Professional Liability Insurance for Forensic Experts in Edmonton
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In our litigious society, you can be held responsible for causing financial loss due to a mistake you made or even the error of a third party you hire. Edmonton’s forensic experts need to protect themselves if they’re sued for causing a financial loss to a third party due to their professional service or advice. Luckily, professional liability insurance is designed specifically for this risk and EasyCover makes it simple to get:
- Provide your contact information.
- Answer a few questions about your business.
- Choose your coverage.
- Review your quote.
- Pay online.
In five easy steps, you’re insured!
What’s covered by professional liability insurance?
Edmonton forensic experts are protected by professional liability insurance if they cause financial loss to a third party while providing their professional service or advice. This protection will cover legal expenses such as defence costs, judgement awards and settlements.
At EasyCover, we offer three levels of protection:
- $1 million
- $2 million
- $5 million
This is the maximum amount your policy will pay out over the 12-month policy term regardless of the number of claims.
You should choose the limit of coverage that works for your business. Consider:
- Your industry and clients
- The likelihood and expected cost of a lawsuit
- Contractual obligations
At EasyCover, we also offer optional add-on commercial general liability, cyber liability, and director’s and officer’s liability protection.
What isn’t covered by professional liability insurance for forensic experts in Edmonton?
Professional liability insurance is designed to cover the specific risk of causing financial loss due to negligent professional service, providing negligent professional advice, or failing to provide that service or advice. It does not cover bodily injury, property damage or criminal acts.
Your policy documents will outline all specific exclusions. If you have any questions, our brokers can help.
How much does professional liability insurance for forensic experts cost in Edmonton?
Pricing for professional liability insurance in Edmonton for forensic factors is based on various factors including your annual revenue, which province(s) you operate in, if you have employees, your insurance history and your coverage options. Here are a few examples of what rates you could expect to pay:
- A toxicologist in Edmonton earning $110,000 per year could pay $660 per year for professional liability insurance.
- A road traffic specialist in Edmonton earning $90,000 per year could pay $810 for basic professional liability, cyber liability and commercial general liability insurance combined. Just professional liability would be around $440 per year.
You can quickly get a quote online with EasyCover to see how much your insurance will cost.
Examples of Professional Liability Insurance Claims for Forensic Experts
Here are a couple of examples of covered forensic expert professional liability insurance claims:
- Third Party Error: You contracted a part of the investigative work to a third party but they failed to do the testing properly and the evidence is inadmissible in court. The party who hired you as a forensic expert decides to hold you liable for negligence causing them financial loss.
- Mistake: Your forensic report has incorrect information and the party relying on this document suffered a financial loss due to the mistake. They sue you for causing their financial loss.
Optional Protection for Forensic Experts in Edmonton
Besides offering professional liability insurance, EasyCover can also provide a few additional coverages for Edmonton forensic experts.
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.
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.
We recommend all businesses carry cyber coverage as businesses of every size and industry are vulnerable to cyberattacks and data breaches.
No, professional liability insurance and errors and omissions insurance is the same coverage under a different name.
As a forensic expert in Edmonton, you may be contractually required to carry a certain level of professional liability insurance. Even if it’s not required, having this coverage can protect you financially.
Protect yourself against the unexpected.
Protect yourself against the unexpected with Professional Liability Insurance for Finance Service professionals in Edmonton from EasyCover.
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