Errors and Omissions (E&O) Insurance BC

Errors and Omissions (E&O) Insurance BC

Financial protection for professionals and small businesses in British Columbia that safeguards their assets if facing professional negligence claims.

Zensurance - BC Errors and Omissions Insurance

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E&O insurance for small businesses and professionals in BC

Small business owners, contractors, freelancers, and self-employed professionals across B.C. who provide advice, services, or develop products for their clients need an errors and omissions (E&O) insurance policy to protect their finances and reputations.

Also called professional liability insurance, E&O insurance covers you for allegations of negligent acts, mistakes, or omissions that cause financial or reputational harm to your clients. It also covers you for misconduct accusations and failing to deliver a service as promised. Furthermore, it can include coverage for your media and advertising services if a client is sued for defamation.

Wherever your business is located and where you provide your services across Canada’s westernmost province and beyond, a comprehensive E&O insurance policy from Zensurance is the vital foundation your risk management strategy needs.

What does it cover?

E&O insurance protects small business owners and professionals offering their clients advice, services, or expertise. It serves as financial support if your services and guidance lead to allegations of wrongdoing from one of your clients, including:

  • Claims of professional negligence
  • Mistakes or oversights related to your services or the advice you provide
  • Failing to deliver a service promised to a client
  • Accusations of professional misconduct
  • Allegations of misrepresentation or making false statements
  • Neglecting to fulfill your duty or breaching a contract
  • Cyber-attacks, data breaches, privacy violations, or mishandling of confidential client information
  • Claims of copyright or trademark infringement
  • Not adhering to industry standards and recognized best practices
  • Claims that your media and advertising services resulted in a client being sued for defamation

How much does it cost?

The cost of an E&O insurance policy is determined by an insurance company based on your business’s or profession’s specific details, including:

  • The location of your head office or commercial property
  • The industry you’re in and the services you provide
  • The types and sizes of the clients you serve
  • Your years of experience as a business owner or independent professional
  • Your education, training, and professional certifications
  • Your full- and part-time employee headcount (if applicable)
  • What your annual and projected revenue is

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

E&O insurance claims examples

Financial planner with client

Problem: A financial advisor in Burnaby recommends an investment to a client without disclosing the associated risks. The investment results in substantial economic losses for your client, who threatens legal action.

Outcome: Your E&O insurance may cover your legal expenses to hire a lawyer to defend you and any out-of-court or court-ordered settlement.

Real Estate Agent - BC

Problem: A real estate agent in Victoria inadvertently lists a property at a significantly lower price than its actual market value, resulting in financial losses for the owner. The owner sues you for damages.

Outcome: Your E&O insurance may cover your legal fees and any settlement awarded to the property owner up to your policy’s coverage limit.

BC Business Consultant

Problem: After a business consultant in Port Alberni advises a company on a new product rollout, the organization suffers a significant drop in profits. The company alleges the loss is due to your recommendations.

Outcome: Your E&O insurance may pay for your legal defence expenses and any negotiated or awarded settlement.

Frequently asked questions

Is E&O insurance industry-specific?

Not necessarily. E&O insurance protects various small businesses and professionals across multiple industries, including medical, legal, technology, real estate, finance, sports and fitness, and construction. Talk to a Zensurance broker about your unique needs.

Can E&O insurance be combined with other coverages?

Yes. We can combine your E&O insurance with coverages like general liability, cyber liability, and other types of insurance you may require to create comprehensive protection against your business’s risks.

Can E&O insurance cover retroactive claims?

If your E&O insurance policy includes retroactive coverage to cover claims arising from work you did in the past, and the policy was in effect when the work was performed, you can be covered.

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Ready to start? Let’s get a quote!

Allegations of wrongdoing or professional negligence can happen to any small business owner or self-employed professional. Protect your career and finances with a customized E&O insurance policy from Zensurance.

Filling out our online application for a free quote only takes a few minutes. Our knowledgeable brokers will get the low-cost coverage you need through our partner network of over 50 insurance providers. They will tailor the policy to suit your requirements, recommend coverage options, and provide you with a certificate of insurance quickly.