E&O/Professional Liability Insurance Insurance – Newfoundland and Labrador

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.

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.

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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.

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!

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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 Business facts about Newfoundland and Labrador

  1. Rich Fishing Tradition: Newfoundland and Labrador have a deep-rooted history in the fishing industry. The province is renowned for its high-quality seafood, including cod and snow crab, making it a significant contributor to Canada’s fishing sector.
  2. Offshore Oil and Gas: The province is a major player in the offshore oil and gas industry. With significant reserves, Newfoundland and Labrador contribute substantially to Canada’s energy production, fostering economic growth and employment opportunities.
  3. Vibrant Arts and Culture: Newfoundland and Labrador have a unique cultural heritage, celebrated through music, literature, and the arts. The province’s vibrant cultural scene provides opportunities for businesses in the creative and tourism sectors.
  4. Historical Sites and Tourism: The province is home to UNESCO World Heritage Sites, such as L’Anse aux Meadows, showcasing its rich history. Tourism is a growing industry, with visitors attracted to the stunning landscapes, historical sites, and vibrant communities.
  5. Aquaculture Growth: Newfoundland and Labrador are actively involved in the aquaculture industry. Salmon farming, in particular, has seen significant growth, contributing to the province’s economic development and creating employment opportunities.
  6. Educational Excellence: The province hosts reputable educational institutions, contributing to a skilled workforce. Memorial University of Newfoundland, in particular, is a hub for research and innovation, supporting the growth of knowledge-based industries.
  7. Renewable Energy Potential: With its coastal geography and strong winds, Newfoundland and Labrador have untapped potential in renewable energy, particularly wind power. The province is exploring opportunities to expand its renewable energy sector.
  8. Cultural Festivals: Newfoundland and Labrador are known for their lively festivals, including the famous St. John’s Regatta and the George Street Festival. These events attract locals and tourists alike, providing a platform for businesses in the hospitality and entertainment sectors.
  9. Traditional Craftsmanship: The province has a strong tradition of craftsmanship, with artisans producing unique handmade products. From handmade quilts to wooden crafts, Newfoundland and Labrador’s artisanal products contribute to the local economy.
  10. Supportive Business Climate: The provincial government actively supports economic development, offering programs and incentives for businesses. The supportive business climate, coupled with natural resources and a skilled workforce, makes Newfoundland and Labrador an attractive location for various industries.
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