In our previous post on the topic, we gave a few examples of some of the professions that should consider professional liability or E&O. In this post we’re going to offer a more comprehensive list of the types of professionals that could benefit from this coverage.

Errors and Omissions (E&O) insurance refers to a type of coverage for those that work in a professional capacity offering advice and expertise to their clients. For this reason, this type of insurance is also often referred to as professional liability insurance. In short, E&O insurance would protect your business in the event that an error made by you resulted in a loss to your client, usually a financial loss.  

Coverage in Ontario

First off, let’s look at the professions that must have E&O coverage in Ontario. Many governing bodies require that their members hold some form of professional liability coverage to practice in Ontario. These include:

• Accountants
• Mortgage brokers
• Real estate agents
• Estate planners
• Lawyers (in private practice)
• Paralegals (that offer legal services to the public)
• Architects
• Engineers
• Medical Professionals (e.g. physicians, nurses, pharmacists)
• Health practitioners (e.g. naturopaths, chiropractors)

If you’re unsure whether your profession requires E&O insurance, it’s a good idea to check in with your governing body.

Types of businesses that should consider E&O

Essentially any business or profession that revolves around providing advice, recommendations and expertise to clients would benefit from professional liability or E&O coverage. If a client could sue you due to a mistake or negligence on your part while doing business or providing a service, then this type of coverage is a very important consideration. Some examples of other professions that commonly obtain E&O insurance include:  

• Financial consultants
• Technology pros and consultants
• Business and management consultants
• Advertising agencies
• Designers
• Recruiters
• Private investigators
• Property managers
• Publishers
• Travel agents
• Mediators
• Home inspectors
• Appraisers
• Surveyors
• Event planners
• Urban planners
• Translators

This is by no means an exhaustive list, but it does cover off some of the more common professions that E&O would apply to. If your professional service is not on this list and you’d like to find out whether this coverage would apply to you, feel free to reach out to someone from our team of insurance specialists. We would be happy to discuss the particulars of your business with you.

Want more information on this topic? Check out our posts with more specific details on this type of business insurance coverage:

Insurance Terms Defined – Errors and Omissions (E&O)

Business Insurance Q & A – Who Can Benefit from Professional Liability Coverage?

Insurance Terms Defined – Indemnity (for business)

Or get in touch with someone from our team to discuss your specific business and its insurance needs. Click here if you’d like to get an insurance quote for your business.   

Image source: FreeDigitalPhotos.net | Stuart Miles