Professional Liability Insurance for Edmonton New Media Consultants
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If you’re a new media freelancer, contractor or small business owner, it’s important to financially protect yourself. If you’re sued for causing financial loss due to your professional service or advice, could you afford the legal expenses? Professional liability insurance can help. Luckily, EasyCover makes it simple to get the right coverage:
- Tell us how to contact you.
- Answer a few questions about your work.
- Choose your insurance coverage.
- Review your quotes.
- Pay online.
Once you’ve paid, you’re insured! We send you your policy documents immediately. It really is that easy! Plus, you can add on protection like Commercial General Liability, Cyber Liability and Director & Officer’s Liability if you need them.
Do new media professionals in Edmonton need professional liability insurance?
Yes, new media professionals in Edmonton should have professional liability insurance. There are two main reasons:
First, your clients or governing bodies may require you to have a certain level of professional liability insurance. In Canada, this is generally $1 million or $2 million worth of protection. Having this coverage also looks good to prospective clients.
Secondly, lawsuits are expensive. Unless you can afford to pay for one out of pocket, professional liability insurance can reduce the financial burden and give you peace of mind.
At EasyCover, we insure the following new media professions:
- Advertising Consultant
- Brand Consultant
- Event Organizer
- Graphic Designer
- Interior Designer
- Market Research
- Marketing Consultant
- Media Buyer
- Public Relations Consultant
- Website Designer
Contact us if you don’t see your profession listed and we’ll see how we can help!
What does Professional Liability Insurance cover?
Professional liability insurance covers Edmonton new media professionals if they’re sued for negligence causing financial loss due to their service or advice. This includes legal expenses such as defence costs, judgement awards and settlements.
Bodily injury, property damage and criminal acts are not covered. Your policy documents will outline all exclusions.
How much does professional liability insurance cost for new media consultants in Edmonton?
The cost of professional liability insurance for new media professionals in Edmonton will depend on their individual situation. Factors such as annual revenue, number of employees and coverage options impact your premiums.
Here are a few examples of what you may pay for Edmonton new media professional liability insurance:
- A graphic designer freelancer in Edmonton making $60,000 with no other employees might pay $440 per year for basic professional liability.
- A marketing consultant with one employee in Edmonton making $140,000 may pay $660 for basic professional liability insurance. They can upgrade their coverage to $2 million for a total of $858 each year. Cyber liability can be added on for an extra $150 each year, as well.
- A public relations consultant earning $230,000 each year in Edmonton with no employees might pay around $1612 per year for $5 million professional liability insurance protection ($946 for basic coverage).
How much professional liability insurance do Edmonton new media professionals need?
The right amount of coverage will depend on your individual situation. At EasyCover, we offer three levels of protection:
- $1 million
- $2 million
- $5 million
Remember, this is the maximum amount your insurance will pay out over your 12-month policy period, regardless of the number of claims.
Consider your contract requirements, the likelihood of a lawsuit, and the expected cost of a lawsuit when determining how much coverage you need.
Professional Liability Insurance New Media Claims Examples
Here are some scenarios Edmonton new media professionals may be covered by professional liability insurance:
- Error – If you make a mistake (like causing a website to malfunction or inputting the wrong copy or design), your client could sue you if it causes them financial loss.
- Copyright Accusation – You’ve designed a new logo for a client but another company in the same industry accuses you of copyright infringement.
- Negligence – Sales fail to rise after you provide your marketing service or advice, and your client blames you for bad advice causing the financial loss.
- Missed Deadline – You miss a critical deadline and your client’s ad doesn’t get placed. They sue you to cover their financial loss.
What optional coverages can new media professionals get in Edmonton?
Besides offering professional liability insurance, EasyCover can also provide a few additional coverages for new media freelancers 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.
Protect yourself against the unexpected.
Protect yourself against the unexpected with Professional Liability Insurance for New Media Professionals in Edmonton from EasyCover.Start Quote