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Errors and Omissions Insurance and Professional Liability Insurance

Apr 30, 2015 / Posted on :


As a Canadian professional — regardless of which field you actually specialize in — not being adequately covered under insurance policies can well prove to be your downfall. Unfortunately, “being adequately covered” can be tricky, especially when we’re talking about professionals freshly out of college or university. After all, there are as many insurance policies out there as there are insurance companies. How do you know which ones you need and which ones you don’t?

More specifically: How do you know whether or not you need an errors and omission insurance policy under your belt?

Before answering this question, let’s first take a look at the definition of errors and omission insurance coverage, also commonly known as professional liability insurance coverage.

Quite simply, this type of policy covers you — the professional — in the event of a lawsuit being filed against you. Regardless of which field you actually specialize in, you will find that at one point or another, being accused of making an error or being guilty of an omission becomes highly likely… regardless of whether you were at fault or not.

As a professional, this should be your biggest fear, especially considering the negative effects associated with a professional like you being taken to court — both financial and professional ones. Fortunately for you and many others, this is when an error and omissions insurance policy comes into play.

Errors and Omissions Insurance for Consultants

shutterstock_190884728Consultants are among some of the most sued people on earth. This is not surprising, especially considering the duties of a consultant. Because of the nature of this work (which involves giving professional advice where it is needed), it becomes clear that consultants are not immune to being sued. In a perfect world, consultants would always give perfect advice and said advice would never have negative repercussion on a company. Unfortunately, we don’t live in a perfect world. As a result, consultants are among those who need to be covered under an errors and omissions insurance policy the most.

The good news, however, is that many companies such as EasyCover offer free errors and omissions insurance quotes. If you are a consultant on the lookout for the best insurance policy available to you, we highly recommend obtaining a free quote.

Errors and Omissions Insurance for Engineers

Being an engineer in Canada is not as easy as it sounds. After all, engineers have to carry a lot of burdens on their shoulders. Of course, every professional have their own share of responsibilities, but no responsibility is quite as important as ensuring the safety of others.

As an engineer, errors and omissions can prove to be especially costly for you. Obviously, we aren’t here to tell you how to do your job. You are a skilled professional and you know what’s best for you. But we also know that a simple miscalculation on your part could lead to safety concerns, delays or problems that will eventually require expensive repairs.

Again, all it takes is a simple miscalculation… also known as an error or omission. As a Canadian engineer, how do you make sure that such an error or omission never backfires on you?

The answer once again lies in insurance coverage. If you are a Canadian engineer, then we cannot stress enough the importance of being covered under an errors and omissions insurance policy for engineers. The latter has the potential to save your career and your finances down the road, something which is absolutely priceless in today’s society.

Fortunately for you, many insurance companies such as EasyCover offer free errors and omissions insurance quotes for engineers. We highly recommend that you make good use of such quotes if you plan on staying in the industry for many years to come.

Errors and Omissions Insurance for Lawyers

Here’s a funny thought: A lawyer being sued for an error or omission. Sounds odd? Well it’s less weird than it sounds. And it’s also a lot more common than you would think.

If you are a Canadian lawyer, chances are that you are already aware of the importance of being covered under an errors and omissions insurance policy. But if you’re only starting up as a lawyer, then you might not know exactly why you need this policy under your belt.1409593_11658252-300x199

We are here to change this.

You see, just because you are a lawyer doesn’t mean that you are immune to being sued. Sure, you might know the law a lot more than the average person, but at the end of the day you’re only human… just like the clients that you defend. And guess what? All it takes is one disgruntled client for you to end up on the wrong side of court.

In the industry, lawyers are most commonly charged of legal malpractice. The latter can be described as an act of negligence towards a client. Here are a few examples of what would constitute as legal malpractice:

– Being unaware of certain laws

– Missing deadlines for paperwork

– Inadequate investigations

– Frauds and dishonesty

– etc.

As you can see, it doesn’t matter if the best intent drives your actions: If you make a mistake, you will be held accountable for it. Fortunately, mistakes don’t always have to be costly, and this is when errors and omissions insurance coverage comes into play.

Sounds good? Well that’s what hundreds of Canadian lawyers seem to think so as well. If you are interested, we highly recommend obtaining a free errors and omissions insurance quote before it’s too late.

Errors and Omissions Insurance for Medical Professionals

1120380_22049981-300x225Medical professionals have one of the most difficult jobs out there. After all, their work deals directly with a person’s health and we all know how important (and sometimes fleeting) the latter is. As a results, errors and omissions in the medical field can prove to be very, very costly — both for the professional and the client.

Regardless of whether you are a doctor, a nurse or a surgeon, you will find that going to work each day without an errors and omissions insurance policy under your belt is dangerous. As we said earlier, a simple mistake can well prove to be your downfall, regardless of your original intent. It doesn’t matter if you are the best at what you do — sometimes all it takes is a moment of inadvertence for you to hand out the wrong diagnosis or let a patient injure themselves in your vicinity.

As a result, we cannot stress enough the importance of being covered under an errors and omissions insurance policy, also commonly known as a professional liability insurance policy. For more information, we encourage you to request a free errors and omissions insurance quote for medical professionals.


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