Professional Liability Insurance for Saskatoon Consultants
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As a consultant, your advice or service can have a major impact on your clients. Unfortunately, they may sometimes blame you for losing money. Whether you’ve made a mistake or not, the resulting lawsuit can be expensive and financially devastating to most consultants in Saskatoon. Luckily, EasyCover makes it simple to get the coverage you need to protect your business.
We offer professional liability insurance to consultants in Saskatoon at an affordable price. We’re entirely online, making it convenient and fast to get the protection you need. Plus, we also offer other liability insurance to ensure you have well-rounded protection for your business.
What is professional liability insurance and why do consultants in Saskatoon need it?
Professional liability insurance is designed to protect consultants in Saskatoon if a third party sues them for causing financial loss as a result of their service or advice. Some claims examples include:
- You make a mistake that ends up costing your client thousands to fix. They are suing you to recoup their costs.
- A client says your advice has cost them thousands in revenue. They are suing you for lost revenue as well as the costs to fix the issues your alleged bad advice caused.
- A lost document means your client was unable to produce the proper paperwork to a regulatory body. They sue you to recoup the costs of the fine, lost revenue, and to replace the document.
- Even if you haven’t done anything wrong, you may still need to defend yourself in a lawsuit. Our professional liability insurance can help cover defence costs, judgement awards and settlements in these types of scenarios.
Consultants in Saskatoon should have professional liability insurance for the following reasons:
- It may be required by a professional association or regulatory body.
- It may be required by contract.
- Being insured is appealing to prospective clients.
- Lawsuits are expensive and professional liability insurance can help cover these costs.
How much does professional liability insurance cost for consultants in Saskatoon?
The cost of professional liability insurance for consultants in Saskatoon depends on the following factors:
- Your annual revenue.
- If you have employees and if so, how many.
- If you operate only in Saskatchewan or have clients in other provinces.
- Your business operations.
- What insurance coverage you choose.
Here are some examples of what consultants in Saskatoon might expect to pay for professional liability insurance:
- A change management consultant in Saskatoon making $115,000 in annual revenue might expect to pay $660 per year for basic professional liability insurance. They could add on cyber coverage for $150 per year and commercial general liability for $220 per year.
- A risk management consultant earning around $95,000 per year might expect to pay $440 for basic professional liability insurance.
You can get a quote in less than a minute with EasyCover and see how much professional liability insurance will cost for your Saskatoon consulting business.
Are there any other coverages Saskatoon consultants should have?
We offer three other coverage options for consultants in Saskatoon:
- Commercial general liability.
- Cyber liability.
- Director and officers liability.
Commercial general liability (commonly known as CGL insurance) is a standard coverage for businesses. It helps cover costs if a third party is injured or has their property damaged because of negligence by you or an employee. A common example is someone visiting your office, slipping, and falling, hurting themselves. Keep in mind this does not cover injury to your company’s property or employees.
Cyber liability helps cover costs if your business is the victim of a cyber-attack or data breach. This can include legal costs, regulatory fines, and other expenses. With the prevalence of cyber-attacks, we recommend every business carries this protection.
Directors and officers liability helps protect your personal assets by covering legal expenses if you are sued for a breach of duty.
Is there anything else consultants in Saskatoon should know about professional liability insurance?
Yes! First, make sure you choose the right amount of coverage for your needs. At EasyCover, we offer three optional limits of protection: $1,000,000; $2,000,000; and $5,000,000.
The amount of coverage you need depends on the number of clients you have, the value of those contracts, your overall annual revenue, the likelihood of a lawsuit and the expected cost of a lawsuit.
Second, one of the biggest benefits of EasyCover is that our professional liability insurance has retroactive cover. This means that any claims made during the policy period arising out of your past work is covered as long as you have a policy with us. So, if you put your professional liability policy in place this year and a client comes out of the woodwork and sues you for work you did three years ago, you will likely be covered. Just keep in mind you need to disclose any situation that could result in a lawsuit!
Do you insure all types of consultants in Saskatoon?
We can insure most types of consultants in Saskatoon, including:
- Business Analyst
- Business and Management Consultant
- Business Continuity Consultant
- Business Recovery Consultant
- Business Development Consultant
- Business Process Re-Engineering Consultant
- Change Management Consultant
- Company Development & Planning Consultant
- Compliance Consultant
- Data Analyst
- Distribution Consultant
- Employment Consultant
- Energy/Green Technology Consultant
- Export Consultant
- Fire Safety Consultant
- Food Safety & Hygiene Consultant
- Forestry Consultant
- Health & Safety Consultant
- Higher Education Consultant
- Horticultural Consultant
- Hospitality Consultant
- HR Consultant
- Image Consultant
- Immigration Consultant
- IT Consultant
- Lighting Consultant
- Logistics Consultant
- Management Consultant
- Marketing & Advertising Consultant
- Mergers & Acquisition Consultants
- Occupational Health Consultant
- Oil & Gas Consultant
- Operations Consultant
- Personnel Consultant
- Procurement Consultant
- Production Consultant
- Project Management Consultant
- Public Relations Consultant
- Quality Assurance Consultant
- Quality Systems Consultant
- Risk Management Consultant
- Sales Consultant
- Strategy Consultant
- Technology Consultant
- Training Consultant
- Transportation Consultant
Basically anything you can be hired to consult for, we can insure! If your specialty isn’t listed here or you employ more than 5 people, contact us. We can always refer you to a trusted industry partner.
Protect yourself against the unexpected.
Protect yourself against the unexpected with Professional Liability Insurance for Saskatoon Consultants from EasyCover.Start Quote