What insurance coverage does a management consultant in Calgary need?
We recommend management consultants in Calgary carry professional liability insurance. However, there are additional business insurance coverages provided by EasyCover that you might consider:
- Cyber liability
- Commercial general liability
- Directors and officers (D&O) liability
Your business may not require all of these, however, most businesses carry commercial general liability and we strongly recommend cyber liability given the rise in data breaches and cyberattacks.
Commercial General Liability Insurance (CGL)
Commercial general liability insurance, sometimes known as CGL insurance, protects your business if a client or third party is injured or their property is damaged due to negligence by you or an employee. For example, if a client is visiting your office and they slip and fall, hurt themselves and decide to sue you. CGL coverage would respond and provide legal defence
Commercial general liability insurance is considered a “bare minimum” coverage for all businesses. If you have professional liability but leave out this important protection, your business may be vulnerable. The minimum coverage offered by EasyCover for commercial general liability is $1 million but you may choose much higher limits.
Directors and Officers Liability Insurance
If your business has a board of directors, you should consider this coverage option to protect these individuals as well as the corporate entity, in the event they are sued personally for covered wrongful acts taken by a Board. Directors and officers liability insurance, also known as D&O insurance, is designed to offer protection for directors and officers for claims that are made against them by creditors, customers, vendors, and regulatory bodies. This coverage may also reimburse the corporate entity if they have indemnified a director or officer for these covered claims.
It’s important to note that claims arising from fraudulent, dishonest and willful conduct are not covered.
Cyber Liability Insurance
As businesses depend more and more on technology, Cyber liability insurance is a growing necessity. Cyber liability insurance can help cover the costs associated with a data breach or network security hack. This includes legal expenses, lost business income, extortion fees, regulatory fines, digital asset losses and more.