How Errors and Omissions Insurance Protects You
Errors and omissions insurance protects your Ontario business against claims of professional negligence.
It also protects your business against claims of inadequate work, mistakes, product failure, libel and defamation, misrepresentation, or failure to perform your professional duty.
Ask your Western business insurance expert about errors and omissions insurance and how it can protect your business.
We’ve got the expertise and knowledge to get you errors and omissions insurance customized to your needs, whether you have an accounting business in the Greater Toronto Area, you own a spa in Aurora, you are a website developer in Kitchener, or you are a business anywhere in Ontario that needs this type of insurance.
Who needs Errors and Omissions insurance?
Your Ontario business needs errors and omissions insurance if you provide advice or offer services in exchange for a fee.
Errors and omissions insurance helps protect your business against catastrophic claims from legal action involving charges of professional negligence or failure to perform your professional duties.
Ask your Western insurance business expert about who is defined as a professional to determine what employees, or any volunteers, are in this category. For some professions/occupations, having errors and omissions insurance is required to practice.
Depending on the profession, it may be referred to as Professional Liability Insurance or Medical Malpractice Insurance.
How Errors and Omissions insurance protects your business
Whether a claim is justified or not, defending a legal action can be expensive and have financial effects on your business.
Errors and Omissions Insurance provides coverage for legal action arising from professional advice or work, or consulting services you have provided to your clients. This coverage protects your business by responding to these claims.
A general liability policy for a business does not typically provide such coverage because it’s usually limited to property damage or bodily injury caused to others, and not financial loss resulting from professional negligence or advice given.
Get all the details from your Western business insurance expert about errors and omissions insurance to make sure your business is protected.
What you will need to discuss with your Western business insurance expert
When determining how much Errors & Omissions Insurance coverage to buy, consider the following:
- Extent of the advice or consultation provided to your clients.
- Industry you are in
- Size of your business
- Level of risk exposure
Speak to your Western business insurance expert to make sure your policy is tailored to your needs.
What is usually excluded under errors and omissions insurance?
Client injuries, fraudulent acts, employee theft, client property damage, and cyberattacks are usually common exclusions on E&O policies.
Your Western insurance expert will go over in detail what is needed for your errors and omissions insurance.
Western Insurance has licensed BUSINESS INSURANCE EXPERTS to get your Ontario professional services business the right errors and omissions insurance. Our experts are available now to help you navigate the business insurance journey to protect your business.
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