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!