Protection for mistakes that can cost a fortune
In the Ontario area, errors and omissions insurance is often times referred to as professional liability insurance. And, it can protect your business in a variety of instances. In the event that you or one of your employees is legally liable for negligence or misinformed information, this insurance policy can protect you. It will not only pay for the financial loses of the customer, but it will pay for any potential lawsuits and legal fees.
What Businesses Need E&O Insurance?
If you are in a profession that provides services or advice to the public you absolutely need errors and omissions insurance. Here at ProfessionalsCoverage, we mostly offer this policy to consultants, real estate agents, insurance agents, financial advisors, lawyers, accountants, engineers, architects, and a variety of other businesses. In some situations, it might even be necessary for business partners and licensing boards to acquire this type of policy. In fact, it might be required by contract.
At the end of the day, any business is at risk of a lawsuit if they cause customers to experience a financial loss. For instance, as a lawyer you are often times required to give your clients advice. If you tell your client to plead guilty in order to avoid jail time, but he or she ends up getting jail time anyway, they could sue you for misinforming them. This is why it is always imperative to make sure that your business is protected in the event that you are faced with one of these situations.
Please find the list of professions we commonly insure below:
What Does E&O Cover?
Here at ProfessionalsCoverage, we offer a variety of unique E&O policies that can protect your company in certain situations.
- Negligence – Whether you give misinformation or provide a service that results in a financial loss to your customer, our negligence protection can cover you. Whether you are actually at fault our not, this coverage will protect you.
- Defense Costs – Even if you aren’t at fault, you are going to be dragged into court, which will result in hefty lawyer and court costs. E&O insurance can cover these costs, regardless of the situation.
- Copyright Infringement – There might even be situations when some customers, clients, or business competitors claim that you stole their ideals or business models. E&O can protect you from these types of claims.
Our E&O policies even offer the protection that you need for previous jobs and advice, regardless of where in the world the job was performed or where the advice was given.
Cost For Errors And Omissions Insurance
It is true that there are some businesses in the Ontario area that are more in need of error and omissions insurance than others. Sure, this might increase the cost of their coverage policies, but it really means that these at-risk businesses really depend on this policy for certain protection. With that being said, there truly are a variety of factors that can determine your business’s overall cost for error and omissions insurance.
- Business Type – The type of business that you are in can make a major difference in the price of your policy.
- Location – If you are located in a bad area or a high-risk area, there is a good chance that you might have to pay more for E&O coverage as well.
- Selected Coverage Limits – A company that needs a $2,000,000 claim is going to have to pay more than a company that needs a $1,000,000 policy.
- Employees – The number of employees that you have can also make a difference in the overall cost of your policy. Companies with more employees will be expected to pay more, because they are at a higher risk.
As mentioned above, each company is going to need a certain amount of coverage and different policies. This is why it is best to let one of our expertly trained professionals customize your policy for you. Our agents can help you decide on the amounts and types of coverage that you need to ensure that you, your business, and your employees are protected at all times. You can get free quotes from our website or you can get the toll-free number and speak with one of our agents. We are standing by 24/7 to assist Ontario businesses, small and large.
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