Whether you operate within a larger team of professionals or as a sole proprietor consultant, you face the risk of being sued by a client or third party if they believe you have made a mistake – whether that’s an act of negligence, misinformation, or failing to provide a promised service.
The consulting industry faces a wide range of risks that insurance can help defend against. EasyCover makes getting professional liability insurance for consultants in Calgary simple with its quick online quoting tool, great coverage and affordable rates.
Why do consultants need professional liability insurance in Calgary?
Consultants in Calgary need professional liability insurance to protect themselves if they are sued for causing financial loss as a result of their professional service. This can include claims of negligent misinformation, defamation, breach of privacy or negligent act causing financial loss. Professional liability insurance will cover legal expenses including judgement awards, settlements, legal fees, and related costs associated with defending this type of legal claim.
The costs of such a lawsuit can be astronomical, so this coverage helps consultants in Calgary protect themselves financially.
Professional liability insurance can also be a contractual requirement for consultants in Calgary, depending on your industry and clients.
The Cost of Professional Liability Insurance for Consultants in Calgary
At Easycover, we may be able to offer annual or monthly payment plans for professional liability insurance. It’s important to keep in mind that consultants in Calgary may not be paying the same amount for their professional liability insurance as the next business owner.
Consider the following examples to gain a better idea of what a Calgary consultant might pay for their professional liability insurance:
- An HR consultant in Calgary who earns $120,000 per year as a sole proprietor may pay an average of $660 per year for basic professional liability insurance. For commercial general liability and cyber liability, add an extra $370 per year.
- An oil and gas consultant with three employees where the company earns $625,000 per year will pay an average of $2000 per year for $2 million in professional liability coverage. Add $378 per year for CGL and cyber coverage.
What affects professional liability insurance rates for Consultants in Calgary?
The following factors impact Calgary consultant professional liability insurance rates:
- Your specific profession
- The size of your contracts and how many clients you have
- Your insurance history
- Your coverage options
- Where your business physically operates
- How many employees you have
- …and more
The easiest way to see how much your consultants’ professional liability insurance in Calgary will cost is to start with a free no-obligation quote through EasyCover’s online tool.
What is covered by consultants’ professional liability insurance in Calgary?
Professional liability insurance can help Calgary consultants cover legal costs your business incurs if you’re accused of professional negligence causing financial loss. Legal costs include defence expenses, judgement awards and settlements. EasyCover’s policies include retroactive cover, which includes protection for claims brought during the policy period for wrongful acts that occurred prior to the policy start date. This may cover the period back to the date your business was first established, or you can choose an alternative date. It’s important to note that you will need to disclose any potential situations where you could later be sued.
For example, as a consultant, you may be sued for negligently omitting part of a project or for overrunning a project’s budget. Having consultant professional liability insurance in Calgary can protect you from this worst-case scenario and may cover you up to the level of protection you choose:
- $1 million
- $2 million
- $5 million
This is the maximum amount your policy will pay out over your 12-month policy term (irrespective of the number of claims made). In Calgary, consultants should choose the amount that is best suited to their needs based on the likelihood of lawsuits, contractual requirements, and the projected cost of a lawsuit.
Consultants Insured by EasyCover in Calgary
EasyCover has insured the following types of consultants:
- Business analyst
- Business/management consultant
- Business continuity consultant
- Business recovery consultant
- Business development consultant
- Change management consultant
- Compliance consultant
- Data analyst
- Health and safety consultant
- IT consultant
- Logistics consultant
- Management consultant
- Oil and gas consultant
- Project management consultant
- Risk management consultant
- Strategy consultant
Don’t see your profession listed here? Contact EasyCover to discuss how we can help insure your consultant business today.
What optional coverages does a professional consultant need?
Besides having professional liability insurance, we offer Calgary consultants additional business coverages. It will depend on your profession, risks and budgets if your business requires these additional insurance products.
Commercial General Liability Insurance (CGL)
Commercial general liability insurance (CGL) is the most basic form of liability insurance. It offers protection in the event that you or any of your employees accidentally injure a third party or cause damage to their property while carrying out business operations. This includes any injuries or damages that occur on your premises or on a client’s property.
CGL insurance is considered a critical coverage option and if you have professional liability insurance but leave CGL out, you may leave your business vulnerable. We start CGL coverage at $1 million but you can choose higher limits if desired or required.
Directors and Officers Liability Insurance
Directors and officers can be held personally responsible for their actions while serving on a board of directors if they have acted outside the law or failed to perform their duties properly. Directors and officers liability insurance (D&O) is designed to offer protection for directors and officers, covering legal expenses from claims brought by regulatory bodies, suppliers and vendors, employees, creditors, and customers.
Criminal penalties or offences will not be covered as this type of loss is not insurable by law
Cyber Liability Insurance
Cyber liability insurance is designed to help cover certain costs following an alleged or actual hacking event or privacy breach. EasyCover’s cyber liability coverage includes network security liability and privacy liability. It may help cover the cost of network security and privacy breach costs, business income interruption losses, defence costs, extortion fees, digital asset losses, and regulatory fines.
Every policy has a specified limit, so be sure to familiarize yourself with yours and note any exclusions or separate deductibles.
Why choose EasyCover for your consultants’ professional liability insurance in Calgary?
Why do Calgary consultants choose EasyCover? They choose us because we’re one of the very few digital options in Canada where you can purchase insurance 24/7 online without needing to speak with a broker. Our specialization is in professional liability insurance, with coverage uniquely designed to protect consultants and a wide range of other professionals. We are committed to making the process of acquiring Calgary consultants professional liability insurance as easy as possible, which is why we’ve created our online tool.
You can obtain a Calgary consultants’ professional liability insurance quote 24/7 via EasyCover’s website. All that we ask from you is to answer a few questions about who you are and what you do, including:
- Industry
- Physical location and where you operate
- Your day-to-day operations
- Contact information
- Number of employees
- Insurance history
- Coverage options
EasyCover wants to help you protect your business. That’s why we make it simple to get comprehensive coverage at an affordable price. Start today with a free and easy consultants’ professional liability insurance quote in Calgary.
Protect yourself against the unexpected.
Protect yourself against the unexpected with Professional Liability Insurance for Calgary Consultants from EasyCover.
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