Professional Liability Insurance for Winnipeg Financial Services
Quote & Buy Professional Liability Online In Minutes!Start Quote
The financial services sector provides a lot of value to Winnipeg. Whether you provide personal or commercial accounting, work as a financial analyst, or provide another finance-related consulting service, it’s important to protect yourself and your business. EasyCover makes this fast, simple and convenient by offering 24/7 online professional liability insurance quotes for finance professionals in Winnipeg.
What is professional liability insurance?
Professional liability insurance can help if you’re sued for causing financial loss to a client or third party due to your service or advice. It covers legal expenses like defence costs, judgement awards and settlements.
Some examples of professional liability insurance for financial services in Winnipeg include:
- You make a mistake on payroll, costing your client company money. They sue you to recoup their losses.
- You lose an important financial document, causing your client to miss an important deadline. Your client sues you for the cost of replacing the document and the lost business.
- A client accuses you of making a mistake that apparently cost them thousands of dollars – but you didn’t make a mistake.
In these scenarios, your professional liability insurance could respond and help cover your legal expenses. Even in a situation where you know you did nothing wrong, you’ll still need to pay a lawyer to defend you! This coverage helps reduce the financial impact of such events.
Coverages Available for Financial Service Professionals in Winnipeg
EasyCover offers four types of coverage for Winnipeg’s financial services businesses:
- Professional Liability Insurance – Covers legal expenses if you’re sued for causing financial loss to a third party due to your professional service or advice.
- Commercial General Liability Insurance – Covers legal expenses if you’re sued for causing injury or property damage to a third party due to negligent acts.
- Cyber Liability Insurance – Covers expenses related to a cyber-attack or data breach up to your policy limit. This includes legal expenses, regulatory fines, and recovery costs.
- Directors and Officers Liability Insurance – Covers legal expenses if you’re held personally responsible for your actions as a director or officer. Helps protect your personal assets.
We recommend all Winnipeg finance professionals carry professional liability, commercial general liability, and cyber liability insurance.
The Cost of Professional Liability Insurance for Financial Services in Winnipeg
The cost of professional liability insurance for finance professionals in Winnipeg will depend on your individual situation. Here are a few examples:
- A bookkeeper earning $85,000 a year operating in Manitoba might expect to pay $440 for basic professional liability insurance in Winnipeg. They can add on cyber liability for $150 and basic commercial general liability for an additional $220.
- A financial controller earning $115,000 per year operating in Manitoba might expect to pay around $660 for basic professional liability insurance. Cyber and commercial general liability are an extra $150 and $220, respectively.
- A CPA earning $155,000 per year operating only in Manitoba might expect to pay around $1100 for basic professional liability insurance. Commercial general liability is an extra $330 and cyber liability can be added on for $150.
Note these examples are for reference only and do not indicate an agreed premium.
Professional liability insurance rates for financial services in Winnipeg are calculated based on the following factors:
- Your specific profession.
- Your annual revenue.
- The number of employees you have.
- Where you operate your business.
- Your coverage options.
As this is different for every business, rates will vary.
Do financial service providers in Winnipeg really need professional liability insurance?
It may not be legally required, but financial service providers should absolutely carry professional liability insurance. There are a few reasons why:
- It may be required by your professional association.
- Your contracts may require this coverage.
- It is appealing to clients.
- Lawsuits are very expensive – could you afford to cover the costs out of your own pocket?
How much professional liability insurance do financial service providers in Winnipeg need?
The amount of protection you need will depend on your individual business risks. Consider:
- Your annual revenue.
- The likelihood of a lawsuit in your industry.
- The expected cost of a lawsuit in your industry.
- The value of each individual contract.
- The number of clients you have.
EasyCover offers three optional limits of professional liability insurance for Winnipeg’s financial service providers: $1,000,000; $2,000,000; and $5,000,000.
Why choose EasyCover for your professional liability insurance?
EasyCover offers great coverage in a convenient way. We’re online, available 24/7 and you can get a quote or purchase insurance when and where it’s convenient for you. In addition to providing professional liability insurance to Winnipeg financial service providers, we also offer additional coverages that could be valuable to such a business. Get a quote today to see for yourself!
Protect yourself against the unexpected.
Protect yourself against the unexpected with Professional Liability Insurance for Financial Services in Winnipeg from EasyCover.Start Quote