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Errors & Omissions

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Errors & Omissions Insurance

Today we see a steady increase in the number of claims against clients delivering professional services. If you’re an engineering or architectural firm, a management consultant, an IT professional, provide quasi-medical services or conduct business in many other fields, someone can allege that your actions have caused them financial loss that is not covered by a standard general liability policy.

Errors and Omissions (E&O) or Professional Liability Insurance is an important type of coverage for any kind of business that provides advice to its clients, this type of insurance is generally required in addition to your standard Commercial General Liability (CGL) policy.

Who Needs Errors & Omissions Insurance?

If your business provides any kind of advice that could have financial ramifications, then it is important to protect yourself and your company against legal action from dissatisfied clients. Here are some examples of professions and businesses that should consider Errors and Omissions liability insurance coverage:

  • Accountants
  • Architects & Engineers
  • Business Consultants
  • Human Resource Consultants
  • Insurance Brokers
  • Lawyers & Law Firms
  • Life Coaches
  • Management Consultants
  • Marketing Agencies
  • Media Agencies
  • Medical Services
  • Realtors
  • Travel Agents
  • Urban or City Planners

Errors & Omissions

How Much Coverage Do You Need?

The amount of coverage that you need will depend on the type of work that you are performing, but the limits can range from $1 million to $10 million. Before issuing a policy, our brokers will assess the potential financial consequences of an error or omission on your part. They will consider the size of the company that you’re working with and the type of contract that you have with them. This assessment will help us to determine what limit is the right fit for your business.

Coverage features can include defense costs, worldwide claims-made coverage with a duty to defend in Canada, libel and slander, breach of copyright, loss of documents, dishonesty of employees, occupational health and safety reimbursement, etc. Every policy can be different so contact us to learn more about your coverage options.