Consultant Insurance

Consultant Insurance

Anyone who offers professional advice or services should have insurance coverage.
Protect your practice against claims of negligence, errors, or omissions with Consultant Insurance.

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Hi, I’m Harry from Zensurance, and I’m here to talk to you about something very important, insurance coverage for Canadian consultants. 

We’ll quickly go over what this insurance coverage is, what it covers, and typically how much it costs. 

If you’re a consultant in Canada, you’ve probably wondered if you need insurance, and you’re not alone. Every single day at Zensurance, we get hundreds of inquiries, from Management Consultants to Health and Safety Consultants, and everything in between. 

As a Consultant, you provide important services and advice to businesses in different industries, and sometimes this advice can lead to undesired results. Allegations of errors or professional negligence that have stemmed from a client suffering a financial loss could result in legal action against you and very high defense costs. Even worse, it could mean having to close down your business.

Now, what exactly does this insurance cover? 

Well, in short, it protects you against the main exposure your business faces on a daily basis. The most basic package includes: 

  • Professional Liability, also known as Errors and Omissions coverage, which will protect you if your advice results in a financial loss to your client. 
  • Commercial General Liability, which is a safeguard against injuries or property damage to third parties. 

Additionally, our clients often supplement these two coverage options with Cyber Liability and Legal Expense. 

So, now we know what this insurance covers, but much does it cost?

Well, it varies based on the industry you serve, your revenue, and the years of experience. To find out how much your insurance coverage will cost, visit us at www.zensurance.com and click ‘Get A Quote.’ 

From there, type in a few words that best describe your business, answer a few questions, and that’s it. Based on the information you provide, we’ll recommend the best policy and give you a price estimate. In case additional information is required, a Zensurance broker will happily assist. It’s that easy, and it’s that simple. 

If you have more questions about Consultant Insurance coverage in Canada, reach out to us: 

  • You can go to the chat function on our website;
  • Send us an email at info@zensurance.com; or
  • Call our Canadian toll free number: 1-866-654-6030.

What is Consultant Insurance?

Insurance for consultants (Consultant Insurance) is specially designed to protect against the specific risks associated with consulting services, such as negligence, errors and omissions, or third-party damages.

Mistakes can happen and disrupt your business in a matter of minutes. We know what makes your business unique, leave it to us to find the best fit for you.

Track Liability Insurance

What does Consultant Insurance cover?

The most common policy types for consultants are:

Professional Liability Insurance: Professional Liability Insurance, also known as Errors and Omissions Insurance, is designed to covers costs associated with claims or lawsuits alleging negligence, errors, omissions, or failure to deliver a service as promised.

Cyber Liability InsuranceCoverage for costs associated with a data breach or damage to electronic information. This policy may provide financial coverage for loss of income, notification costs, and/or data infrastructure repair.

Commercial General Liability Insurance (CGL): It doesn’t matter if you work from home or have an office, mistakes can happen anywhere. CGL is a type of business insurance that covers legal and medical costs associated with common liability risks you may run into as a consultant, such as third-party property damage or bodily injuries. 

Each insurance provider is unique, and this coverage may vary.

Right policies for business insurance

Who needs Consultant Insurance?

Any individual or businesses providing professional services or advice should protect their business with a Consultant Insurance policy package. If a client determines your advice or service was less than satisfactory or resulted in a financial loss to them, they may take legal action.

Without the right insurance coverage, your practice may suffer severe financial stress due to a lawsuit. Independent consultants and freelancers are especially vulnerable.

We’ve insured consultants practicing in a range of sectors, including:

  • Technology and Business Systems
  • HR and Recruitment
  • Web Development and Design
  • Business Management
  • Marketing and Advertising
  • Engineering
Cheap Liability Insurance

What is the cost of Consultant Insurance?

For a small- to medium-sized consulting practice, you can anticipate spending $650.00 annually on a basic CGL policy with a $2,000,000.00 limit.

