- How much does professional liability (e&o) insurance cost in Alexander?
- The cost of professional liability (e&o) insurance in Alexander depends on your specific details, coverage, and deductible. The best way to know is a free quote — as an independent broker we compare 17 insurers to find your lowest price.
- How do I get professional liability (e&o) insurance in Alexander?
- Request a quote online in minutes or call Insurabiz at 613-355-3130. We'll compare our full panel of insurers to find the right professional liability (e&o) insurance for you in Alexander.
- Why use a broker for professional liability (e&o) insurance in Alexander?
- A broker works for you, not one insurer. We shop the whole market at once to find the best professional liability (e&o) insurance coverage and price in Alexander — with local advice and an advocate at claim time.
- What does professional liability insurance cover?
- It covers claims that your professional advice, design, report or service was negligent and caused a client or third party a financial loss. It pays your legal defence and any damages or settlement up to the policy limit, including claims that turn out to be unfounded. It does not cover bodily injury or property damage, which belong on a general liability policy.
- Is professional liability the same as errors and omissions insurance?
- Yes. Professional liability and errors and omissions, or E&O, are two names for the same type of coverage. Some professions use their own term, such as malpractice for health practitioners. The core is the same: protection when someone says your professional work fell below the expected standard of care and cost them money.
- What does claims-made mean?
- A claims-made policy responds to claims first made against you, and reported, while the policy is in force, as long as the work was done after the retroactive date. It does not matter when the mistake happened if it is after that date. If the policy lapses, claims made later are not covered, even for work done while you were insured.
- What is a retroactive date and why does it matter?
- The retroactive date is the earliest date of work your policy covers. Work done before it is excluded. If you change insurers and accept a new retroactive date, all your earlier work loses cover. Keeping the original date at every renewal, ideally the day you started practising, is one of the most important terms in an E&O policy.
- Do I need tail coverage when I retire or close my business?
- Usually, yes. Clients can bring claims years after the work, and in Ontario the basic limitation period runs two years from when a problem is discovered, with an ultimate limit of 15 years. An extended reporting period keeps the right to report claims about past work after your policy ends. It usually must be bought within a short window after cancellation.
- Are defence costs included in my limit?
- On many professional liability policies, yes. Defence inside the limit means legal fees reduce the amount left to pay a settlement, so a long defence can use up much of a modest limit. Some insurers offer defence costs outside the limit or a separate defence limit. It is worth comparing when you choose a limit.
- Do I need E&O if I already have general liability?
- Most service businesses need both. General liability covers bodily injury, property damage and personal injury, such as a visitor slipping in your office. It does not cover a client's financial loss from your advice or work. That is the job of E&O, and it is the claim most professional firms are more likely to face.
- Is professional liability insurance mandatory in Canada?
- It depends on the profession and province. Some regulators require it as a condition of licensing or registration. In Ontario, for example, architects, real estate registrants and licensed mortgage brokerages must carry it. For many other professions it is not legally required, but client contracts often demand it at a set limit.
- How much professional liability insurance do I need?
- Start with the highest of three numbers: any regulator minimum, the limit your largest client contracts require, and a realistic estimate of the worst financial loss your work could cause a client. Then allow for defence costs if they sit inside the limit. Many small firms start at $1 million per claim and raise it as contracts grow.
- How much does E&O insurance cost?
- Premium is driven mainly by your profession and services, revenue, client mix, claims history, limit, deductible and retroactive date. A bookkeeper and a structural engineer with the same revenue price very differently. Written engagement letters and quality control help. We compare 17 insurers so you see how each one rates your specific practice.
