Errors & Omissions InsuranceMistakes Happen - Errors & Omissions Insurance Ensures Your Business is Covered When They Do. Get Your Free Alberta Errors & Omissions Insurance Quote Today!
- Same Day Errors & Omissions Insurance Certificates
- ISNetWorld & ComplyWorks Compliant
- Cover Unexpected Omissions
- Protection Against Financial Burdens due to Errors
- Liability Coverage and Defence Costs Covered Even for Frivolous Claims
Errors and Omissions Insurance in Alberta
Anyone can make mistakes these days, and if you are an Alberta Business owner, there is a good chance you could be sued for your mistakes or those of your employees. Errors and omissions insurance is designed to protect you against these mistakes, so you can stay in business and not have to pay out a lot of money in damages, as a result of errors.
E&O Coverage Explained
Errors and omission coverage protects your business against mistakes that you or your employees make, especially if those mistakes result in injury or damages, that you could be sued for.
Do I Need Errors and Omissions Coverage?
If you run a business that performs some type of service, you may need this protection. This is especially important if your business makes repairs, installs equipment, or does work for other people or businesses. Many businesses should invest in this coverage, and this includes:
- Auto repair shops
- Realtors (this coverage is now mandatory)
- Insurance brokers
- Construction companies
- IT professionals
- Medical services
- And many more
Standard Coverage for E&O
With errors and omissions insurance you should receive coverage for:
- Acts of negligence (actual or alleged)
- Legal defence costs
- Personal injury (including slander and libel)
- Damages and claims
Available E&O Insurance Options
Your options will depend on your business and a good insurance professional will help you explore all of your potential risks. Optional coverage may include:
- Independent contractors or temporary staff – if you hire or outsource some of your work, it is still conducted by your company (legally) and you need to be protected.
- Past work claims – it could take years for some problems to develop (like the circuit breaker incident in the example) and you should have protection.
- Previous lawsuits – problems may develop from past lawsuits as the Canadian legal system can sometimes be very slow.
- Copyright infringements – this may affect publishing services, writers, musicians, manufacturing businesses, and such.
It’s important to remember that most E&O policies do not cover acts of fraud or dishonesty, and there are limits and exclusions to be aware of. You will need a different kind of insurance for things like that.
What is Technology Errors and Omissions Insurance?
Technology errors and omissions insurance—or tech E&O insurance—is a specialized type of business liability insurance that protects against the risks of providing tech-related services. These risks include:
-Incorrect advice or services
-Negligence in your work
-Failure to perform your work correctly
-Errors in your work or services
-Intellectual property infringement
How Does Tech E&O Insurance Work?
Tech E&O insurance works by protecting your company from the financial loss associated with claims filed against you because of mistakes made while performing your job. It’s important to note that it does not cover damages caused by criminal acts, bodily injury, or fraud.
While E&O may sound like cyber liability insurance at first glance (after all, both are concerned with financial losses resulting from mistakes), there are some key differences. Cyber liability coverage typically involves data breaches or other attacks on computer systems that expose personal information. While this can be a costly mistake, it’s not quite the same as failing to deliver on your promises to clients.
How does E&O work?
E&O coverage has two parts: common law and statutory law. Common law refers to decisions made by judges; statutory law refers to statutes passed by legislatures. In other words, common law is based on the past, while statutory law is based on the present.
Insurance for technology errors and omissions (E&O) can cost as little as $500 per year—but it all depends on your business. If you’re a small technology company with no employees, your insurance costs will be much less than if you have 100 employees and multiple locations.
In addition to factors including the number of employees and locations, your insurance premium will also be based on:
-The type of services and products you offer
-What kind of work is done by employees
-Customer contracts (some customers may require more coverage than others)
The Importance of Errors and Omissions Insurance Coverage
Because it is human to error, you need E&O protection. Plus, it is hard to assess all of the risks you may encounter, and that is why many Canadian businesses are turning to insurance professionals like Leibel Insurance. We are not simply an agency that sells insurance policies for one company. Our team of independent insurance brokers has 300 years of experience in the insurance industry, and we have been serving customers in Alberta for more than three decades.
Leibel Insurance is more than capable when it comes to risk assessment. In fact, we have insurance professionals with the ability to conduct risk audits for your company, to let you know exactly what kind of risks you are being exposed to now, in the future, and in the past.
When you choose Leibel Insurance you are choosing insurance professionals with access to more than seven insurers that are leaders in E&O insurance policies. Our insurance brokers are able to offer multiple quotes with a single point of contact. You will also receive the following benefits:
- Insurance coverage tailored to your business
- A Dedicated service team
- 24/7 Claims Response
Why take unnecessary risks with your business, when you can have the best E&O coverage at the most affordable rates today? Contact Leibel Insurance today to learn how we can get you the best E&O insurance policy for your unique needs by calling or completing the no-obligation quote form.