The looming threat of cyber hacking continues to cast a shadow over small businesses across not only Canada, but the entire world. Yet, according to
Professional Liability Insurance
When operating a business, mistakes happen. After all, business owners are human too. That’s why the right coverage is so important. Professional Liability insurance (which is also known as Errors & Omissions insurance) can help ensure you’re protected against claims of actual or alleged negligence that arise from providing professional services, like giving incorrect advice, an omission, or failing to deliver a service. This coverage includes damages and defense costs up to your policy limits, regardless of whether a mistake was made.
Who needs professional liability insurance?
If your business provides any sort of service, you could be held liable for any mistakes made. That’s why a wide range of professions should consider professional liability insurance. These could include:
- Traditional professionals, like lawyers, notaries, insurance brokers, real estate agents, and travel agents
- Miscellaneous service providers, like management consultants, construction project managers, market researchers, property managers, printers, graphic designers, and event planners
- Media and technology companies, like advertising agencies, IT consultants, website designers, and software developers
When would professional liability insurance come into play?
Manage your risk with Northbridge
Risk is a part of life – risk management should be too. While it can be hard to make space for risk mitigation in your daily routine, it shouldn’t be ignored.
Risk management solutions can be both simple or more involved, and our Risk Services experts can help with it all. In fact, every commercial insurance policy we offer includes access to risk management expertise.
Risk management tips to help prevent errors and omissions
- What are the client’s instructions?
- Are the new client’s goals reasonable and attainable?
- What is the fee or billing structure?
- Is your business adequately staffed to handle the project?
- Did any potential red flags come up during the interview and information gathering stages?
- Does the client have a reputation for managing successful long-term relationships with vendors?
- What reasons does the client give for changing suppliers?
- Proper identification
- Scope of work
- Fee structure
If you’re a contractor, busy schedules and complex projects can make it difficult to keep paperwork, documents, and contracts in order. It’s important to keep
Heavy rainfall, rapid melting of snow packs, and other weather-related events can often lead to flooding. In fact, the Red Cross cites flooding as the