Professional Liability Insurance for Financial Services in Halifax
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As a financial professional, you deal with clients’ sensitive information day in and day out. No matter how diligent you are in your daily duties, mistakes happen. Luckily, professional liability insurance can help protect finance professionals in Halifax from the unexpected costs of a lawsuit. Get an online quote today and learn how affordable and easy it is to protect yourself and your business with EasyCover.
Financial Services Professionals that EasyCover Insures in Halifax
EasyCover can insure financial service businesses that operate with one or two employees. This includes:
- Financial analysts
- Bookkeepers
- CPAs (Chartered Professional Accountants)
- Financial compliance professionals
- Credit controllers
- Financial controllers
- Management accountant
- Payroll
- Regulatory reporting
- Treasury
If you do not see your finance profession listed above, no worries! We may be able to offer you coverage or can refer you to a trusted insurance partner.
Is professional liability insurance is essential for financial services in Halifax?
Professional liability insurance may be required for finance professionals in Halifax by contract or by a regulatory body. For example, CPAs are often required to carry professional liability insurance.
Besides contractual requirements, professional liability insurance protects financial service businesses in Halifax if they’re sued. It helps cover legal expenses such as defense costs, legal fees, judgement awards and settlements.
What kind of insurance coverage do finance professionals in Halifax require?
You should refer to all contracts for any contractual insurance requirements. This includes any contracts with clients and landlords. You should also review any governing or regulatory body requirements and recommendations.
We recommend all finance professionals in Halifax carry professional liability insurance. Depending on your situation, you may require additional business insurance coverage. At EasyCover we offer a number of other critical protections, including cyber liability insurance, directors and officers insurance, and commercial general liability insurance.
Cyber Liability Insurance
Finance professionals in Halifax are responsible for sensitive customer data. We strongly recommend you carry cyber liability to protect your business in the event of a cyberattack or privacy breach. Our cyber coverage can help cover legal expenses, digital asset losses, regulatory fines and more.
Commercial General Liability Insurance (CGL)
Commercial general liability insurance (sometimes referred to as CGL) helps cover legal expenses if a third party is hurt or has their property damaged as a result of negligence by you or an employee. A common example is if someone slips and falls while visiting your office.
Our coverage starts at $1 million with higher coverage limit options available.
Directors and Officers Liability Insurance
Directors and officers insurance, or D&O insurance, is designed to protect individual officers and company directors from personal loss if they are sued due to negligent acts or breaches of duty while carrying out the Board responsibilities. Refer to the policy language for specific exclusions.
The Cost of Professional Liability Insurance for Financial Services in Halifax
“Premiums” are the payments you will make per month, quarter or year for your professional liability insurance in Halifax. There is no one set price for professional liability insurance – it will depend on your company’s individual circumstances. Consider the examples below as a starting point for the cost of your finance professional liability insurance in Halifax:
- A finance professional who earns $85,000 per year in Halifax may pay an average of $810 per year for our basic level of coverage for professional liability insurance, commercial general liability and cyber liability insurance.
- A CPA who earns $235,000 per year with one additional employee in Halifax may pay an average of $1900 per year for their professional liability, commercial general liability and cyber liability insurance. Just professional liability insurance would cost on average $1400 per year.
How are professional liability rates for Financial Services in Halifax determined?
Professional liability insurance rates for finance professionals in Halifax can be calculated by the following factors:
- Your daily operations
- The number of clients you have
- The value of your contracts
- Your insurance history
- Your Coverage options
- The number of employees you have
- The province(s) you operate in…and more
The best method to gauge how much your finance professional liability insurance in Halifax might cost is to get a free quote with EasyCover’s online tool.
What is covered by professional liability insurance for financial services in Halifax?
Professional liability insurance is designed to protect finance professionals in Halifax from being sued for causing financial loss to a third party as a result of their professional service. This includes legal expense coverage, such as defence costs, judgment awards and settlements.
Our policies include retroactive cover, which means you’re covered for claims made during the policy period arising out of events that may have occurred prior to the policy inception date. Some conditions apply here, such as disclosing any situation that may result in a lawsuit.
We offer three levels of protection:
- $1 million
- $2 million
- $5 million
This is the maximum your policy will pay out over a 12-month policy term, no matter how many claims you make during this time. Financial professionals are advised to choose an amount that reflects their contractual requirements, the value of their work, and the likelihood and expected cost of a lawsuit.
Why do finance professionals in Halifax choose EasyCover?
EasyCover offers instant, online coverage for financial service businesses in Halifax. We make it easy to get great professional liability coverage. Simply answer our questions about your business operations, choose your coverages and pay online and you’re insured!
Protect yourself against the unexpected.
Protect yourself against the unexpected with Professional Liability Insurance for Halifax finance professionals from EasyCover.
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