The Purpose of E&O Insurance
In Canada, it is possible for your travel agency to be sued for an abundance of reasons. Some of these have been explored above. This is where your E&O insurance policy comes into play. This insurance, which is known as Errors and Omissions Insurance, is responsible for protecting professionals, while performing their duties. The insurance is also known as professional liability insurance and it can protect your business in numerous ways. Below, you will find a list of potential problems, which are covered.
- Unintended confidentiality breaches
- Destruction or loss of documents
- Infringement upon copyright laws
This insurance works very similar to others and will require your agency to pay a monthly or annual premium. The benefits outweigh the cons and failing to secure insurance in a timely manner could result in future complications and massive losses of revenue. This is why it is absolutely imperative to reach out to LiabilityCover Today!
Your Individualistic Needs
Not all travel agencies are the same. Some have fewer employees and make less annually than others. Therefore, attempting to provide a generalized figure would be unrealistic and unreliable. Instead, LiabilityCover takes a unique approach to the situation. We will speak with you, in order to formulate an travel agency E&O insurance policy for your specific needs, desires and budget. Of course, obtaining the insurance, before any work is carried out is highly recommended, so contacting us today is a must.
Canadian Law Requirements
Before going any further, it is essential to remember that Canadian law regulates
travel agencies strictly. Of course, the laws deviate from one province to another, with Ontario being the strictest of all. To operate a travel agency in Ontario, Canada, you must register your business with the TICO agency and all employees are required to pass the TICO exam. You’ll also need to establish a trust account and make a security deposit of 10,000 CAD, which will be returned after 2 years of successful business.
Those that operate within British Columbia, Canada will need to pass a travel insurance exam. Your employees will be required to take and pass the exam, at least once. Finally, it should be known that all Canadian travel agencies would need to obtain travel surety bonds. These will help to protect the consumer from fraud and financial failure.
When you’re ready to obtain the necessary insurance, you will want to contact us right away.