Professional Services

Key Coverages for Professional Service Businesses

The quality and integrity of your services drives your business forward.  In additional to General Liability and Commercial Property Insurance, consider these key coverages.

Errors & Omissions

Errors and omissions insurance (E&O) is a type of professional liability insurance that protects companies and their workers or individuals against claims made by clients for inadequate work or negligent acts causing financial harm.

Cyber Insurance

Cyber Insurance protects your business against liability claims arising from data breach or theft of customer data through your computer systems.

Directors & Officers

Often called “D&O”, this is payable to the directors and officers of a company, or to the organization(s) itself, as indemnification (reimbursement) for losses or advancement of defense costs in the event an insured suffers such a loss as a result of a legal action brought for alleged wrongful acts in their capacity as directors and officers.

Media Liability

This coverage helps companies defend suits that arise from their gathering and delivery of media such as education, news, commentary, services and entertainment. It protects against claims arising from alledged defamation, invasion of privacy, infringement of copy right and trademarks.

Insurance Insights for Industry Professions

If you work in one of these industries here are a few reasons to protect yourself with the right insurance coverages.

  1. Why do IT/Computer Consultants need insurance?

    Whether you develop software in your basement for small businesses or provide network security for a large corporation, you owe your customers a duty of care to provide these services without error.  Everyone makes mistakes, however even if a customer alleges that an error has occured, you can find yourself incurring legal bills.  A great way to protect yourself is with a Professional Liability or Errors & Omission insurance.

  2. Why do Health Professionals need insurance?

    Medical Professionals help improve the quality of life for all Canadians, but in doing so they are exposed to a wide range of potential liability exposures. Whether you are a massage therapist, doctor, dentist or any other health professional, Medical Malpractice insurance protects professionals in this industry against allegation of errors, omissions and negligent acts.

  3. Accountant and Financial Consultants insurance needs

    Businesses of all sizes rely heavily on the expertise of financial professionals for suceess with their investments and business ventures. However with this high level of trust comes a considerable exposure.

    Whether you are a bookeeper for small firms or a CFO for hire you have a duty of care to provide your customers with acurate advice. Failing to do so can result in serious financial loss. A Professional Liability Policy will respond to allegation of error, omission or negligent acts.

The Bauld Process

When you engage the Bauld Team for your insurance needs, you will appreciate our Commercial Advisors depth of insurance knowledge and their hands-on personal approach.

Frequently Asked Questions by Professional Services

  1. What happens if I make a mistake (professional negligence)?

    We know that you’re very careful and thorough in your work, but you’re human. If you overlook an important detail that results in your client not receiving the agreed upon service, your E&O coverage is designed to protect you from serious financial loss.

  2. Your client says your advice has cost him, what now?

    If a client claims that the professional advice you offered resulted in damages that led to direct economic losses, you could face a lawsuit for the costs associated with those losses. E&O coverage will provide a safeguard in this instance.

  3. What happens when your staff member misses an important datail?

    If you or an employee were to present information that your client feels is faulty or misleading or misrepresenting. Your client could launch suit. Even if there is no merit to the claim. An E&O policy will respond to legal expenses associated with these claims.

  4. My laptop was stolen or lost, am I covered?

    If a consultant’s laptop is stolen from their vehicle, there could be sensitive material lost or your clients data could be compromised. If due to this breach of information their client suffers harm, the consulting firm could be sued. Protect this with General Liability coverage.

Is Your Business Well Protected?

You work hard to make your business successful. Find out how our Bauld Commerical Insurance Advisors can help you better protect your business.