Edmonton.
Who Needs Professional Liability Insurance in Edmonton?
Any business that provides professional advice or services should consider buying E & O insurance in Edmonton to protect against expenses resulting from professional liability claims. Even if the claim is unfounded, you could still pay thousands of dollars in defence costs and legal fees.
24/7 Access to Your Policy with MySharp
Introducing MySharp, our award-winning mobile application to access your insurance policy anytime, anywhere. Whether you need to simply review your coverage, view your pink card, or file a claim, you can easily do it with just a few taps. MySharp simplifies insurance and allows you to be in control over your policies and manage them all in one place.
Reach out today to find the best professional liability insurance for your business in Edmonton.
Professions that need Errors and Omissions coverage are:
- IT Consultants
- Construction Contractors
- Healthcare Providers
- Legal Firms
- Financial Advisors
- Architects & Engineers
- Marketing & Media Professionals
- Real Estate Agents
- Consultants
How Much Does Errors and Omissions Insurance Cost in Edmonton?
The cost of errors and omissions insurance varies depending on several factors, including your business type and size, revenue, and the risks associated with your business. Small businesses and individuals get lower premiums averaging $750 annually for a basic E & O insurance policy with $1 million in coverage. Meanwhile, larger businesses in high-risk industries may pay premiums ranging from $2,000 to $5,000 per year due to the increased likelihood of claims.
What Factors Affect Professional Liability Insurance Costs in Edmonton?
The cost of E & O insurance in Edmonton, Alberta depends on several factors including:
- Industry: Businesses in high-risk industries pay higher premiums due to the increased likelihood of costly claims.
- Business Size: Small businesses’ premiums are lower than large companies because they have fewer employees and clients, lower revenue, and lower risk exposure.
- Coverage Limits: If you choose higher coverage limits, you’ll get better protection but you’ll have to pay higher insurance premiums.
- Claims History: Businesses with a history of lawsuits or professional liability claims pay higher insurance premiums because insurance companies view them as high-risk businesses.
- Licencing Requirements: Some professions in Edmonton require carrying a minimum level of professional liability insurance to comply with licencing requirements and industry standards.
- Insurance Provider: Your insurance rates may change from one company to another, which is why we recommend comparing quotes from multiple providers before buying insurance.
How to Save Money on Professional Liability Insurance in Edmonton
If you want to get the cheapest professional liability insurance coverage in Edmonton, follow these tips from our insurance experts:
- Compare Quotes: Never settle for the first quote you get. Shop around and check multiple providers till you find the right coverage for your business at the best possible rate.
- Increase Your Deductibles: If you increase your deductibles, you’ll get lower insurance rates. However, you should make sure that your business has the budget to pay the deductible amount in case of a claim.
- Choose the Right Coverage Limits: Ensure you only get the coverage required for your business to avoid overpaying for unnecessary protection. At Sharp Insurance, our brokers will help you protect your business and ensure you aren’t missing out on essential coverage or paying for unnecessary extras.
- Bundle Insurance Policies: Many insurance providers offer discounts when you combine several insurance policies into one bundle, when possible. Bundling not only helps save money, but also simplifies managing your coverage, making it more efficient.
- Work with an Insurance Broker: Partnering with a trusted insurance brokerage such as Sharp Insurance can help you navigate the market and get the best quotes. As a local brokerage, we have a deep understanding of the Alberta insurance landscape, industry-specific risks, and available discounts.
Get the cheapest professional liability insurance in Edmonton when you contact Sharp Insurance today!
Do Small Businesses Need Professional Liability Insurance?
Small businesses that offer professional advice or services need errors and omissions insurance to protect against claims of professional negligence, errors, misinterpretation, and oversight. Small businesses usually have limited budgets and try to keep the costs manageable; however, without E&O insurance, a single lawsuit could lead to overwhelming expenses. Such lawsuits and claims can also put your professional reputation in jeopardy, making it hard to retain existing clients and gain new ones.
Protect your small business today with the right professional liability insurance policy in Alberta!
Common Professional Liability Claims in Edmonton
- Scheduling Errors: A lawyer accidentally misses a court session because he misread the date, resulting in default judgment against their client. The client sues the law firm for negligence.
- Incorrect Advice: A client accuses a financial advisor of providing bad advice that caused major financial loss.
- Professional Negligence: An IT consultant fails to properly secure a client’s website and it gets hacked, compromising sensitive data. The client sues for damage.
- Misrepresentation: A real estate agent provides incorrect zoning details, causing the client to buy a unit that they can’t use as intended. The buyer sues for negligence.
- Misdiagnosis: A doctor misdiagnoses a patient and pursues the wrong treatment protocol, leading to delayed care and worsening health conditions. The patient sues for negligence.
- Defamation and Slander: A client accuses a copywriter of publishing false content about their business, which harmed their reputation and resulted in financial losses. The client sues for defamation.
Even unintentional mistakes can lead to serious lawsuits. Professional liability insurance ensures your business is financially protected when the unforeseen happens.
How to File a Professional Liability Insurance Claim
- Notify your insurer once you’re aware of a potential claim. Delays can cause complications in the claims process.
- Gather all relevant documents including emails, contracts, invoices, and any communications related to the claim.
- Provide a detailed report of the incident, including the parties involved, data, and nature of the claim. Try to be as detailed as you can because it helps support your case.
- An insurance adjuster will be assigned to your case. You should cooperate with the adjuster and provide any documents they request.
- Stay in contact with your insurance provider till the claim is resolved, and feel free to address any concerns that come to your mind.
- If the claim results in a lawsuit, your insurance provider will help cover the legal costs and negotiate a settlement if needed.
Our experienced Edmonton PLI brokers work on your behalf to find you great coverage options at a price that matches your pocketbook.
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Professional Liability Insurance Edmonton (FAQ's)
Professional liability insurance is a type of business insurance in Edmonton that protects professionals who provide services or advice. This policy, also known as errors and omissions insurance, helps cover legal fees and settlements associated with claims of professional negligence, mistakes, errors, and omissions.
On average, businesses can pay anywhere between $500 to $3,000 for professional liability insurance in Edmonton. Actual numbers differ based on several factors, including industry type, risk level, business size, number of employees, and revenue.
The most common errors and omissions claims in Edmonton arise due to negligence, misinterpretation, and oversight. No matter how good you are at what you do, there’s always a margin for error, and a single error can cost your business a lot.
Small businesses need professional liability insurance to protect them from financial strain caused by claims of professional negligence, mistakes, errors, and omissions.
Even if you have commercial general liability insurance, you still need professional liability insurance because each one of these policies protects against a certain type of claim:
- Professional Liability Insurance: Protects against claims of professional mistakes, negligence, errors, and omissions.
- Commercial General Liability Insurance: Protects against third-party liability claims of bodily injury and property damage caused by your business operations.
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