Reputation Protection with Professional Liability Insurance
As a professional service provider, the services you provide and your reputation are extremely important to you. At Oegema, Nicholson & Associates Ottawa, we can develop a professional liability policy that protects the integrity of your work.
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Professional Liability Insurance
No matter the type of services you provide, professional liability insurance is key when working directly with customers.
Don’t lose sleep over the idea of a customer or client coming after you for errors in your work. With liability coverage from Oegema, Nicholson & Associates you can confidently carry out your work knowing that you are covered in a worst-case scenario.
What is Professional Liability (Errors & Omissions) Insurance?
Also known as errors and omissions (E&O) insurance, professional liability insurance protects professionals and businesses who provide services or advice to clients. Specifically, this coverage applies if a client wants to make you or your business liable for an error or omission made during the course of business.
This type of coverage is essential for service-based businesses, such as accountants, marketers, engineers, healthcare practitioners, financial advisors, IT consultants, and lawyers.
Even if you are innocent, a single lawsuit can cost thousands of dollars in legal fees and reputational damage. But with E&O insurance, professionals can cover legal defence costs, settlements or judgements, and claims of breach of duty, negligence, and misrepresentation.
How Does E&O Insurance Work?
Professional liability insurance is integral coverage that steps in if you or your business is accused of making a mistake or failing to deliver on a service, even if the claim is unjustified or you are not found liable.
If a client believes that your service caused them (or their business) financial harm, either through an error, bad advice, or missed deliverables, they can come after you. However, with E&O insurance, all you need to do is file a claim. Your insurer will review the claim and provide legal support, which might involve hiring lawyers and paying for court fees.
If you are found liable, your insurance policy can cover the payout up to a certain limit, protecting your business and personal finances.
Common Claims Covered by E&O Insurance
You may be thinking that a liability claim can never happen to you. But errors and omissions claims happen all the time, especially with more people turning to freelance work. One of the biggest benefits of this type of coverage is that it protects service providers, even if an error occurs unintentionally.
Most E&O insurance policies cover:
Misrepresentation
Providing inaccurate or misleading information that the client relied on, which led to a financial loss
Professional Negligence
Making a mistake or failing to act while delivering a service.
Breach of Contract
Failing to meet the terms of a client agreement.
Libel or Slander
Writing or speaking statements that harm a client’s reputation.
Loss of documents or data
If client documents or data was lost or mishandled, leading to client exposure or inconvenience.
Incorrect Advice
If giving professional advice results in financial harm to a client, even if the risks were disclosed upfront.
How Much Does Professional Liability Insurance Cost?
Expert insurance brokers, like the team at Oegema, Nicholson & Associates can ensure you find the proper coverage without overpaying premiums.
The value of the insurance policy is based on a number of factors, including:
- Type of business
- Location of business
- Claims history
Why Trust Oegema, Nicholson & Associates for Professional Liability Coverage?
If you are a professional providing a service and interacting directly with customers or clients, you need reliable E&O insurance coverage that will be by your side when you need it the most.
Whether you are a freelancer, the head of a prestigious company, or running a law firm, professional liability insurance through Oegema, Nicholson can help you protect the integrity of your work.
We will work with you to identify the appropriate coverage for your unique business needs.
What Our Clients Are Saying
Real stories from people who trust
Oegema, Nicholson & Associates Insurance
“One call to Oegema, Nicholson & Associates is all it took. After our basement flooded, within a day or two they had a crew cleaning everything up, taking down the drywall and itemizing everything to be cleaned, thrown out or restored. They had everything in place for us in a timely manner and were extremely patient with me as they talked me through the process and waited for me to make decisions.”
Jennifer Parks, Stittsville, Ontario
“I’ve been dealing with ONA for over 20 years with my personal insurance, as well as our commercial insurance, and I know I can rely on them for great customer service, and prompt responses. I feel confident not only referring them to my employees, but to our customers as well.”
Charlene Brunet, Butler Group of Company
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