Professional Liability Insurance for Edmonton Management Consultants

Get a Quote Online In Minutes!

Start Quote
A management consultant working in Edmonton.

As a management consultant, your role is to solve problems and improve businesses. Unfortunately, this means perceived or real mistakes can have a major financial impact on your clients. Protect yourself with Professional Liability Insurance for Edmonton management consultants. 

At EasyCover, we make it simple to get the right protection: 

  1. Provide your contact information – ensure this is accurate, as this is where we’ll send your quote and policy!  
  2. Answer a few questions about your business. 
  3. Choose your insurance coverage. 
  4. Review your quote. 
  5. Pay online. 

Once you pay, you’re insured! We’ll send your documents right away.  

To make getting the right insurance even easier, EasyCover also offers optional add-on Commercial General Liability, Cyber Liability, and Director & Officer’s Liability Insurance. Get the protection you need with us. 

What is Professional Liability Insurance? 

Professional liability insurance protects Edmonton management consultants if they are sued for negligence causing financial loss as a result of their professional service or advice (or failure to provide it). It is also often called errors and omissions insurance.  

Why do management consultants need professional liability insurance in Edmonton? 

There are two main reasons management consultants in Edmonton may need professional liability insurance: 

  1. They are required to carry the coverage in their contracts. 
  2. They cannot afford to cover the costs of a lawsuit if they’re sued for negligence causing financial loss.  

Even if you’re not required to carry professional liability insurance contractually, unless you can cover legal expenses out of pocket, it is a good idea to have this coverage. 

What is and isn’t covered by professional liability insurance for management consultants in Edmonton? 

For Edmonton management consultants, professional liability insurance covers legal expenses if they’re sued for negligence causing financial loss due to their service or advice (or failure to provide it). This includes defence costs, judgement awards, and settlements.  

There is also coverage for unintentional defamation, slander, and product disparagement claims by third parties, breach of privacy/confidentiality, and infringement of intellectual property rights.  

This coverage does not offer protection for claims of bodily injury, property damage, or criminal acts.  

How much does Professional Liability Insurance cost? 

The cost of professional liability insurance will vary depending on factors such as annual revenue, business operations, and number of employees. Here are a few examples: 

  • An operations management consultant in Edmonton with no employees earning $160,000 in revenue may pay around $748 for basic professional liability insurance each year. For another $150 per year, they can add cyber liability coverage. 
  • A personnel management consultant in Edmonton earning $80,000 each year with no employees might pay $748 for basic professional liability insurance per year. To increase their coverage to $2 million, they may pay around $660 yearly.  

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

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

Additional Coverage for Management Consultants in Edmonton

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

How much professional liability insurance do management consultants require in Edmonton? 

When purchasing professional liability insurance, Edmonton management consultants should consider: 

  • Contractual requirements 
  • The likelihood of a lawsuit 
  • The expected costs of a lawsuit 

In Canada, contracts generally require you to hold $1 million of professional liability insurance. Check your contracts, though, as this amount can vary.  

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 your policy term (12 months) regardless of the number of claims.  

Management Consultant Claims Examples 

Here are a few scenarios where professional liability insurance would likely help protect a management consultant in Edmonton: 

  • Mishandling of Funds – A client may accuse you of mishandling their money. 
  • Mistake – An error (or perceived error) can cost your clients money and they may sue to recuperate the loss. 

Work with EasyCover to get the right coverage quickly. Get a quote today!  

Protect yourself against the unexpected.

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

Start Quote