As a consultant in Ottawa, you work diligently to help your clients grow their businesses—but things don’t always go as planned.
If your professional advice or service results in financial damages for your client, they may take legal action against you. That’s why consultants in Ottawa should consider professional liability insurance. This form of coverage (which is sometimes referred to as errors and omissions insurance) can protect consultants in Ottawa from bearing the burden of expensive lawsuits.
The good news is you can get your professional liability insurance in a matter of minutes. It’s simple to get an instant free quote and to purchase your policy with EasyCover’s unique online platform. That’s right—there’s no need to pick up the phone to speak with a broker.
Why do consultants in Ottawa need professional liability insurance?
You’ve worked hard to build your business and reputation as a consultant in Ottawa, and you take great pride in helping your clients succeed. Unfortunately, mistakes happen, and a client could sue, which could be financially catastrophic for your business. That’s why it’s critical for consultants in Ottawa to have the right coverage.
You make a living providing professional advice or services. Typically, only professional liability insurance offers protection should you be sued because your advice or service caused financial damages for your client.
Professional liability insurance claims scenarios for consultants in Ottawa
Consulting is a diverse field and there are various claims that could be made against you. With professional liability insurance, consultants in Ottawa can work with peace of mind knowing they’re covered should a client sue to recover financial damages stemming from your advice or services. This could include:
- professional mistakes that interrupt operations or are expensive to correct;
- delays that cause a project to go over budget; or
- negligent acts or advice that ultimately result in a financial loss.
You must defend yourself against claims of professional mistakes and negligence, whether the claims made against you are warranted or not. Fortunately, professional liability insurance can help consultants in Ottawa cover legal costs.
Professional liability insurance coverages for consultants in Ottawa
Professional liability insurance can help consultants in Ottawa cover the significant costs related to a lawsuit. This could include:
- Defence costs, such as hiring a lawyer.
- Lost wages due to attending court.
- Settlements if you and your client come to a financial agreement out of court (as agreed beforehand by the insurer).
- Judgement awards should a judge rule in favour of your client.
Without professional liability insurance, you will have to cover these expenses out of pocket.
How much are professional liability insurance rates for consultants in Ottawa?
EasyCover offers competitive rates and has made it simple to get your free quote. Your premium will depend on various factors, including your area of expertise and revenues.
With just a couple clicks of the mouse, consultants in Ottawa can get an instant quote—there is no need to pick up the phone to speak with a broker. You’ll need to provide the following details to receive your quote:
Your area of specialty.
The consulting industry is vast, which is why EasyCover provides professional liability insurance to consultants in Ottawa who specialize in:
- Health and safety
- Human relations
- Information technology (IT)
- Oil and gas
- Mergers and acquisitions
- Public relations
The number of people on the policy
With EasyCover, consultants in Ottawa can choose to obtain a policy for themselves or for a small company with a maximum of five employees.
Your annual revenue
EasyCover provides professional liability insurance to consultants in Ottawa who earn up to a maximum of $2 million per year.
Your coverage level
With EasyCover, consultants in Ottawa can choose from three professional liability limits:
- $1 million
- $2 million
- $5 million
If you don’t see your occupation listed, please contact us. One of our brokers will be happy to discuss your options and help find you coverage.
How much professional liability insurance coverage do consultants in Ottawa need?
Consultants in Ottawa need to carefully consider their professional liability insurance limit as this is the maximum amount you’ll receive for all approved claims during your 12-month policy period.
You know your expertise, clients and business risk-level best. That said, considering the following can help consultants in Ottawa determine an optimal level of coverage:
- the type of clients you work for;
- how risky of an environment you and your clients operate in;
- the overall value of your work; and,
- the size of a legal claim that can be made against you (factor in defence costs and potential restitution).
It’s is also important to keep in mind that your coverage limit is the total amount you’ll receive for all approved claims during your 12-month policy period.
Optional Coverage for Consultants in Ottawa
Besides offering professional liability insurance, EasyCover can also provide a few additional protections for consultants in Ottawa, if required.
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 Consultants in Ottawa from EasyCover.Start Quote