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Professional Liability Insurance for Financial Services
As a financial service professional, your work centers on attention to detail and providing professional services or advice. This leaves you open to being sued if you make a perceived or real mistake. Unfortunately, a commercial general liability insurance policy may not cover your legal costs.
If you’re a professional in finance, you need professional liability insurance for financial services (also known as errors and omissions insurance). This liability coverage will protect you in the event you’re sued as a result of a real or perceived mistake or misrepresentation that results in financial loss for your client. Fortunately, EasyCover offers financial services professional liability insurance to ensure you’re protected. We make it easy with our online tool:
Step 1: Enter your information for your free quote.
Step 2: Select the policy that works for you.
Step 3: Pay online and receive your policy documents.
You could be protected in less than five minutes with EasyCover.
What does financial services professional liability insurance cover?
EasyCover’s professional liability for financial services offers coverage for legal expenses and damages in the event you are sued as a result of professional negligence, misrepresentation, inaccuracies or mistakes that result in financial loss for your client. Regardless if the accusations are true, they’re often enough to begin expensive legal proceedings. Your professional liability insurance would protect you regardless of the truth of the accusations. EasyCover offers critical protection needed by financial service professionals in a way that is affordable, quick and easy.
Financial services professional liability insurance policy will cover your legal expenses. This includes your defense costs as well as any judgement and settlement awards, up to your policy limit.
You have three coverage options with EasyCover Canada:
Your coverage limit is the maximum amount that will be paid out across the 12-month policy period, regardless of the number of claims. It includes all associated costs of litigation.
Your level of coverage will depend on your contract requirements, the number and size of your clients, the type of clients you have and their activities, the overall value of the contracts, and the costs of a legal claim that might be made against you.
Your deductible will vary from $250 to $1500, depending on your revenue. You’ll need to pay a deductible for each claim. So if you had a $1000 deductible and had two claims, you’d need to play $2000 in deductibles.
Keep in mind that professional liability insurance for financial services only covers liability associated with providing your service or advice. It won’t cover third party bodily injury or property damage – you’ll need a general liability insurance policy for that. You also won’t be covered for any criminal acts or intentional dishonesty, fraud or misrepresentation.
You should also inform your insurer of anything that could result in a lawsuit. For example, if your client communicates to you that they believe you made a mistake; you should contact your insurer just in case it escalates to litigation.
Financial Professions Protected by EasyCover
At EasyCover, we offer professional liability insurance for financial services to a wide range of roles, including:
- Management Accountants
- Financial Controllers
- Financial Analysts
- Payroll Administrators
- Regulatory reporting
If you don’t see your financial services profession listed here, chat with us and we’ll see what we can do!
Professional Liability Insurance for Financial Services in Action
Here a few scenarios where a financial services professional would be glad for errors and omissions insurance:
Administrative Mistake: This is when an administrative mistake is made resulting in a financial loss for a client, who is now holding you liable for that loss. This could be an incorrectly filled-in form or placing a decimal in the wrong spot. However minor or major the mistake, you could find yourself being held liable by a client. Professional liability insurance would help you cover your legal costs and damages.
Missed Deduction: As a tax accountant, let’s say you miss a large deduction and your client has to pay extra taxes and late penalties. They could hold you responsible for these extra costs. Your errors and omissions insurance would cover your litigation costs.
Misrepresentation: If you present information that the client feels is misleading (like rounded numbers), you could be sued. Your professional liability insurance will kick in and pay for your costs of defense.
Loss of Documents: You could be held responsible if you lose your clients documents – or even if they think you lost them. But with professional liability insurance for financial services, you don’t have to worry.
Risk Management for Financial Services
While your financial professional liability insurance will protect you if you’re sued, it’s best to avoid litigation in the first place. You’ll save yourself a lot of stress. Here are some tips for reducing your risks.
Open and honest communication is the key to professional relationships. Make sure expectations are clearly communicated. If there are questions or clarifications needed, address them. Good communication can help you avoid errors or miscommunications. Being honest about your limitations and providing referrals for services or advice you can’t provide is also a good practice.
Record keeping helps keep you organized and can be used as evidence if you are sued. Ensure you follow up with an email for any phone or in-person meetings. You should keep multiple copies of communications, including a cloud copy.
Establish procedures to ensure your work is done correctly. Mistakes happen, but you can help catch them with the proper process. Double check your work or have someone else look it over. You can also use software to catch errors, depending on the service you provide.
A good contract sets expectations and clearly communicates the timelines, fees, deliverables, and responsibilities of both parties. This is a good way to establish strong communication.
EasyCover makes financial services professional liability insurance easy. Take five minutes to get a quote or purchase a policy that ensures you can work with confidence knowing you’re protected with EasyCover’s professional liability insurance for financial services.
Protect yourself from the unexpected.
Get Professional Liability insurance from EasyCover today.
Why Use EasyCover
If you provide advice or professional services to your clients, and are sued due to your alleged negligence, your Commercial General Liability policy may not respond. You need the protection of Professional Liability Insurance.
With EASYCOVER Professional Liability Insurance, you are protected against a broad variety of negligent acts, errors or omissions, backed by one of the oldest and most respected insurance providers in the world.
Get Canada’s first online Professional Liability Insurance at very competitive rates.
Quick & Easy
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