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Professional Services Insurance
Protecting Your Expertise, Empowering Your Business
Western Financial Group is an award-winning brokerage. We work with Canada’s leading insurance partners to get you the right coverage and value. We know how important it is to protect what you’re building.
Do I need E&O insurance if I am not in a traditional field as a professional?
Yes, you do in order to protect yourself from lawsuits and reputational damage.
Any professional providing services can face claims of negligence including if you are self-employed.
Our insurance expertise will benefit your business
Errors are part of human nature and they can and do happen in business. Professionals need errors and omissions (E&O) insurance for protection against claims of professional negligence or claims of errors and mistakes.
With E&O insurance, you will have protection from financial loss and reputational damage that can result from allegations of professional negligence, errors, misconduct, or failure to deliver services. You may also hear it called professional liability insurance.
Who needs Profesional Services Insurance?
What determines how much errors and omissions insurance will cost you as a professional?
- Your field of professional services
- Years of experience
- Annual revenue
- Number of employees
- Location
- Past claims
3 examples of how errors and omissions insurance protects you
- You are an event planner and you mistakenly put the wrong time for an event both online and in print advertising. The host of the event sues you for the error. E&O insurance would help protect you in this case.
- You are in interior designer and have gone over budget and over the homeowner’s deadline to complete a redesign of a client’s house. E&O insurance would help cover the liabilities stemming from the budget overruns and delays in the completion of this project.
- Your financial projections were wrong for a company and you are being sued for negligence. E&O insurance will help cover your legal expenses, including defence costs, settlements, and awards up to your policy limit.
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FAQ's
What is Errors and Omissions (E&O) Insurance in Canada?
E&O insurance (also known as professional liability insurance) protects your business against claims of negligence, mistakes, or failure to deliver professional services as promised. It covers legal defense costs and settlements.
Do I really need E&O insurance?
If you offer professional advice, consulting, or services (e.g., marketing, legal, IT, finance), then yes. Clients can sue, even if you did nothing wrong, because they believe your work caused them financial loss.
How much coverage do I need?
Most small businesses start with $1 million per claim / $2 million aggregate. However, coverage depends on your industry, contracts, and risk exposure.
What is a “claims-made” policy?
Most E&O policies are "claims-made," meaning you must have coverage when the claim is made, not just when the service was provided. Maintaining continuous coverage is critical.
Can I get retroactive coverage?
Yes, often you can request a retroactive date to cover prior work, but it must be disclosed and approved by the insurer.
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