What is errors and omissions insurance? Why do I need it? & What will it cost?

E&O insurance is crafted to protect professionals from their liability exposures at work. Think of this insurance as your shield in the event you get sued by a client for negligence, errors, failure to deliver up to standard, etc. When your clients encounter financial losses or any sort damages to their business or personal life as a result of your services, advice, products, etc.. they may come after you with a law suit because they need to recover from the damages they have incurred. If you run a business and want it to turn into a dream autopilot project, you need to covered by an E&O policy along with a comprehensive business insurance package that is crafted by an experienced and specialized insurance broker. Usually limits start at $1 Million for E&O and CGL for most professions. If you would like an estimate for your own business, speak to one of our brokers or request a quote to receive some ballpark figures. You can reach us through your preference INSTANTLY.

It is HIGHLY recommended that you always opt for legal defense coverage as lawyers show no mercy when it comes to retainers or invoices.

It is common to see people trying to save a buck or two when it comes to buying insurance policies for their business. Think about it.. you went to broker ‘x’ instead of ‘y’ because ‘x’ offered you the same coverage amount of $1 Million $150 cheaper. What you did not know is that cheaper policy comes with heavy exclusions. By exclusions, we usually see clauses which DEFINITELY should not be excluded from the policy. You are paying your hard earned dollars for the future of your business. You need to understand that good comprehensive policies usually come with a fair premium. If you do not consider insurance an investment, give us a call, maybe we can change your mind.

As you begin to search for insurance companies or brokers, you must know that it is pretty standard in the insurance industry to get quotes for your business for absolutely FREE. You should only be paying anything AFTER you have settled on a policy and want to purchase it.

As per the cost, well that varies quite a bit. Think about an IT contractor vs paralegal. Who do you think will pay more? Well the answer is it depends. The cost of E&O depends on a few factors such as your profession, experience, gross revenues, your sub contractors, company employees, insurance company loss ratios, and a few other things. To get more information visit #https://www.liabilitycover.ca/.