What is covered by professional liability insurance for legal services in Saskatoon?
Often known as errors and omissions or E&O insurance, professional liability insurance can help cover legal costs if you’re sued for causing financial loss to a third party as a result of your professional service or advice. This includes defence expenses, judgement awards and settlement fees.
An example would be if you incorrectly filed a real estate document, causing financial loss to a third party. They sue you to cover their loss of income or costs incurred due to your advice.
A benefit to choosing EasyCover is that our coverage is retroactive. This means that any claims made during your policy period that arise from your previous actions are covered for the policy period. This is very important for legal service professionals, as a wrongful action can take time to be discovered. Just remember you are obligated to disclose any potential claims as soon as you are aware of them.
We offer three limits of coverage:
You should choose the limit that best suits your company’s needs. Consider the likelihood of a lawsuit, the average cost of a lawsuit in your industry, your annual revenue, the number of clients you have and the value of individual projects or contracts. You should also check if you have any contractual obligations or regulatory requirements for professional liability insurance.