E&O/Professional Liability Insurance – Ontario
web hosting companies, even wedding planners. In reality, any business that offers a service for a fee runs the risk of a loss from an E&O situation. The legal process can be very time-consuming and more so costly, no matter who is at-fault. Whether you want to call it errors and omissions or professional liability, every business should invest in the right protection if the unexpected happens.
As your local insurance experts, we know that each entity in Ontario is unique in its own way. Professional are held to a higher standard and need adequate coverage for their profession. From architects to accountants to medical doctors across the great province of Ontario, we’ve got you covered. With all it has to offer, it’s not hard to understand why so many people decide to set up shop in Ontario.
We understand it’s vital to protect what’s most important to you and your business. Our expert insurance advisors are here to ensure you’re protected so you can focus on nurturing your business for the future.
Why Choose Westland?
We know that your business insurance needs to match your goals, your business and your budget. Our expert business insurance advisors get to know you and your business, so that they can tailor a policy to your exact needs. We’ll work with you to build a risk management solution, ensuring coverages line up with your business needs.
Insurance can be complex sometimes. Let our expert insurance advisors do the heavy lifting! We’ll help you find a policy that you feel is the best fit and provides peace of mind. To learn more about the benefits of being a Westland client, Click here.
Errors & Omissions Insurance Explained
Errors and omissions insurance provides peace of mind when it comes to recovering financially if a mistake ends up causing your client financial loss. Think of this coverage as above and beyond your business insurance policy as this provides specialized coverage. E&O coverage provides your business the safeguard measures when it comes to litigation due to errors, omissions or negligence by a professional. The proper level of business insurance coverage will give you the peace of mind that, should a mistake happen; you will have the financial ability to get through any litigation. E&O coverage can also cover you against libel, slander and a breach of contract.
No matter the industry, our business insurance advisors can quickly determine the risks your business may face and the potential financial losses that can leave your business in a vulnerable position.
Errors and omissions liability (E&O) insurance is designed to provide protection against third party claims for economic damage. These result from alleged errors or omissions in the performance of professional duties or failure to provide professional services. Those exposures are excluded from a business liability policy.
A single question can answer the easiest way to determine if a business needs an E&O policy. Are you a business that provides a product or service to consumers? If yes, your business can definitely benefit. For example, an accountant would want coverage that would protect against any errors when calculating tax returns for their clients. Additionally, a chiropractor would want an E&O policy in place if something were to happen where a client is hurt due to a treatment they received that was done incorrectly.
We can help with your auto insurance needs too! Connect with us today to ensure you’re covered out on the road.
How Much Does Errors & Omissions Insurance Cost in Ontario?
Just as businesses differ across Ontario, so do the risks and exposures which impact the cost. The following factors will impact the cost of your errors & omissions coverage:
- Industry
- Revenue
- Level of Experience
- Claims History
Review Your Insurance and Get a Quote with Westland
Ready to discuss your insurance needs? Our expert advisors are here to review your current insurance policies, discuss your unique risks and operations, and find the perfect insurance policy for your business. Whether it’s over email, the phone or in person we are ready to help! To get started on a quote now and see price estimates for your business coverage, click the button below. Our advisors will contact you right away and help navigate your risk management needs. Of course, we are always available to talk over the phone or in person. Check out our locations page to connect with an office closest to you!
Claims Example
Errors and omissions claims arise when someone has failed to uphold their professional duties. For example, an engineer may have miscalculated the building design resulting in a building sinking over time. The building owner or residents may pursue litigation for damages. The right errors and omissions insurance policy will help mitigate these risks and get you back to your normal as quickly as possible.
Our goal is to find the best coverage for your business so you can focus on what’s important. To learn more about being a Westland client, click here.
10 Ontario Business Facts
- Niagara Falls is one of the largest draws to Ontario. In fact, it welcomed 12.9 million visitors in 2017 and tourism expenditures reached a whopping $2.4 billion!
- It comes as no surprise that Toronto is a big player in the film and television production sector. Often being called the Hollywood of Canada, over 25% of Hollywood movies are filmed in Toronto.
- Fishing is a beloved past time in Ontario, but it’s also an economic driver. With over 1.12 million anglers on Ontario water a year, they spend $1.6 billion a year in the province, whether at remote fishing lodges or supporting small angling businesses.
- Ontario is one of the most multicultural places in the world. It’s home to many festivals including Caribbean Carnival, Jazz Festival and Oktoberfest. In fact, there are over three thousand festivals each year.
- Ontario has a thriving agricultural sector. The province contributes to almost a quarter of all farm revenue in Canada. The top crop productions are soybeans, corn and winter wheat.
- Forestry is another large industry in Ontario, supporting over 53,000 jobs. In fact, the forests of Ontario cover a land area close to the size of Italy, Germany and the Netherlands…combined.
- Ontario is the national leader when it comes to manufacturing. Automotive, textiles, electrical goods and farm implements contribute to an industry that employs about half of Canada’s manufacturing jobs.
- The Royal Ontario Museum is the largest in Canada, and the fifth largest in all of North America. It sees a total of one million visitors a year who stop by to see many collections in over 40 galleries.
- Another driving force for the province is the food processing industry. Ontario has over 3,000 companies that make both food and beverage products. Companies include Kraft, Nestle, Kellogg’s, Coca Cola and PepsiCo.
- With over 25,000 restaurants in Ontario, it’s not surprising that some famous dishes have originated in Ontario. The Hawaiian pizza didn’t originate from the islands of Hawaii, rather at the Satellite Restaurant in Chatham!
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