Trusted Errors & Omissions Insurance Experts

The Comprehensive Insurance Coverage for EO Insurance Alberta Business Owners Can Rely On

As a professional who provides services or advice, you give your clients the benefit of your professional knowledge and experience so they can accomplish goals that may not have been possible without your help. At the same time, your work leaves you exposed to the risk of being sued for negligence, bad advice, failure to deliver promised services and more, potentially leaving you responsible for thousands—or even millions—of dollars in litigation and settlement costs. With the right coverage for Errors and Omissions Insurance, Calgary professionals can sleep easily at night knowing they have the insurance protection they need to avoid major financial setbacks in the event that they are sued for an insured peril or liability claim.

What Is Errors and Omissions Insurance?

Calgary Errors and Omissions Insurance coverage essentially takes care of some of the things that are not covered by your commercial general liability policy. This includes when you make a mistake when providing advice or delivering a service, resulting in a lawsuit from a third party and other professional liability issues. With proper coverage for EO insurance, Alberta insurance providers will cover your legal defence costs, which can be quite steep, even if you’re not found liable for said mistake or negligence. It’s important to note that a Calgary errors and omissions insurance policy usually does not provide coverage for non-financial losses or for intentionally dishonest acts.

When it comes to EO insurance, Alberta brokers will tell you that coverage generally includes both a claim limit and an annual aggregate limit depending on the insurance provider. The Alberta Errors and Omissions Insurance claim limit is the maximum amount that will be paid out for any single event—such as a lawsuit—and the annual aggregate limit is the maximum amount that will be paid out over any one year. Usually, your industry and type of business will influence your limits for EO insurance. 

Alberta brokers at Krywolt Insurance will be able to provide further information regarding your unique Errors and Omissions Insurance quote.

What is covered under Errors and Omissions Insurance?

Calgary business owners don’t want to provide bad service: it simply isn’t good for business. But despite your best efforts, mistakes can happen, so you should always be prepared to protect yourself with Alberta EO insurance coverage in the event a dissatisfied client sues your business over a mistake or negligent act.

 Even if you pride yourself on your business acumen, professionalism, and expertise and have a reputation for excellence in Alberta, errors and omissions insurance is like auto insurance: even the best drivers should be protected in the event of a rare at-fault accident. So it follows with errors and omissions insurance. Alberta business owners need to know that, as improbable as it might be, mistakes do happen. Give yourself peace of mind by having the right coverage—so you don’t find your business crippled by unforeseen legal expenses due to an error on your part.

By speaking with a Krywolt Insurance broker and having them find you the right Alberta EO insurance policy, you will be covered from liability costs that can result from:

Work Mistakes and Oversights

While mistakes happen, even the smallest professional error can wind up costing a client money. To recoup their losses, the client may sue your business over the mistake. Without EO insurance, Alberta business owners could end up responsible for a hefty legal bill.

Undelivered Services

Failing to deliver promised services can impede your client from doing business. To make up for the inconvenience or loss of capital, the client might sue. Even if you are found not liable for their allegations, you’ll still be forced to pay for litigation costs such as attorney fees and court fees. With Calgary errors and omissions insurance coverage, you are covered for these expenses.

Accusations of Professional Negligence

Mistakes caused by negligence could also result in your business being taken to court. If you fail to meet the minimum standards in your industry while working with a client, the dissatisfied client could still sue you for negligence even if your work wasn’t defective.

Having EO insurance in Alberta is strongly recommended for protecting your business from claims alleging negligence from your professional services, including failing in your “duty of care,” giving incorrect advice or making mistakes.

Missed Deadlines

If you miss a deadline, your client’s business could be seriously impacted—possibly resulting in a loss of revenue. This opens the door for the dissatisfied client to sue your business over late work. With EO insurance, Calgary and Alberta business owners are protected from the cost of the lawsuit.

Ultimately, with EO insurance, you are covered should you fail to deliver the advice or service you promise to deliver. Speak to our professional brokers at Krywolt Insurance to learn more about how you can benefit from the right errors and omissions coverage.

