Professional Liability Insurance, Winnipeg | E&O
Winnipeg Professional Liability Insurance/ Errors and Omissions Insurance
Professional liability insurance (PLI) and errors and omissions (E&O) insurance are two names for the same insurance policy in Winnipeg. This important insurance protects professionals across Canada from client claims of negligence, mistakes, errors, and omissions. Business owners or individuals who offer professional services or advice need PLI to safeguard their reputation, financial security, and business operations.
Whether you’re an accountant, an IT engineer, a consultant, a lawyer, or even a healthcare professional, you can’t skip having professional liability coverage. A single error or an oversight can lead to costly lawsuits and reputational damage, even if you’re not at fault.
Contact our experts to get the best professional liability insurance quotes in Winnipeg and protect your business today!
Get a QuoteIndustries We Serve in Winnipeg
Sharp Insurance sells professional liability insurance in Winnipeg to the industries listed below:
- IT consultants
- Construction contractors
- Social services
- New media
- Photography
- Legal services
- Health and wellness
- Managers
- Consultants
- Finance
Why Professionals in Winnipeg Choose Sharp Insurance for PLI
Local Insurance Experts
At Sharp Insurance, we know Winnipeg’s business world’s nuances. Our insurance brokers understand the unique challenges business owners and individuals encounter, in addition to licencing requirements and industry standards. Our team uses their local knowledge to customize the best insurance plan for your business.
Quick, Hassle-Free Quotes
We know that running a business is already enough to keep you busy. We simplified our quoting process so you can get a quote online with just a few clicks. You can also call one of our experts if you need any help or if you want to learn more about coverage options, limits, or other insurance policies.
Online Access to Your Policies
With Sharp Insurance, you don’t have to call every time you need to view or update your policies. You can use MySharp, our award-winning, user-friendly mobile application to access your policies wherever you are, whenever you need. You can also view your pink card immediately using Siri in case you’re pulled over or need to provide proof of insurance on the spot.
Responsive Customer Support
No more waiting for hours to get a response or being transferred from one department to another. At Sharp Insurance, our dedicated support team is available after hours, six days a week to assist you and answer your questions. You can reach us through your preferred communication channel, either by phone, text, app or portal, in-person, or over e-mail and social media.
Is Professional Liability Insurance Mandatory in Winnipeg?
Professional liability insurance is mandatory for several professions in Winnipeg, including:
- Healthcare Providers: Healthcare professionals such as doctors, nurses, and therapists must carry a type of professional liability insurance named malpractice insurance.
- Lawyers: Lawyers and legal firms in Winnipeg are required to carry professional liability insurance according to The Legal Profession Act of Manitoba.
- Accountants: Chartered Professional Accountants (CPAs) in Winnipeg are required to carry PLI if they are providing public accounting services.
- Engineers and Geoscientists: Engineers and geoscientists in Winnipeg must carry PLI with a minimum limit of $250,000 per claim and an aggregate insurance coverage of at least $500,000 per year.
Although professional liability insurance isn’t mandatory for all professions in Manitoba, it’s highly recommended if your business provides professional services or advice.
Unintended Negligent Acts
Even the most experienced professionals aren’t immune to mistakes. A small oversight or a minor mistake can lead to major financial loss to your client, which can cause legal disputes and damage to your reputation. Professional liability insurance protects you from these situations by covering legal fees and damages related to allegations of negligence, misrepresentation, errors, or omissions.
Media Liability
If you’re working in the creative field or producing content for clients, you’re at risk of legal disputes caused by the use of copyrighted materials, defamatory statements, or misleading information. Even if the error is unintentional, the consequences can disrupt your business operations, especially if your client gets sued and takes legal action against you in return. Errors and omissions insurance, or PLI, protects you against claims of libel, slander, and copyright infringement and ensures your business operates smoothly.
Failure to Meet Expectations
If a product you’ve worked on or a service you’ve provided fails to meet your client’s expectations, they may sue you for financial loss, breach of contract, or professional negligence. Even if the issue isn’t entirely your fault, you can spend a lot of time and money defending your business instead of growing it. Professional liability insurance in Winnipeg protects you in case a client accuses you of incomplete or inadequate work.
How Does Professional Liability Coverage Protect Your Business?
If a client claims that you’ve caused them financial harm due to an error or an oversight in a service you’ve provided, PLI can protect your business by helping cover:
- Legal Expenses: Professional liability coverage pays expenses related to hiring a lawyer, court fees, and other legal costs required to defend your business.
- Settlements: If you’re found liable or choose to settle a claim, errors and omissions insurance can pay the settlements or judgments.
- Investigation Costs: Your professional liability policy covers the costs of claim investigation and legal consultation if needed.
- Reputational Harm Management: Many PLI policies include support for helping restore your reputation and public image after you’re sued.
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Common Professional Liability Insurance Exclusions in Winnipeg
Professional liability insurance protects professionals who provide advice or services from many risks, but there are some exclusions for this coverage, including:
- Intentional Misconduct: If you knowingly commit fraud or make false claims, PLI won’t cover you.
- Criminal Acts: Insurance doesn’t cover criminal acts such as theft and fraud.
- General Liability Claims: Claims of third-party bodily injury or property damage aren’t covered by PLI; they’re covered by commercial general liability insurance.
