Professional Liability Insurance for Saskatoon Financial Service
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As a financial service provider, your professional service and advice can have a real impact on your clients. If a client sues you, could you cover the costs out of pocket? For most businesses, a lawsuit is financially devastating.
Luckily, there’s EasyCover. We make it easy to get professional liability insurance for financial services in Saskatoon. It takes less than five minutes to get a quote and you can purchase your policy online, whenever and wherever is convenient for you.
What is professional liability insurance?
A financial services provider could be sued for causing financial loss to a third party as a result of their professional advice or service. Professional liability insurance can help cover legal expenses (like defence costs, judgement awards and settlements) in this scenario.
Here are some examples:
- A client accuses you of making a mistake, costing them thousands of dollars. They sue you to recoup this money.
- You lost an important document, causing a client to miss out on an application for funding. They sue you for this missed opportunity.
- Whether or not the accusations are true, you will need to defend yourself legally. Professional liability insurance can help financial service providers in Saskatoon cover these costs.
How much does professional liability cost for financial service providers in Saskatoon?
Professional liability insurance might start at $440 per year for basic coverage for financial services in Saskatoon. Your annual revenue, business operations, insurance options, number of employees and where you operate will impact your rates.
Here are some examples of what financial service providers might expect to pay for professional liability insurance in Saskatoon:
- A bookkeeper earning under $100,000 a year might expect to pay $440 for basic professional liability insurance. Cyber liability is an extra $150 per year and a basic commercial liability policy might start at $220 per year. (Remember, basic coverage is $1,000,000 of professional liability insurance.)
- A contract financial controller earning $115,000 per year might expect to pay $660 per year for basic professional liability insurance.
- You can get a professional liability insurance quote for your financial services business in Saskatoon in less than five minutes!
What other coverages does EasyCover offer Saskatoon finance professionals?
We offer three other coverage options in addition to professional liability insurance.
Commercial General Liability
Also known as CGL insurance, this coverage helps cover costs if a third party is injured or has their property damaged by you or an employee as a result of negligence. A common example is if someone visits your office, slips, falls and hurts themselves.
Cyber Liability
In the financial industry, you handle sensitive information and could be a prime target for a cyber-attack or have drastic consequences if there’s a data breach. Cyber liability helps cover costs if this happens, including legal expenses, fines, public relations and more (up to your policy limit).
Directors and Officers Liability
If you’re held personally liable for breaching your duties as a director or officer, this coverage can help protect your personal assets. It can help with legal expenses such as defence costs, judgement awards and settlements.
Do financial service providers really need professional liability insurance in Saskatoon?
Could you afford to cover the costs of a lawsuit out of pocket? For most financial services businesses, the answer is no. Professional liability insurance gives you peace of mind as it will help cover these costs.
Furthermore, professional liability insurance may be required by your professional association, regulatory body, or contracts. It also looks appealing to many prospective clients.
Do you cover all types of financial services in Saskatoon?
We can cover the following financial service providers in Saskatoon:
- Financial analysts
- Bookkeepers
- CPAs (Chartered Professional Accountants)
- Financial compliance professionals
- Credit controllers
- Financial controllers
- Management accountant
- Payroll
- Regulatory reporting
- Treasury
If your specialty isn’t listed here, don’t worry. Contact us! If we can’t insure you, we will refer you to a trusted industry partner.
Protect yourself against the unexpected.
Protect yourself against the unexpected with Professional Liability Insurance for Saskatoon Financial Service Providers from EasyCover.
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