What is Covered by Errors and Omissions Insurance in Alberta?

No matter how dedicated you are to your profession and clients, even one mistake can result in financially crippling legal fees. With EO insurance, Alberta professionals can breathe easy knowing their insurance has their back in the rare event of an error. Although it may vary per insurance provider, the following could be included in your Calgary errors and omissions insurance policy:

Defence Costs

Even if the lawsuit is groundless, your Calgary errors and omissions insurance will cover the costs associated with lawyers to defend you. Your errors and omissions policy will even cover supplemental expenses that are incurred by attending an arbitration proceedings trial in defence of a covered claim.

Personal Injury

EO Insurance in Alberta protects you against personal injury claims (e.g., libel or slander) that arise while rendering your professional services. However, please note that this does not include bodily harm, as that should be covered by your general liability insurance policy. If you are unsure what it is protected under your Calgary EO insurance policy or another type of liability insurance, speak to your Krywolt Insurance broker.

Copyright Infringement

We customize your Calgary EO insurance coverage for the specific needs of your business. If you work in the creative industry, it can be all too easy to accidentally publish a photo or use a song that doesn’t have the correct copyright. Even if this was unintentional, you would wind up in the legal hot seat.

Worldwide EO Insurance

Calgary is not the only place you could need E&O insurance. If you work as a consultant and travel regularly for work or have clients overseas, you need to be protected in the event an error happens while you’re outside of Canada. This follows if you’re based in Canada but have clients from around the world.

Temporary Staff and Independent Contractors

Your Krywolt broker can help find Errors and Omissions Insurance coverages for claims arising from business-related services completed by your employees, independent contractors, and temporary staff.

Claims arising from services previously provided

Sometimes, it takes a while for a mistake to be discovered, so even a mistake on work you’ve done years ago can be cause for someone to sue you. Most Calgary errors and omissions insurance policies allow you to have retroactive coverage, even before your insurance policy started. Additionally, when getting EO insurance, Calgary professionals can get extensions to cover them even when they’ve stopped offering services during a certain period of time.

Claims and Damages

It’s better to be safe than sorry. If you lose a large claim, it can have a big impact on the financial stability of your business without the support of EO insurance. Alberta brokers at Krywolt Insurance will help you set up a policy that covers claims for monetary damages and non-monetary relief. That way, your business can continue as usual—rather than being forced to close your doors for good on account of losing a large claim.

Not to worry. If a client sues you, your insurance company will immediately defend you and, if necessary, appoint a lawyer to handle your claim, covering any damages you may incur up to the policy limit listed in your EO insurance. Calgary’s top brokerage will be happy to discuss with you the claims and defence process with you for your EO policy.

What is Not Covered By EO Insurance in Alberta?

Errors and omissions insurance does not cover all possible causes of a lawsuit. While some of the following would be covered with general liability insurance and workers’ compensation, we still advise you to speak with a qualified Krywolt Insurance broker to ensure your company is adequately protected.

An EO insurance policy in Alberta generally does not cover:

• Customer bodily injuries or property damage
• Damage to business property
• Employee injuries
• Vehicles used by a business
• Employee discrimination lawsuits

To ensure you have comprehensive protection, it’s important to discuss your insurance needs with your Krywolt insurance broker. They are able to help you find the best protection for commercial liability and EO insurance Alberta has to offer.

Who Needs Professional Liability Insurance or  Errors and Omissions Insurance in Alberta?

All business owners who offer professional services need to have some type of EO insurance. Alberta business owners and professionals come in all varieties, and there’s a specific variety of professional liability coverage for each of them. Since that’s a little broad, let’s break it down further.