When you fill out our online application, we will ask some questions about your business to help better understand your requirements. The following factors are taken into consideration when determining the best policy options for your practice:

  • Industry
  • Years of Experience
  • Number of Employees
  • Claims History
  • Annual and Projected Gross Revenue

Getting insured is quick and easy!

If an E&O insurance is what you need, request a free quote now

Common scenarios where Consultant Insurance is useful

Marketing Consultant Insurance

Problem: As an Immigration Consultant, are hired to assist a client apply for a work visa and permanent residency in Canada. In the application process, you forget to submit additional documents, which cause significant delays in the client’s process. The client is unable to begin working within their expected timeline and sues you for negligence and loss of income.

Outcome:You are successfully sued in court. Your E&O coverage covers the defense costs and monetary judgment, totaling $55,000.

Consultant-Liability-Insurance

Problem: A cyber hacker gains access to your internal database and steals your client’s personal information, including names, addresses, and credit card details.

Outcome: Your Cyber Liability Insurance covers the costs to notify the client’s affected and provide credit monitoring services, as well as legal expenses and the cost to restore your data system. The total cost covered is $500,000.

Architect Consultant Insurance

Problem: A client visits your home-office for a consultation, but falls and injures themselves on the way up the stairs.

Outcome: Your client successfully sues you for bodily injury. Your Commercial General Liability (CGL) coverage covers the medical expenses and legal fees, totaling $15,000.

Which professions require Consultant Insurance

Regardless of the type of consulting business you run, consultant insurance is critical:

  • Accountants

  • Accounting Firm

  • Actuaries

  • Advertising

  • Aerial and ground based Photographers / Videographers

  • Architects & Engineers

  • Appraisers

  • Bookkeepers

  • Building Designers (Bill 124)

  • Business Consultant

  • Civil Engineers

  • Collection Agencies

  • Design Firms

  • Employment Agencies/Recruiters

  • Engineers

  • Environmental Engineers

  • Financial Advisors

  • Financial Planners

  • Foreign Legal Consultants

  • Home Inspectors

  • Human Resources (HR) Consultant

  • Immigration Consultants

  • Information Technology & Computer Consultants

  • Interior Designers

  • IT Contractor

  • IT Specialist/Technician/Programmer

  • Independent Contractor

  • Product Designers

  • Lawyers

  • Management Consultants

  • Multimedia designers

  • Mortgage Brokers

  • Quality Control Consultants

  • Placement Agencies

  • Private Investigators

  • Project Managers

  • Property Managers

  • Paralegals

  • Publishers and Printers

  • Recruitment and Employment Agencies

  • Recruitment Consultants

  • Safety Engineers

  • Service Organizations

  • Solar & Wind Farm Engineers & Consultants

  • Staffing Agencies

  • Structural Engineers

  • Surveyors

  • Training Providers/Trainers

  • Travel Agencies

  • Travel Agents, Tour operators

  • Web-Site Designers

Frequently Asked Questions about Consultant Insurance

Is Consultant Insurance mandatory for consultants and independent contractors?

Although Consultant Insurance is not mandatory by law, it may be important to protect your business with a consultant insurance policy because clients have the legal right to file claims for mistakes caused by the negligence of consultants and independent contractors. Most clients will require you to have Consultant Insurance before hiring you because small mistakes on your part could lead to huge financial losses for them.

Does my Errors and Omissions (Professional Liability) Insurance policy also cover Cyber Liability damages?

Errors and Omissions policies don’t cover damages to third parties from cybersecurity breaches. If you store electronic data related to clients, whether personal or financial, it may be a good idea to ensure that your Consultant Insurance policy includes coverage for cyber liability because you may be held liable for third-party damages caused by cyber attacks on your servers.

Do consultants need both Professional Liability Insurance and Errors & Omissions Insurance?

Errors & Omissions (E&O) Insurance is a popular alternative name for Professional Liability Insurance, but the latter is the official name in the insurance industry. Regardless of what you call the policy, it is recommended for protecting any consulting practice because It provides protection from errors and missed deadlines (due to negligence) that lead to a financial loss for clients.

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