Professional Liability Insurance for Edmonton Consultants

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If you’re a consultant in Edmonton, are you protected if you’re accused of making a mistake that causes your client financial loss? Unfortunately, lawsuits arising from such situations are not uncommon. They can also be very expensive. Protect yourself and your business with professional liability insurance for Edmonton consultants. At EasyCover, we make it simple to get a quote or purchase coverage: 

  1. Enter your contact information. 
  2. Answer a few questions about your business. 
  3. Select your coverage. 
  4. Review your quote. 
  5. Pay online. 

And you’re insured. It’s really that easy. Get a professional liability insurance quote for Edmonton consultants today or read on to learn more about this protection. 

What does professional liability insurance cover for consultants in Edmonton? 

Professional liability insurance covers Edmonton consultants if they’re sued by a third party for causing financial loss due to negligence. This includes legal defense costs, judgement awards, and settlements.  

Do consultants in Edmonton need professional liability insurance? 

Yes, consultants in Edmonton should have professional liability insurance unless they can pay out of pocket for legal expenses if they’re sued for causing financial loss due to negligence. Most businesses can’t afford to cover these costs, which is why they opt for this coverage.  

You may be required to have this coverage by a contract or regulatory/professional body.

How much professional liability insurance do Edmonton consultants need? 

The amount of professional liability insurance a consultant in Edmonton will need depends on: 

  • Contract requirements 
  • The number and size of client contracts you have 
  • The type of clients you have and their business operations 
  • The overall value of projects you work on 
  • The size of a legal claim that may be made against you including legal costs and the possible compensation award or settlement 
  • The likelihood of a lawsuit 

Most contracts require $1 million or $2 million of professional liability coverage for Edmonton consultants. However, if your business consults to clients who operate in high-risk environments, you may want to purchase a higher amount of professional liability insurance to protect you from any collateral responsibility. 

At EasyCover, we offer three levels of protection: 

  • $1 million 
  • $2 million 
  • $5 million 

This is the maximum amount your policy will pay out per year, regardless of the number of claims.  

Claims Examples of Professional Liability Insurance for Consultants in Edmonton 

Here are some examples of professional liability insurance claims for consultants in Edmonton: 

  • Professional Error – You make the wrong call on a decision, resulting in a financial loss your client has to pay for. They sue you to cover it. 
  • Administrative Error – You file documents incorrectly or have an incorrect number in an invoice or order which costs your client financially They decide to sue you for this mistake to regain their lost money. 
  • Lost Documentation – You lose essential documents and your client sues you for the costs they incurred being without them and to replace them. 
  • Defamation and Slander – You approve an ad criticizing a competitor who then sues you for defamation.  

How much does professional liability insurance cost for Edmonton consultants? 

In Edmonton, professional liability insurance for consultants starts at $330 per year. However, your premium may be higher.  

Here are some examples of professional liability insurance rates for Edmonton consultants: 

  • A risk management consultant in Edmonton who and earns between $50,000 and $100,000 from jobs in Alberta pays $440 per year for $1 million of professional liability insurance.  
  • A logistics consultant in Edmonton who: employs 1 other person; earns between $150,000 and $200,000 each year; operates in Alberta, BC and Saskatchewan; has $2 million of professional liability coverage; has $1 million CGL coverage; and has cyber liability coverage pays $1352 each year. 
  •  A change management consultant in Edmonton who earns between $100,000 and $150,000 and operates in Alberta, Ontario and BC pays $1040 per year for professional liability insurance and cyber coverage. 

Your rates may be higher or lower depending on the following factors: 

  • Profession 
  • Company revenue 
  • Number of employees 
  • Regions you operate in  
  • Coverage options 

Consultants Insured by EasyCover in Edmonton 

EasyCover has insured the following types of consultants in Edmonton: 

  • 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 us to discuss your situation. We’re happy to refer you to a great partner if we can’t insure you. 

What optional coverages are available for Edmonton consultants? 

Besides offering professional liability insurance, EasyCover can also provide a few additional protections for consultants in Edmonton.  

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. 

There are many types of liability insurance and each will cover a different risk. Professional liability insurance specifically protects Edmonton consultants if they’re sued for causing financial loss due to negligence.  

These are two different types of insurance that cover two different types of liability risk. Professional liability insurance covers Edmonton consultants if they are sued for causing financial loss to a third party in the course of providing their service or professional advice. General liability wouldn’t cover you in this situation, as it covers injuries and property damage caused by negligent acts. 

Why choose EasyCover? 

Edmonton consultants should choose EasyCover for their professional liability insurance because we offer:

  • Great coverage.
  • Competitive prices.
  • Convenience.
  • Quick, easy service to get a quote or purchase your policy.

We’re one of the few digital options in Canada – you don’t need to speak to a broker to get insured! We provide the professional liability insurance consultants in Edmonton need and make it easy.

Protect yourself against the unexpected.

Protect yourself against the unexpected with Professional Liability Insurance for Consultants in Edmonton from EasyCover.

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