Professional Liability Insurance
Professional Liability Insurance, often called Errors & Omissions (E&O) Insurance, helps protect professionals if a client claims they suffered a financial loss due to negligent advice, services, or work. Even highly skilled professionals can face disputes over misunderstandings, oversights, or unmet expectations.
For Saskatchewan businesses and professionals, Professional Liability Insurance provides financial protection against legal defence costs, settlements, and judgments related to professional services. It ensures that a single allegation doesn’t put your business, reputation, or personal finances at risk.
What Does Professional Liability Insurance Cover?
Professional Liability Insurance is designed to protect against claims arising from your professional services, including:
- Errors or omissions: Protection against claims arising from alleged negligence, errors, or omissions in the delivery of professional services.
- Misrepresentation: Claims where advice, reports, or recommendations were inaccurate or misleading.
- Breach of contract: Failure to deliver services as promised or outlined in a contract.
- Intellectual property infringement: Damages arising from violations of intellectual property rights, such as copyrights, trademarks, and patents.
Professional Liability Insurance typically applies to financial losses, not bodily injury or property damage (which are normally covered under General Liability Insurance).
Who Should Have Professional Liability Insurance?
Professional Liability Insurance is essential for individuals and businesses that provide specialized advice, expertise, or services, including:
Consultants and business advisors
Accountants and bookkeepers
Engineers and architects
IT professionals and software consultants
Real estate professionals and property managers
Marketing, advertising, and design professionals
Financial advisors and planners
Healthcare and wellness professionals (non-medical malpractice coverage varies by profession)
Trades and contractors who provide design, planning, or advisory services
Many contracts, regulatory bodies, and clients in Saskatchewan require proof of Professional Liability Insurance before work can begin. For example, if you’re actively practicing architecture, the Saskatchewan Association of Architects requires proof of coverage for a license to practice.
Contact us or stop by the office to get started on your commercial insurance policy.
- 1-411 Confederation Dr
- Saskatoon, SK, S7L 5C3
Professional Liability Insurance FAQs
What’s the difference between Professional Liability and General Liability Insurance?
General Liability Insurance covers bodily injury and property damage (such as a slip-and-fall at your office). Professional Liability Insurance covers financial losses related to your professional advice or services.
Is Professional Liability Insurance mandatory in Saskatchewan?
It depends on your profession. Some regulated professions and client contracts require it, while others strongly recommend it due to the financial risk of claims.
Does Professional Liability Insurance cover past work?
Most policies are written on a claims-made basis, meaning coverage applies to claims made while the policy is active. Maintaining continuous coverage is important to protect past work.
How much Professional Liability coverage do I need?
Coverage limits vary by profession and risk exposure. Cooke Insurance can help assess your specific needs.