Errors and Omissions Insurance Alberta

Errors and Omissions (E&O) Insurance Alberta

Comprehensive coverage for professionals and small businesses in Alberta that protects their assets if facing professional negligence claims.

Zensurance - Alberta E&O Insurance

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E&O insurance coverage for small businesses in Alberta

For small business owners and independent professionals throughout Wild Rose Country providing advice and services to their clients, errors and omissions (E&O) insurance is vital for safeguarding their finances and reputations.

Also called professional liability insurance, E&O insurance protects Alberta’s small businesses, entrepreneurs, and self-employed professionals from claims of negligence, mistakes, or inadequate work in their services. 

Whether you conduct business in large cities like Calgary, Edmonton, Red Deer and Lethbridge or in smaller centres such as Grande Prairie, St. Albert, Canmore, Banff and all places in between across Alberta, a customized E&O insurance policy is a critical part of your business’s risk management strategy.

What does it cover?

E&O insurance is designed to protect small business owners and professionals offering advice, services, or expertise to their clients. It provides financial support for business owners when their services lead to financial or reputational harm to their clients by covering the following:

  • Allegations of professional negligence
  • Errors or omissions related to your services or the advice you provide
  • Failing to deliver a service as promised
  • Allegations of professional misconduct
  • Your media and advertising services that result in a client being sued for defamation
  • Misrepresentation or making false statements
  • Failing to fulfill your duty of care or breaching a contract
  • Data breaches, privacy violations, or mishandling of confidential client information
  • Claims of copyright or trademark infringement
  • Failing to adhere to industry standards and best practices

How much does it cost?

Insurance providers determine what the annual premium of an E&O insurance policy is based on your business’s or profession’s details, including:

  • Your location
  • The industry you’re in and the services you offer
  • The types and sizes of the clients you serve
  • Your years of experience
  • Your education, training, and certifications
  • The number of employees you have (if applicable)
  • Your annual and projected revenue

A basic E&O insurance policy with a $100,000 coverage limit costs approximately $250 annually for a small business in Alberta.

E&O claims examples

Real Estate Agent - AB

Problem: A real estate agent in Airdrie misrepresents property details to a buyer, such as failing to disclose existing structural issues in a building or home, resulting in the buyer’s financial loss and a claim against the agent.

Outcome: Your E&O insurance may provide funds to defend yourself against the claim and pay a settlement.

Technology Consultant - AB

Problem: A technology consultant in Okotoks mishandles sensitive client data, resulting in a data breach. The affected client files a claim for the unauthorized disclosure of confidential information.

Outcome: Your errors and omissions insurance may cover your legal fees and provide funds to pay for damages to your client.

Advisor - AB

Problem: A financial advisor in Whitecourt recommends an investment strategy that leads to significant losses for a client, who then files a claim alleging that the advice provided was incorrect or insufficient.

Outcome: Your E&O insurance may cover your client’s losses and provide you with funds to seek legal advice.

Frequently asked questions

What coverage limits and deductibles does E&O insurance have?

Coverage limits in an E&O insurance policy refer to the maximum amount of money an insurance provider will pay for an insurable loss or claim. Deductibles are the amount the policyholder must pay out of pocket before your insurance coverage pays. You can decide what coverage limits and deductibles you want in your policy. Speak to a licensed Zensurance broker about what coverage limits and deductibles you should consider.

Is E&O insurance required by law?

In some industries and professions, E&O insurance may be required by law or industry regulations. However, it is not a legal requirement for all businesses or occupations.

What does E&O insurance not cover?

E&O insurance is not designed to cover intentional wrongdoing, criminal acts, or contractual disputes unrelated to professional negligence.

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Ready to start? Let’s get a quote!

Don’t take unnecessary risks with your career and finances. Protect yourself with a customized E&O insurance policy from Zensurance.

Fill out our online application for a free quote. Our knowledgeable brokers will shop our partner network of over 50 insurance providers to get the low-cost coverage you need, advise you of your options for coverage, and tailor it to suit your requirements and budget.