Professional Liability Insurance for Saskatoon IT Contractors

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Businesses rely on technology and IT systems for their operations. A mistake in IT can have a major financial impact. This can result in a lawsuit against you. Luckily, EasyCover offers professional liability insurance for IT contractors in Saskatoon. This coverage will help protect you if you’re sued for causing financial loss as a result of your professional service or advice. Commonly known as errors and omissions insurance or E&O insurance, this is a must-have for any IT professional!

What’s covered by professional liability insurance for IT contractors in Saskatoon?

Professional liability insurance is designed to protect IT contractors in Saskatoon if they are sued for causing financial loss to a third party due to their professional service or advice. It helps cover legal expenses like defence costs, judgement awards and settlements.

All of our policies include retroactive cover. This is a huge benefit to you as it means claims made during your policy period, which arise out of your previous actions are insured while you have a policy in effect with us. Just remember you must disclose any potential claim as soon as you’re aware.

EasyCover offers three limits for our professional liability insurance: $1,000,000; $2,000,000; and $5,000,000.

Choose the policy limit that best reflects your business needs and consider:

Your annual revenue.
The number of clients you have.
The value of each contract or project.
The likelihood of a lawsuit.

The average cost of a lawsuit in your industry or specialty.

How much does professional liability insurance cost for IT contractors in Saskatoon?

Professional liability insurance may starts at $440 per year for IT contractors in Saskatoon. Your rates will depend on many factors including:

Your annual revenue.
Where you operate.

The number of employees you have.
The type of IT work you do.
Your insurance options.

Here are some examples of what you may pay for professional liability insurance as an IT professional in Saskatoon:

An IT software consultant in Saskatoon earning $450,000 per year may pay $1360 for basic professional liability insurance. Given their annual revenue, they may want to increase their coverage to $5,000,000 which may see them paying $2300 per year.

An IT systems analyst in Saskatoon making $90,000 a year may pay $440 for basic professional liability insurance.
A network architect earning $115,000 per year in Saskatoon may pay $660 per year for basic professional liability insurance.

Remember, these are just examples, and your own rates may be different.

Are there any optional coverages available for IT professionals in Saskatoon?

Yes, we offer three optional business insurance coverages for IT contractors in Saskatoon: commercial general liability, cyber liability and director and officers liability.

Commercial general liability helps cover costs if a third party is injured or has their property damaged due to negligence on the part of you or your employee. A common example is someone slipping on the ice outside your company’s premises. If that individual injures themselves, they could sue your business to cover their costs.

Note that commercial general liability doesn’t cover injury to your company’s property or your employees.

Cyber liability helps cover the costs of recovering from a cyber-attack or data breach. This includes legal expenses, regulatory fines, public relations fees and other costs. As an IT professional, you understand the threat of cyber-attacks and the importance of having coverage for this risk.

Finally, directors and officers liability helps cover your legal expenses if you’re held personally liable for violating your duties in your role of director or officer. This helps protect your personal assets.

What isn’t covered by professional liability insurance for IT consultants in Saskatoon?

Professional liability insurance only covers IT professionals in Saskatoon for claims of financial loss against them due to their service or advice. No other type of claim will be covered.

Protect yourself against the unexpected.

Protect yourself against the unexpected with Professional Liability Insurance for Saskatoon IT Contractors from EasyCover.

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