Which Ontario Professionals Actually Need Errors And Omissions Insurance?

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If you work as a professional in Ontario, you’ve put yourself at risk at some point or another. The sad truth is that Ontario businesses can be sued by their clients at any point in time. Even if you’re only guilty of making a simple mistake, you could be held liable for the client’s financial loss. This could result in a costly lawsuit and an even more expensive settlement. While all professionals can benefit from E&O insurance, this coverage is more pertinent for some. Below, you discover a breakdown of the professionals that will benefit most by purchasing errors and omissions insurance from a liability insurance company like LiabilityCover.

Website Developers

Website developers often work as freelancers or independent contractors. Therefore, these individuals may not feel that it is a necessity to obtain E&O insurance. This mindset could come back to haunt you in the future. As a website developer, it is your job to make sure that the client’s website is totally safe and secure. If something goes wrong and the website gets hacked, you’re going to be held responsible! While the risks involved are slightly lower than what accountants will face, website developers are not invulnerable to lawsuits.

With this in mind, website developers will be wise to invest in E&O insurance. Aviva and other insurance providers may offer insurance that specifically cater to the needs of these professionals.

Stock Brokers

Stock brokers are responsible for making the right choices for their clients. If you do your job well, you will be able to help the client make a substantial income. If you make the wrong choices, your client could lose everything. Suffice to say, these individuals will be at an enormous risk and could face a lawsuit at every turn. As a stock broker, it is downright pertinent to make sure you acquire errors and omissions insurance. Just remember that you may be required to pay a large sum, since stock brokers are often labeled as high-risk.

Wedding Planner

Millions of couples get married annually, with many of them hiring wedding planners to assist throughout the process. Most wedding planners will work on multiple weddings simultaneously, leaving plenty of room for error. A disgruntled bride and groom is something that no one wants to ever be forced to deal with. Just the slightest mistake can lead to a total failure wedding. This is something that cannot be rectified, without a civil court action or settlement.

Construction Companies

There is lots of exciting construction opportunities for many builders in Ontario. Buildings and homes are going up all over the place, which poses many new jobs for tons of construction crews. However, as the owner of a construction business you have many things to consider. Will every project go off without a hitch, will every project get completed on time, and will every project get completed as it was presented? With all these opportunities available, construction company owners from all around are taking advantage, but they also need to make sure they are properly covered.

Error and omissions insurance is something that you cannot go without. In the event that you or one of your employees makes a mistake on a job that results in financial loss to your customer, you will be covered. In the event that the project does not get completed on time your errors and omissions coverage will cover any losses.

Home Inspectors

With the housing market coming back into play many home inspectors are seeing the benefits. More and more Canadians are buying homes, which calls for the needs of your services. As a home inspector, you are required to walkthrough a home and point out any potential problems that might arise in that home. With everything that you have to consider it is easy to overlook a potential problem that could result in financial losses to your client.

And more than a 100 more professions!

See a list of professions here.

If something like this happens your client is going to come after you. Error and omissions insurance can protect you against these kinds of claims.

Rates for this insurance product vary depending on your profession, claims history, and exposure. Click here to see some tips to save $.