E&O/Professional Liability Insurance – Saskatchewan
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, we know that each business in Saskatchewan is unique in its own way. From architects in downtown Regina to accountants operating out of Moose Jaw, 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 Saskatchewan.
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 Saskatchewan?
Just as businesses differ across Saskatchewan, 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 SK Business Facts
- Saskatchewan has a diverse agriculture and agri-food sector. In fact, it’s world renowned for supplying quality agricultural ingredients and foods.
- The next time you reach for flour in a recipe, it most likely came from a Saskatchewan field. Farmers across the province count for over 54% of all the wheat crop in Canada.
- The world’s oldest running gold mine was discovered by a Saskatchewan farmer in 1906. Since coming across it while digging a hole with a plough, it’s still operating and is one of the largest gold mines globally.
- When you think of the Saskatchewan agricultural scene, breadbasket crops come to mind. However, 96% of lentils, 90% of chickpeas and 70% of dry pea crops grown in Canada came from SK fields.
- Fan of mustard on your hotdog or hamburger? Odds are that your favourite condiment came from Saskatchewan, producing approximately over 80% of Canada’s mustard crop.
- When you think of Saskatchewan, flat lands and prairie landscapes might come to mind. In fact, over 50% of the province is covered in dense forests. The commercial forestry zone has 11.7 million hectares, 5.3 million of which are classified as productive forest land.
- The Regina Symphony Orchestra is the longest continuously running orchestra in Canada since being founded back in 1904.
- Regina is home to Scotty the T-Rex, the largest known Tyrannosaurs rex in the world. Weighing in at just under 20,000 pounds you can visit Scotty at the Royal Saskatchewan Museum.
- Saskatoon has seen continued growth throughout the years, reporting 11,743 total licensed businesses. Saskatoon welcomed 1,365 new businesses in 2019.
- The province is an energy giant. It features the most diverse primary energy resource base throughout Canada.