How much professional liability insurance do legal service professionals need?
The amount of coverage you require depends on your individual situation. You should consider the likelihood of a lawsuit and the expected costs of a lawsuit when determining the amount of protection you need.
At EasyCover, we offer three levels of professional liability insurance for legal professionals in Edmonton:
- $1 million
- $2 million
- $5 million
This is the maximum amount your coverage will pay out over the 12-month policy period, regardless of the number of claims.
Examples of Professional Liability Insurance Claims
Here are some examples of professional liability insurance claims that a legal services provider in Edmonton may encounter:
- Misrepresentation – If you provide faulty or misleading information that causes your clients a financial loss, they may bring a legal claim against you.
- Disparagement of Character – You could be accused of causing harm to someone’s character or reputation in the course of providing your legal services, causing them financial loss.
- Error – If you make a mistake while providing your services, your client can sue you if that mistake causes any financial loss.
What optional coverages are available for Edmonton legal professionals?
Besides offering professional liability insurance, EasyCover can also provide a few additional protections for legal services 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.