Professional Liability Insurance for Management Consultants in Ottawa
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From operations to sales, change management and everything in between, management consultants in Ottawa provide professional advice and services to help organizations optimize their performance for success.
There is a lot riding on your management expertise, and even the slightest error in your advice or service can result in significant consequences. Your client might sue in cases where these mistakes cause them financial damages. Fortunately, professional liability insurance can provide management consultants in Ottawa with protection from such lawsuits.
This coverage—which is also known as errors and omissions insurance—can help cover legal costs for management consultants who must defend claims arising from their professional advice or service, resulting in a financial loss.
EasyCover makes it easy for management consultants in Ottawa to get professional liability insurance. The entire process—from obtaining your free quote to purchasing a policy—can be completed online in a matter of minutes, with no need to speak to a broker. In addition to the ease and speed of our service, management consultants in Ottawa can count on EasyCover for competitive rates and comprehensive professional liability coverage.
Why do management consultants in Ottawa need professional liability insurance?
It’s important to have the right insurance to protect your business from the financial burden of lawsuits. As someone who provides management advice in Ottawa, it’s important to consider professional liability insurance. This coverage is specifically for claims of monetary damages that stem from negligent or mistaken advice and services.
No matter how much pride and care you put into your work, mistakes happen. Your client could sue if your error causes financial damages. If this were to happen, do you think your business could afford to pay expensive legal fees and potential restitution? Fortunately, professional liability insurance can help management consultants in Ottawa cover such expenses.
What does professional liability insurance cover in Ottawa?
Like all insurance, professional liability provides management consultants in Ottawa with a safety net for when the unexpected occurs. You don’t expect to be sued, but it could happen.
Should a client claim to have lost money due to a mistake in your management advice or service, professional liability insurance can help cover:
- Defence fees. This could include lawyer fees or lost wages due to court attendance.
- Restitution. This could include settlements or judgement awards.
You must pay to defend yourself, innocent or not, and legal costs quickly add up. Without the right insurance, you’ll have to pay these expenses out of pocket, which could financially drain your business. That’s why it’s critical for management consultants in Ottawa to consider purchasing professional liability insurance.
How much will management consultants in Ottawa pay for professional liability insurance?
Professional liability premiums are calculated based on the following factors:
Your area of specialty
Management consultants in Ottawa provide professional advice and services in a variety of areas. That’s why EasyCover offers professional liability insurance to managers who specialize in:
- Business process re-engineering
- Change management
- Company development and planning
- Distribution
- Estates and facilities
- Finance and accounting
- Human resources
- Operations
- Personnel management and selection
- Procurement management
- Quality systems
- Sales and marketing
- Training
If you don’t see your expertise listed, please contact us to speak with one of our professional liability brokers.
The size of your company
With EasyCover, management consultants in Ottawa can get a professional liability policy for just themselves or for a small company of up to five employees.
Your annual revenue
EasyCover offers professional liability insurance to management consultants in Ottawa who make up to $2 million per year.
Your level of coverage
When purchasing their professional liability insurance through EasyCover, management consultants in Ottawa can choose from three coverage limits: $1 million, $2 million and $5 million. Bear in mind, the limit you purchase is the maximum amount you receive for all claims within the 12-month period of your policy.
Your insurance and claims history would also affect your professional liability premium.
Optional Coverage Available in Ottawa for Management Consultants
Besides offering professional liability insurance, EasyCover can also provide a few additional protections for Ottawa’s management consultants.
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.
Keep in mind that this doesn’t cover damage or loss of your own tools, equipment and other property.
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 Management Consultants in Ottawa from EasyCover.
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