E&O/Professional Liability Insurance – British Columbia
Anyone can make mistakes; bankers, accountants, lawyers, advertising agencies, architects, printers, 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 for over 40 years, we know that each business in BC is unique in its own way. From architects in downtown Vancouver to accountants operating out of Surrey, 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 BC. And with 100 locations across the province, there’s sure to be a Westland location near you.
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 BC?
Just as businesses differ across British Columbia, so do the risks and exposures which impact the cost. The following factors will impact the cost of your errors & omissions coverage:
- Level of Experience
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!
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 BC Business Facts
- British Columbia has a solid small business sector, with 98% of all businesses in the province and over one million people employed.
- British Columbia is one of the top 3 producing regions of cranberries and blueberries in the world.
- BC ranks first in the country for small businesses (per capita), with 84.2 businesses per 1,000 people.
- Over 38% of self-employed BC residents are women, making BC the second-highest rate of women-led businesses in the country.
- The primary industry in BC is the service industry, accounting for more than 75% of the province’s GDP.
- In Vancouver alone, there are approximately 79,989 businesses.
- BC’s forest industry contributes about $12.9 billion to the provincial GDP every year.
- The film industry in BC employs over 70,000 people.
- Fan of seafood? BC is the place for you, exporting salmon, crab, shrimp, you name it!
- British Columbia is one of the most popular wine regions on the continent.