Professional Liability Insurance for Financial Services in Ottawa
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As a financial expert in Ottawa, you provide professional advice or services to help others manage their wealth. This puts you at risk of being sued if you make a mistake and cause your client financial damages.
Without the right protection, lawsuits can drain your resources and ruin your business. Fortunately, professional liability insurance can help cover legal costs if your financial advice or services are brought into question.
Work with peace of mind—it will only take you a couple of minutes with EasyCover. Our unique platform makes it easy for financial experts in Ottawa to get an instant free quote and purchase professional liability insurance quickly online. There’s no need to speak with a broker.
Protect your business with financial services professional liability insurance today!
Why do financial professionals in Ottawa need professional liability insurance?
If you already protect your business with other insurance, you might question why you should also consider a professional liability policy. The answer is pretty simple: your livelihood depends on providing financial advice or services in Ottawa; and, professional liability is typically the only coverage that will protect you if a client claims to have suffered financially as a result of your professional recommendation or service.
For example, a client could sue to recover lost revenue or financial damages resulting from:
- accounting errors;
- incorrect tax advice;
- improper or late filing of paperwork; and more.
You will have to pay to defend yourself against such claims. Lawsuits are expensive and can be catastrophic for your business. Fortunately, if your financial advice or service is brought into question and you are sued, professional liability insurance can help you cover:
- defence fees, such as hiring a lawyer;
- lost wages due to attending court; and,
- restitution, such as a settlement or judgement awards.
3 reasons why financial experts in Ottawa should have professional liability insurance
Mistakes happen
You are a financial expert and take great pride in your work, but errors can still occur—you’re human after all. Don’t gamble on never making a professional mistake. Protect your financial business in Ottawa with professional liability insurance.
Businesses are increasingly facing lawsuits
Money is critical to an individual’s and business’s wellbeing, meaning your financial advice or services will be under intense scrutiny. A client can choose to sue for any perceived errors in your work that result in financial damages. Professional liability insurance can protect your financial business in Ottawa from such claims—including ones that are not warranted.
Business contracts might not cut it
You likely have a standard contract for your financial business in Ottawa, which outlines what you cannot be held liable for; however, clients can still choose to sue, and your document might not hold up in court. Professional liability insurance offers the protection your business needs from unexpected lawsuits.
How much will financial professionals in Ottawa pay for professional liability insurance?
Several factors are considered when calculating professional liability insurance premiums, including:
Your occupation
The financial services field is varied. That’s why EasyCover provides professional liability insurance to the following financial experts in Ottawa:
- Analysts
- Bookkeepers
- Chartered Professional Accountants
- Compliance specialists
- Credit controllers
- Financial controllers
- Management accountants
- Payroll specialists
- Regulatory reporters
- Treasurers
The size of your company
With EasyCover, financial professionals in Ottawa can choose to name just themselves or a small company with a maximum of five employees on a professional liability policy.
Your annual revenue
EasyCover provides professional liability insurance to financial experts in Ottawa who make up to $2 million per year.
Your level of coverage
With EasyCover, financial professionals in Ottawa can choose from three coverage limits: $1 million, $2 million and $5 million. When choosing your limit, keep in mind this is the maximum amount you’ll receive for all approved claims within your policy period.
Did you know you could save on insurance premiums by bundling your policies? That’s why, in addition to professional liability insurance, EasyCover also offers general liability and cyber liability coverages to financial experts in Ottawa.
How much are professional liability premiums for construction contractors in Ottawa?
There are several factors that will determine the professional liability rate of a construction contractor in Ottawa, including:
- Your occupation. The construction contracting field is diverse, which is why EasyCover provides professional liability insurance to a variety of construction-focused technologists, engineers, managers and more.
- The number of people on the policy. EasyCover offers construction contractors in Ottawa with an option to get a policy just for themselves or for a small company that employs up to five individuals.
- Your annual revenue. Construction contractors in Ottawa who earn any amount, up to $2 million per year, can get professional liability insurance from EasyCover.
- Your coverage level. With EasyCover, you can choose from three limits: $1 million, $2 million and $5 million. The limit you choose will be the total amount paid out for all approved claims during your policy year.
Your insurance and claims history would also be factored into your annual premium.
With EasyCover, professional liability insurance premiums for construction contractors in Ottawa could start as low as $700 per policy for basic coverage.
Optional Coverage for Financial Service Providers in Ottawa
Besides offering professional liability insurance, EasyCover offers three add-on coverages for financial services in Ottawa.
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.
Cyber liability is particularly important for those working in financial services due to the sensitive information they work with.
Protect yourself against the unexpected.
Protect yourself against the unexpected with Professional Liability Insurance for Financial Services in Ottawa from EasyCover.
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