Do Canadian Consultants Need Professional Liability Insurance Coverage?

Do Canadian Consultants Need Professional Liability Insurance Coverage?

Consulting can be viewed as one of the most satisfying professions in Canada, in terms of financial gains, personal growth, work flexibility and various other reasons. Unfortunately, this profession does come with its fair share of challenges. Today we will discuss how Canadian consultants can prevent these challenges from negatively impacting their career.

A consultant, regardless of the speciality: Management consultant, employment consultant, personal consultant, training consultant, just to name a few – is paid to provide valuable advice and direction to their clients.  As a consultant, the advice you provide could assist in potential successes or possibly hinder progression ultimately costing your client time and money. Even if your advice is given with the purest intentions, based on experience and research, your client could still hold you responsible for their losses.

It is possible for a client who believes they have suffered damages as a result of your professional advice to attempt to seek compensation for their damages through legal avenues. Some claims could be baseless (or false, untrue or unjustified) and they still may tarnish your trustworthy reputation. Unfortunately if your client is dissatisfied with your work, it is possible for them to claim that something you did (an error) or something that you did not do but should have done (an omission) resulted in their financial loss. Even if you are found not guilty and no settlement is granted, you are still responsible for the cost to defend yourself against the claim, which may end up being thousands of dollars. Unfortunately, this is a potential challenge you have to face, but you do not have to face it alone.

A possible protection against disgruntled clients could be found in a professional liability insurance policy for consultants provided by EasyCover. Being covered under this policy can help protect you and your assets if you are named in a lawsuit. Instead of worrying about money, you can use your energy to work with a lawyer to try and alleviate the claims being made against you.

EasyCover enables you to request a free professional liability insurance quote and purchase insurance coverage online easily and within minutes. No waiting, no hassles, fast, effective insurance coverage available at your fingertips. You can also speak to one of our licensed insurance brokers by calling us toll free at 844-439-2683 or by using our live chat during regular business hours, MST time, Monday through Friday.