- Employees’ Disputes: Claims involving harassment or wrongful termination aren’t covered by errors and omissions insurance, and they require employment practices liability insurance (EPLI).
- Cybercrimes: Ransomware attacks and data breaches are covered under cyber liability insurance, not professional liability insurance.
It’s essential to review your professional liability policy with your insurance provider to know what’s covered and what’s excluded. Understanding the limits of your coverage can help you avoid coverage gaps and ensure you’re fully protected.
The Cost of Professional Liability Insurance in Winnipeg
Professional liability insurance can cost anywhere between $500 and 2,500$ for a small to medium-sized business in Winnipeg. The exact price depends on several factors, including:
- The Size of Your Business: Small businesses with fewer employees and clients pay less than larger businesses with more employees and higher annual revenue.
- Risk Factors: When calculating your insurance premiums, your provider will consider the risk factors associated with your industry. Professions like healthcare, finance, engineering, and law tend to have higher insurance premiums due to their high risk exposure.
- Coverage Limits: If you choose high coverage limits, you’ll get enhanced protection, but you’ll also pay higher rates. That’s why consulting with an insurance expert is a must, so you get the coverage you need without paying for unnecessary add-ons.
- Claims History: Insurance companies tend to offer discounts to business owners with a clean claims history.
- Deductible Amounts: The deductible amount you choose directly impacts your insurance premiums. If you opt for higher deductibles, you’ll get lower insurance rates.
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How Can You Save on Your Professional Liability Insurance Policy in Winnipeg?
Professional liability coverage is an essential type of insurance, and we want it to be accessible and affordable for every business that needs it.
Follow these tips from our experts at Sharp Insurance to help lower your professional liability insurance rates:
- Choose the Right Coverage Limits: We know that you want the best protection for your business. However, you might be paying for extra coverage that you don’t need.
- Bundle Your Insurance Policies: You can bundle your PLI policy with commercial general liability insurance or commercial property to get a discount.
- Maintain a Clean Claims History: Some mistakes are inevitable, but others can be prevented with clear contracts and detailed documentation for all the communications with your clients. A clean claims history shows insurance companies that you are a low-risk professional, which can get you a discount.
- Increase Your Deductibles: You can increase your deductibles to get lower premiums, but you must ensure that your business has the budget to pay the deductible amount in case of a claim.
- Work with a Broker: Working with a trusted insurance broker like Sharp Insurance can give you access to a wide range of coverage options at competitive rates.
What Is the Difference Between Professional Liability and Commercial General Liability Coverage?
The difference between professional liability and commercial general liability insurance lies in the type of claims they cover:
- Professional Liability Insurance: Covers claims related to negligent acts, mistakes, errors, and omissions in the service you provide to your clients. This type of coverage is essential for service-based businesses or professionals who give advice or offer consulting.
- Commercial General Liability Insurance: Covers third-party liability claims of bodily injury or property damage caused by your business operations, products, or premises. For example, if a client slips and falls at your office, CGL will help cover the medical expenses and legal costs associated with the claim.
Both professional liability and commercial general liability insurance are important policies for business owners in Winnipeg. Contact us today to learn more about the various types of liability insurance and get a personalized quote from the best insurance providers in Winnipeg.
Avoid legal fees today with the right PLI in Winnipeg. Get a Quote now!
Professional Liability Insurance, Winnipeg – FAQs
The average cost of professional liability insurance in Winnipeg is from $500 to $1,500 for a small to mid-sized business. This range can vary based on several factors related to your business and industry. To get an accurate quote, contact us today.
Professional liability insurance in Winnipeg covers the legal costs and settlements associated with claims of professional negligence, mistakes, errors, and omissions. If a client claims that your service or product caused financial loss, PLI will help cover the damages related.
A $1 million liability policy costs between $500 and $1,500 per year for small to mid-sized businesses or independent professionals. The exact premium depends on several factors, including:
- Business Size and Type
- Annual Revenue
- Claims History
- Coverage Type and Limits
Many industries in Winnipeg require professional liability insurance as part of their licensing or regulatory obligations, including fields like healthcare, legal services, accounting, engineering, and real estate. However, even if it’s not mandatory for your profession, this coverage is essential if you offer advice or provide specialized services to clients.
Commercial general liability insurance is needed by all businesses that interact with clients, whereas professional liability insurance may only be required by businesses that give professional advice or offer professional services to clients.
CGL covers your business for claims made by third parties alleging bodily injury or property damage because of your business operations. Professional liability insurance offers coverage for claims made against your business by dissatisfied clients alleging negligence or defective products.
Winnipeg Insurance providers calculate E&O premiums based on industry risk, business size, claims history, coverage limits, and deductibles. Higher-risk professions pay more, but comparing quotes and maintaining a clean record can lower costs.
The cost of Errors and Omissions (E & O) insurance in Winnipeg varies based on factors like industry risk, business size, coverage limits, and claims history. On average, E & O insurance can range from $500 to $1,500 per year, but businesses in high-risk industries may pay more.
Sharp Insurance brokers have both an understanding of the Winnipeg insurance industry and access to competitive markets. Our Winnipeg brokers charge a fee, but this fee will almost always be offset by the savings you’ll receive by working with them. Sharp Insurance brokers will also help you with the claim process by negotiating on your behalf if you ever need to submit a claim.
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