Errors AND Omissions
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What is Errors And Omissions?
Errors and Omissions Insurance is also known as Professional Liability. It covers you and your business from a loss if you’re found legally liable for acts of professional negligence. This type of insurance can also be called malpractice insurance depending on the kind of coverage and business operation. Malpractice insurance, however, generally responds in situations of professional negligence that leads to bodily harm.
Commercial General Liability
Directors and Officers Insurance
Cyber Insurance for Small Business
Business Interruption Insurance
Product Liability Insurance
Business Data Breach Coverage
Business Building Insurance
Office & Contents Insurance
Business Laptop & Equipment Coverage
Business Legal Protection Insurance
Commercial Auto Insurance
Errors And Omissions Insurance
Errors and Omissions Insurance (E&O), also commonly known as Professional Liability, is a vital insurance coverage for businesses that provide a professional service to clients that include giving advice. Ask your CoverMarket Licensed Insurance Professional on how your insurer defines your business and whether it requires Professional Liability Insurance. Some Businesses may be members of professional bodies or regulators that demand they hold a certain amount of E&O Insurance.
E&O Insurance coverage can pay for compensation claims and legal fees that may arise if a client suffers a financial or professional loss due to negligence in your businesses operations. This is especially important when handling client data, intellectual property, or giving advice.
You can buy your Errors & Omissions Insurance as part of a flexible and tailored insurance solution, combining it with other coverages such as Commercial General Liability if you’re an IT consultant or Office specific coverages if you’re an Accountant.
Errors AND Omissions Frequently Asked Questions
Errors & Omissions Insurance In Canada is usually purchased by all businesses big and small. Every business is exposed to a variety of liability risks even when your business is not doing anything intentionally wrong.
Do I Need E&O?
E&O Insurance is one of the most necessary insurance coverages for any professional business. It protects your business from a loss if it’s found legally liable for a mistake that results in a financial loss for the client. Professionals like lawyers, accountants, architects, surveyors, financial advisors, and some health care professionals all require E&O to some degree. Many other companies like General Contractors also purchase this insurance to protect their business from all risks and even to win contracts. In many cases, clients will require that your business have some amount of Errors and Omissions coverage.
How Much E&O Do I Need?
It depends on the nature and size of your business; you may need more than the minimum level of coverage. By going online and using the CoverMarket Get A Quote app as well as speaking to a Licensed Insurance Professional, you can find out exactly how much coverage your business requires.
Is E&O Required by Law?
Although E&O is not compulsory under Canadian law, most companies are required to have some level of business insurance by their clients, regulator, association or governing body. It’s generally best to have some degree of business coverage even if your business isn’t required to have E&O Insurance.
Proof of Insurance Required?
At times you may be required to provide proof that your business has the required insurance coverage. This often happens when your business is contracting with a client or government organization.
How Do I Compare E&O Quotes?
CoverMarket can help provide a free, no commitment Errors & Omissions Insurance Quote comparison across a range of insurance companies in Canada. We connect you with a Licensed Insurance Professional that can provide tailored advice and find you the insurance policy that fits your business needs at the right price.
Errors AND Omissions Coverage Features
Typical Errors & Omissions coverages include:
- Financial Loss
- Bodily Injury
This is just a short summary and can be tailored to your business needs by starting the quote process.
Big or small your business is at risk. Protect your business from lawsuits caused by accidents on your business premises or day to day operations and products.
Number of Legal Disputes Increasing
A survey of lawyers conducted by leading Canadian business Advisory firm GrantThornton on whether they expect a change in the volume of legal disputes in 2018:
“54% of lawyers expect the number of legal disputes in which they are involved to increase in the next year while only 11% of laywers predict a decline in litigation” – GrantThornton 2018 Litigation Survey Report
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