Professional liability insurance (errors and omissions, or E&O) in Ontario protects consultants, advisors and licensed professionals from claims of negligence, mistakes or bad advice. The Insurance Lab places E&O coverage for accountants, IT consultants, real estate agents, designers and other professionals.
Overview
Professional liability insurance, also known as Errors & Omissions (E&O), protects professionals from claims of negligence, mistakes, or failure to deliver services as promised. In Ontario, many professions require E&O coverage by law or by contract. The Insurance Lab provides competitive E&O quotes from standard and specialty markets for consultants, accountants, engineers, and other professionals across Ontario. Our RIBO-licensed brokers understand industry-specific E&O requirements and can place coverage even for hard-to-insure professions.
Who Needs This Coverage?
- IT consultants, management consultants, and marketing professionals in Ontario
- Accountants, bookkeepers, and tax professionals
- Real estate agents and brokers across the Greater Toronto Area
- Engineers, architects, and design professionals
- Insurance brokers, financial advisors, and mortgage professionals
- Healthcare consultants and paramedical practitioners
Coverage Details
- Defense costs for negligence and professional error claims
- Damages awarded from errors, omissions, or misrepresentation
- Breach of duty or failure to perform professional services coverage
- Misrepresentation and misleading professional advice claims
- Regulatory defense coverage for professional licensing bodies
- Prior acts coverage for work completed before policy inception date
Example Scenarios
IT Consultant's Software Implementation Fails
A client's system crashes due to your implementation error. E&O covers legal fees and damages for your Ontario consulting firm.
Accountant Makes Tax Filing Error in Ontario
A client faces CRA penalties due to your tax preparation mistake. Professional liability covers the resulting costs and legal defense.
Architect's Design Flaw Causes Structural Issue
A structural problem traces back to your plans. E&O insurance covers defense and remediation costs for Ontario architects.
Real Estate Agent Misses Material Disclosure
A buyer sues over undisclosed property defects in Ontario. Your E&O policy provides legal defense and damages coverage.
Why Choose The Insurance Lab?
- Specialized E&O insurance for Ontario professionals, we know your industry's requirements
- Access to standard and specialty markets for hard-to-place professional liability risks
- Competitive E&O rates from 25+ insurance markets
- Prior acts coverage and regulatory defense included in most policies
- RIBO-licensed brokers who understand Ontario professional liability regulations
Frequently Asked Questions
How much does professional liability insurance cost in Ontario?▼
E&O insurance in Ontario typically costs between $500 and $5,000+ per year depending on your profession, revenue, number of employees, and claims history. The Insurance Lab compares rates from multiple markets to find the most competitive professional liability rate for your business.
Is professional liability insurance required in Ontario?▼
Many Ontario professions require E&O insurance by law or by their professional regulatory body, including real estate agents, accountants, engineers, and insurance brokers. Even if not legally required, many clients and contracts require proof of professional liability coverage.
What's the difference between professional liability and general liability insurance?▼
General liability (CGL) covers bodily injury and property damage claims, while professional liability (E&O) covers financial losses caused by your professional errors or negligence. Most Ontario businesses need both, The Insurance Lab can bundle them for savings.