Errors and Omissions Insurance, E&O, PLI, or Professional Liability Insurance in Alberta is a type of liability insurance designed for people who work in a “professional” occupation. It protects you and your business against claims of negligence, errors, or omissions while performing a promised service – or altogether failing to provide that promised service.
Your business needs Commercial General Liability. That’s not a question. But for claims of “professional” status, you’ll also need Professional Liability Insurance to have full, broad coverage for your business, as CGL (Commercial General Liability) won’t cover you for allegations of financial losses that result from the work you do.
Finance advisors, consultants, forensic scientists, counselors, etc. are just a few examples of industries that may need PLI coverage. Read on about how Professional Liability Insurance in Alberta can help you and your small business here.
EasyCover – a leading Professional Liability Insurance broker in Canada a offers all what your business may need along with expert advice from E&O insurance brokers.
FAQs for Alberta Professional Liability Insurance
We get it. Insurance isn’t your most “beloved” topic – but it’s ours. We know professional liability insurance in Alberta like the backs of our hands and can answer any questions you may have regarding your coverage. It’s not required by every business, but for professionals/professional business-types, it may be a requirement – if not at least highly recommended.
Here are some frequently asked questions regarding Alberta Professional Liability insurance.
How does having professional liability insurance in Alberta protect my business?
Professional liability insurance, like CGL, covers your business from defense costs, settlement fees, etc., but for different claims. There are a few scenarios where having PLI is critical to your business where, without it, you could be left on the hook:
- As a financial advisor, you accidentally press the wrong button and forward a client’s sensitive info to a third-party, who uses the info for malicious acts.
- While operating as an HR consultant, you send out a chain email rather than responding directly to the individual. The individual sues you for breach of privacy.
Professional liability insurance can help Alberta businesses in the situations listed and many more. Give us a call today to discuss your coverage.
How much does professional liability insurance cost in Alberta?
It’s difficult to sum up the total average cost of purchasing professional liability insurance in Alberta. A variety of professions may require different forms of errors and omissions, such as medical malpractice, but even within those businesses there’s still a lot of variety.
Professional liability insurance in Alberta varies in its costs, depending on your risk profile. Your risk profile boils down to the following factors:
- Your industry
- Your business experiences
- Number of clients
- What you do
- Quality of contracts
- Physical location
- Coverage level
- Past claims
- …and more
Where can I buy professional liability insurance in Alberta?
You can purchase professional liability insurance in Alberta thanks to EasyCover’s innovative means of getting free, no-obligation quotes – with the option to purchase if you like what you see. All we ask is that you fill out our short online questionnaire that you can complete in just a few minutes, and you’ll receive instant quotes! We offer quotes from top-rated PLI companies in Alberta where you only need to choose by price. Fill in the blanks with your profession, what you do, and choose your coverage options. Bam! You will receive quotes. If you like what you see, you can pay ASAP.
How much professional liability insurance do I need for my Alberta business?
It’s a clever idea to work with a professional liability insurance broker in Alberta to help ensure you have neither too little coverage nor too much. Both could result in financial losses, whether that’s because you don’t have enough coverage to pay off a lawsuit, or because you’re paying too much for your insurance. EasyCover asks a number of questions to narrow down the exact amount of coverage you need during the quoting process. You may wish to ask yourself the following questions:
- Does your industry tend to see expensive lawsuits?
- How common are claims in your industry?
- How much can your business afford to pay out-of-pocket to offset expensive lawsuits?
- How much can you afford to pay for coverage?
- What could potentially cause advertising injury to someone?
If you are still unsure, discuss with EasyCover’s expert professional liability insurance brokers in Alberta.
Am I required to carry professional liability insurance in Alberta?
Professional liability insurance in Alberta is interesting because it is only mandatory depending on your industry. Some industries, like those that work in the medical/health field, are typically required to carry a form of PLI, often referred to as medical malpractice. Lawyers and finance advisors may also be required to carry professional liability insurance. Regardless of whether it’s mandatory or not, it’s still highly recommended you purchase professional liability to defend yourself if a lawsuit occurs.
Certain clients or “hiring bodies” may request that you show evidence of insurance, even if it isn’t mandatory in your industry. They could refuse to work with you without coverage, losing you a potential opportunity.
Why our customers love EasyCover
Why do professionals depend upon EasyCover to help them find comprehensive professional liability insurance in Alberta? Because we make it not only exceptionally easy to get insurance virtually, but we understand the wide variety of industries there are and how to protect each occupation accordingly.
We believe in the future of insurance and offer the opportunity for you to manage your insurance digitally, in the way that is most convenient for you. Our insurance experts are always here to work with you if you need personal assistance, whether that be for a question regarding coverage or a claim.
