Professional Liability (E&O)
Also known as Errors & Omissions Insurance, Professional Liability Insurance is a must-have for businesses that provide services or advice. Whether you’re a freelancer, contractor, or a consulting firm, you need professional liability coverage to protect you if you’re sued because of the advice or service you provided.
Many professions in Ontario require E&O insurance as a condition to practice a profession, such as lawyers, accountants, real estate agents, architects, and more. While some professionals, such as software developers and web designers, photographers, graphic designers, mortgage brokers, or trainers are not required to have professional liability insurance to be able to work – it’s still a coverage worth having. Most clients require E&O coverage in their contracts before engaging your services.
Here are just a few reasons why you should choose our insurance brokerage for your E&O insurance needs:
Errors and omissions
Coverage if you are sued for breach of contract, breach of confidentiality, negligence, defamation, infringement of intellectual property rights, dishonest or fraudulent acts by employees.
Irrecoverable fees
Coverage that helps pay for the fees owed by your client, and the fees you owe to sub-contractors or suppliers in the event of a covered claim.
Legal fees and expenses
Coverage that helps pay for your legal defence costs such as lawyer’s fees, including judgments and settlements.
Key Coverage
Common Claims
Breach of contract
A software developer created a new app and it was delivered without a functionality that was specified in the contract.
Negligence
A tax preparation service failed to declare a source of income that resulted in fines and penalties for the client.
Legal fees and expenses
A business consultant provided an operations strategy that resulted in losses that the client sued them for misrepresentation and won. The policy paid for the business consultant’s defence and the judgment for the client.
Contact us today to learn more about our professional liability insurance coverage and to get a free quote. We are committed to providing you with the best possible coverage at an affordable price.
The content on this page is for information only. The insurance products described are subject to terms, conditions, limitations and exclusions that are outlined in the policy wording. Please refer to the policy wording for complete details.