Professional Liability Insurance for Saskatoon Management Consultants
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Management consultants can help Saskatoon businesses solve problems, take advantage of opportunities and navigate changes. This also means they can be blamed if things go wrong. Luckily, there’s professional liability insurance to help cover the costs if you’re sued for causing financial loss as a result of your professional service or advice. EasyCover makes it simple for Saskatoon’s management consultants to get professional liability insurance because we’re online and provide great coverage for a good price.
What’s covered by professional liability insurance for management consultants in Saskatoon?
Professional liability insurance can cover legal expenses for management consultants in Saskatoon if they are sued for causing financial loss to a third party due to their professional advice or service. This includes defence costs, judgement awards and settlements.
For example, let’s say a company follows your professional advice and it doesn’t have the expected result. They could sue you for their lost income or costs to fix the issue if they claim it was your advice that caused this financial loss. Professional liability insurance could help cover your legal expenses.
What isn’t covered by professional liability insurance for management consultants in Saskatoon?
Professional liability insurance doesn’t cover Saskatoon’s management consultants for anything other than legal expenses for claims of financial loss by a third party against you due to your professional service or advice. It does not cover any other liability claim or any claims of physical damage or injury.
You are also only covered up to your policy limit. For example, if for some reason you have multiple claims brought against you and your legal expenses end up being $1,500,000 million and you only have $1,000,000 of professional liability insurance, you’ll only have coverage up to that amount. This means you’d be on the hook for the remaining $500,000.
We offer three limits for professional liability insurance: $1,000,000; $2,000,000; and $5,000,000. Choose your limit based on 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 your individual projects or contracts.
Finally, professional liability insurance at EasyCover is retroactive. That means claims made against you during your policy period arising from your previous actions are covered for the duration of your policy. As long as you disclose any potential claim that may arise, you can have peace of mind you’re covered.
Do management consultants in Saskatoon need professional liability insurance?
We recommend all of Saskatoon’s management consultants carry professional liability insurance for the following reasons:
1. Lawsuits are expensive. This coverage will help reduce the financial burden of a lawsuit (especially since most businesses couldn’t afford to cover these costs out of pocket).
2. It may be required by your contracts or clients.
3. It may be recommended by a professional association or regulatory body.
4. It is appealing to prospects.
Ultimately, it is up to you if you purchase insurance. However, professional liability insurance can help management consultants protect their business financially.
How much does professional liability insurance cost for management consultants in Saskatoon?
The cost of professional liability insurance for management consultants in Saskatoon will depend on the individual situation. Here are some factors that affect rates:
- Where you operate.
- If you have employees.
- Your annual revenue.
- Your insurance options.
Are there any additional coverages available?
Yes, EasyCover offers three optional business insurance coverages for Saskatoon’s management consultants. This includes:
- Commercial general liability – helps cover costs if a third party is injured or has their property damaged as a result of your negligence.
- Cyber liability – helps cover recovery costs if your business is the victim of a cyber-attack or data breach.
- Directors and officers liability – helps cover costs if you are held personally liable for breaching your director or officer responsibilities.
Keep in mind each will have separate policy limits. You can choose to add these policies on to your professional liability insurance coverage or not.
Protect yourself against the unexpected.
Protect yourself against the unexpected with Professional Liability Insurance for Saskatoon Management Consultants from EasyCover.
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