Every consultant who offers professional advice or services should consider Consultant Insurance. Protect your consulting practice against claims of negligence, errors or omissions.
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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 firstname.lastname@example.org; or
- Call our Canadian toll free number: 1-866-654-6030.
What is Consultant Insurance?
Consultant Insurance coverage protects consultants against allegations of negligence or claims of financial loss through an errors & omissions coverage or a professional liability coverage. In case of alleged negligence resulting in bodily harm or property damage a commercial general liability insurance will provide coverage.
Who needs Consultant Insurance?
By definition, any person or agency who offers professional advice or guidance for a fee is a consultant by definition.
If this is your case, you might be held liable for advice that results in any form of damage or doesn’t yield the promised results.
The following are the typical fields where consultants operate:
- Business Management
- Business Operations
- Marketing and Advertising
- Technology and Business Systems
- HR or recruiting
- Web development or design
Without the right insurance coverage, your consulting practice could suffer severe financial stress due to a lawsuit. Independent consultants and freelancers are especially vulnerable.
Getting consultant insurance will have you covered and allow you to focus stress-free on running your practice.
What is the cost of Consultant Insurance?
The cost of a consultant insurance policy varies according to factors such as:
- Level of experience in the industry
It also depends on the nature of your work and the size of your particular business, but generally speaking, here is a breakdown of costs:
- Business Consultants start at $400
- Engineers start around $1000
- Software developers start at $500
- Photographers start at $300
Getting insured is quick and easy!
If an E&O insurance is what you need, request a free quote now
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
Common scenarios where Consultant Insurance is useful
You design a customer database for a client and a bug erases some of the client data. The company sues you arguing that you caused a loss of $300,000 CAD. An Errors & Omissions policy would provide coverage of the alleged amount as well as your legal fees.
You are helping a client with a marketing campaign and in an email exchange you inadvertently state that sales will increase by 10% as a result. Sales actually decline by 2% after the campaign launches and your client sues you. A professional liability policy would protect you in that case.
You help a home owner with the design plans for a new deck. A year later, when the deck is finished the client’s lawyer sends you a letter suing you for a flawed design that caused the deck to sink. Even if it wasn’t your fault, your legal fees could be covered by the right professional liability insurance.
Frequently Asked Questions about Consultant Insurance
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