Professional Errors and Omissions Insurance

Calgary professionals: Whether your professional services are in legal, finance, engineering, marketing, human resources or architecture, you need professional liability or EO insurance. Calgary business professional may need this coverage in the event of situations like:

• Error in legal advice given to clients
• Miscalculation of assets valuation
• Design recommendations not fully compliant with building standards
• Accidentally using an image or graphic that infringes on the artist’s copyright

Manufacturers EO Insurance

Calgary errors and omissions insurance coverage helps to protect your company from making a manufacturing mistake that results in a third-party financial loss—not including bodily injury or property damage. For example, with EO insurance, Alberta manufacturers are covered from damages that result from:

• Poorly made, incorrect or faulty products that you manufacture, sell, handle or distribute
• Material defects due to errors and omissions, resulting in financial loss for a third-party
• Failure to deliver promised services
• Failure or negligence to meet deadlines

Technology EO Insurance

Calgary tech workers will find that this type of insurance is designed to cover providers of technology products or services. This policy protects the likes of data storage companies, website designers, and software and computer manufacturers. 

Often confused with cyber liability insurance, a key discerning factor is that technology E&O coverage is designed to protect the company, whereas cyber and privacy insurance is designed to protect the consumer.

Calgary EO Insurance for Real Estate Agents

Protecting against mistakes and oversights, Errors and Omissions Insurance in Calgary for real estate agents ensures you aren’t sued in the event you make an error on a title or oversight in a property listing. Whether a dissatisfied client is suing with no grounds or you genuinely made a mistake, it’s important to protect your business from the impact of expensive legal fees.

Contractors EO Insurance in Alberta

If you make a mistake, causing a problem with a structure you’ve worked on, or you fail to meet a deadline, the fallout could be devastating for a contractor’s business. Unfortunately, consumers are quick to accuse contractors of negligence if they’re unsatisfied with your work. It’s becoming increasingly common for these accusations to escalate to legal disputes. If you find yourself dealing with a client lawsuit, you’ll regret it if you don’t have EO insurance in Alberta.

Calgary Errors and Omissions Insurance for Consultants

As a consultant, you provide important professional advice to your clients. Should a client be dissatisfied with your services or you find yourself in legal trouble because of alleged errors, you need to respond to the situation in the best possible way. With professional liability insurance for consultants, you’re protected from the costs of legal counsel and claims expenses.

Hire a Qualified Krywolt Business Insurance Broker Today for the Best EO Insurance Calgary!

Don’t wait until it’s too late, and protect your professional services business with comprehensive Errors and Omissions Insurance. Calgary and Alberta professionals, we invite you to reach out today, and one of our brokers will be able to find you the best policy for your needs. 

No matter what type of business insurance you may need, our team of expert brokers is here to help ensure your insurance needs are met.  Contact us today at (403) 879-8660, or click the link above to get a fast, free quote now for your Calgary errors and omissions coverage and get Krywolt Insurance confidence behind your business.

Frequently Asked Questions About Calgary Errors and Omissions Insurance Policies

Do you have questions about EO insurance? Alberta residents can count on us to provide the answers. Continue reading to see if we answer your questions below. If not, we invite you to call one of our qualified insurance agents to provide further clarity and to help you get the best Alberta Errors and Omissions Insurance coverage possible.

What’s the Difference Between Alberta Errors and Omissions Insurance and General Liability Insurance?

Alberta errors and omissions insurance and commercial general liability insurance both protect business owners from legal costs, but they cover different kinds of lawsuits. Alberta errors and omissions insurance covers client disputes over the quality of your professional services, such as legal or financial advice, in the event of a mistake, undelivered service, negligence, or missed deadline.

General liability insurance covers broader business operations and physical risks such as property damage and bodily injury to the customer because of your services rendered. Let’s say someone visits your office, slips, and injures themself. With general liability coverage, you are protected from the costs of any medical bills or lawsuits arising from that incident. Ultimately, in Alberta, EO insurance protects against financial harm, while general liability insurance provides coverage from physical damage.

What is the Difference Between EO Insurance and Professional Liability Insurance?

Professional liability insurance, EO insurance, malpractice insurance, and errors and omissions Insurance, Calgary insurance seeker will find, all refer to the same type of insurance and can be used interchangeably. All of these terms describe insurance meant to cover financial losses incurred by a client as a result of:

• A failure to correctly complete a professional service (error)
• A failure to complete a service that should have been rendered or procuring advice that should have been presented (omission)

However, depending on the industry you are in, they will use different terms of professional liability, malpractice, or errors and omissions insurance. Calgary doctors, for instance, will get medical malpractice insurance, while architects, accountants, and consultants generally use professional liability policy, and the real estate and IT sectors use EO or errors and omissions insurance. Calgary brokers at Krywolt insurance will be able to help you get the right coverage, regardless of what you prefer to call it.

