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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 email@example.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.
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
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:
- 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
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.
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.
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:
Aerial and ground based Photographers / Videographers
Architects & Engineers
Building Designers (Bill 124)
Foreign Legal Consultants
Human Resources (HR) Consultant
Information Technology & Computer Consultants
Quality Control Consultants
Publishers and Printers
Recruitment and Employment Agencies
Solar & Wind Farm Engineers & Consultants
Travel Agents, Tour operators
Frequently Asked Questions about Consultant Insurance
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