What Do I Need for a Calgary Errors and Omissions Insurance Quote?

Applying for EO insurance in Calgary is relatively straightforward, but it helps to have a sense of what you will need to prepare first. Before we can provide you with an accurate quote, we need to learn more about you, your business, the type of professional services you offer, and the type of insurance coverage you need. This will help our brokers at Krywolt get a better idea of the type of insurance coverage you need, and can tailor your quote to it.

Before contacting your expert Krywolt Insurance broker, gather the following documents and information:

• Number of years of experience
• Revenue for the current year
• Estimated amount of revenue for the next year
• The revenue of your largest client
• Your total payroll
• Your business contact information
• The number of employees that you have
• When your business came under its current ownership
• Your type of business structure
• A brief description of the type of industry that you are in

A wide range of factors go into calculating the cost of EO insurance. Calgary professionals who have all the above listed information available for their broker to review will not only get more comprehensive insurance options, but can get a more affordable quote as well.

How Much Does Alberta Errors and Omissions Insurance Cost?

Depending on the volume of annual revenue and the business operations, Alberta errors and omissions insurance costs can be less than $1,000 per year for some small business owners. However, costs for an EO policy for a high-risk business or a large-volume business can be in excess of $50,000 per year. There are many different factors that go into establishing your Calgary EO insurance policy cost, including:

• Amount of coverage
• Claims history
• Industry risk factors
• Business size
• Day-to-day operations
• Coverage limits

Make sure to be as clear and detailed when possible when discussing your insurance needs with your professional broker at Krywolt Insurance. Not only will this help you get the right coverage for EO Insurance, Calgary brokers may also be able to find you a more affordable rate.

Is Errors and Omissions Insurance in Alberta Legally Required?

Depending on your industry in Alberta, errors and omissions insurance may or may not be mandatory. For instance, the following professions require having some type of Alberta EO insurance coverage:

• Practicing lawyers
• Medical professionals (malpractice insurance)
• Contractors hired for government projects
• Real estate agents

Even if you’re not required to have errors and omissions insurance, Calgary brokers and professionals alike will tell you it’s still a good idea to prepare for the worst and protect your business in the event of a lawsuit. Feel free to call our insurance experts and tell us about your profession and specific needs.

What Are Some Examples of Possible Calgary Errors and Omissions Insurance Claims?

Insurance of any type is a complex topic, and there’s no exception when it comes to EO insurance. Alberta business owners often find it easier to understand what exactly E&O insurance is for when they hear a few examples of common claims scenarios.

Here are some examples of the types of claims where having errors and omissions insurance in Calgary is typically used for.

• A personal trainer designs a workout plan for a new client but doesn’t consult with the client first to learn more about their history of prior injuries and medical conditions that could put them at risk for serious re-injury from certain types of workouts. As a result, the workout plan exacerbates an old injury, and the client has to take a significant amount of time off work while they recover. The client sues the personal trainer to recover their loss of income during recovery, citing negligence on the part of the personal trainer as the reason for their injury.
• A lawyer forgets to fill out and file some important documents for a client, and the client is forced to pay heavy fines for non-compliance as a result. The client sues the lawyer for failure to deliver promised services so they can recoup part or all of the fines they had to pay.
• A financial advisor encourages their client to invest a substantial amount of money in something, but fails to do their due diligence and doesn't realize that the investment project is doomed to failure. When their client loses all their money from the investment, they sue the financial advisor for giving them bad professional advice.

These are all examples in which you would have the financial protection you need with the right EO insurance. Calgary and broader Alberta professionals can protect themselves from claims arising from professional mistakes by contacting our Krywolt Insurance team and asking about their options regarding EO policy coverages.