Professional Risks, Errors and Omissions (or Miscellaneous) business is, by its very nature, difficult to define. If a company or individual is in the business of selling their knowledge or services then the prospect of a complaint or an allegation of negligence can be very real. Even if such allegations are baseless, it can be a very stressful and costly process to defend. Having an errors and omissions insurance policy provides peace of mind, both for the insured and their clients.
In recent years there has been a marked growth in the number and variety of service industries that would fall into this category. Anyone who offers advice or consultancy is deemed to be a professional. If you are unsure as to whether or not we will consider a risk please contact one of our underwriters.
TARGET CLIENTS INCLUDE:
- Fork Lift Consultants
- Forestry Consultants
- Recruitment Consultants
- Business / Management / Training Consultants
- Social Media Influencers
- Event and Wedding Planners
- Photographers
- Interior Designer (no structural work)
- Funeral Directors
- Property Managers
- Trade Association
- Health & Safety Inspection Service
- Non Destructive Testing
- Shipping & Freight Forwarding Consultants
- Tour Organizers
KEY ASPECTS OF THE COVER
- Limits available up to C$10,000,000
- Defence costs in addition
- Breach of contract
- Rectification cover
- Breach of a professional duty
- Inadvertent transmission of a computer virus
- Dishonesty of employees
- Failure to protect against unauthorised access or use
- Denial of service attack
- Defamation
- Breach of confidentiality and misuse of information
- Infringement of Intellectual Property Rights
- Loss or damage to documents
- Negligent acts, errors, omissions, misstatements or misrepresentation
- Irrecoverable fees
- Duty to defend the basis
- Extended reporting periods
- Compensation for court attendance
GENERAL LIABILITY
We can also offer a separate GL section with this wording.
CYBER EXTENSION
We can offer cyber extension with this wording.
Much of the cyber exposure is included within our main wording,
but our extension will give additional first-party cover for:
- Data protection defence costs
- Notification costs following a loss of data
- Public relations and crisis management services
- Cyber business interruption
- System rectification costs
- Data extortion
- Regulatory defence and penalties
D&O AND EPL EXTENSION
We can also offer an extension for Directors and Officers and Employment Practices Liability.
FAQ
What professions are covered under Professional Risks Errors & Omissions Insurance?
What professions are covered under Professional Risks Errors & Omissions Insurance?
What professions are covered under Professional Risks Errors & Omissions Insurance?
CHES Special Risk’s Professional Risks Errors & Omissions Insurance covers a wide range of professions, including but not limited to lawyers, architects, engineers, accountants, consultants, and healthcare professionals. Our comprehensive coverage is designed to protect professionals from potential claims and liabilities related to errors or omissions in their professional services. Explore our website to know more.
How does Professional Risks Errors & Omissions Insurance differ from other types of liability insurance?
How does Professional Risks Errors & Omissions Insurance differ from other types of liability insurance?
How does Professional Risks Errors & Omissions Insurance differ from other types of liability insurance?
Professional Risks Errors & Omissions Insurance, offered by CHES Special Risk, differs from other types of liability insurance by specifically addressing the risks and liabilities associated with professional services. It provides coverage for claims arising from professional negligence, errors, or omissions, which may not be covered under general liability policies. This specialized insurance offers tailored protection and peace of mind for professionals in various industries.
What are some examples of situations where Professional Risks Errors & Omissions Insurance would come into play?
What are some examples of situations where Professional Risks Errors & Omissions Insurance would come into play?
What are some examples of situations where Professional Risks Errors & Omissions Insurance would come into play?
Professional Risks Errors & Omissions Insurance is essential in various scenarios. Examples include legal professionals facing malpractice claims, architects or engineers held responsible for design errors, consultants providing incorrect advice leading to financial loss, or healthcare professionals accused of medical negligence. This specialized insurance safeguards professionals against the financial consequences of such situations. For more information, explore our website.
How can I determine if my client needs Professional Risks Errors & Omissions Insurance?
How can I determine if my client needs Professional Risks Errors & Omissions Insurance?
How can I determine if my client needs Professional Risks Errors & Omissions Insurance?
Determining the need for Professional Risks Errors & Omissions Insurance for your clients involves assessing their professional services’ potential risks and liabilities. Factors to consider include the nature of their work, exposure to claims, contractual requirements, and industry standards. CHES Special Risk offers expert guidance and customized solutions to help evaluate the necessity of this insurance coverage.
What factors determine the cost of Professional Risks Errors & Omissions Insurance?
What factors determine the cost of Professional Risks Errors & Omissions Insurance?
What factors determine the cost of Professional Risks Errors & Omissions Insurance?
The cost of Professional Risks Errors & Omissions Insurance from CHES Special Risk is influenced by several factors. These include the type of profession, the size of the business, the level of coverage required, claims history, and the risk exposure of the industry. By considering these factors, CHES Special Risk provides personalized quotes and tailored coverage options.
Are there any coverage limitations or exclusions to Professional Risks Errors & Omissions Insurance?
Are there any coverage limitations or exclusions to Professional Risks Errors & Omissions Insurance?
Are there any coverage limitations or exclusions to Professional Risks Errors & Omissions Insurance?
Professional Risks Errors & Omissions Insurance may have certain coverage limitations and exclusions. These can vary depending on the specific policy and industry. Common exclusions may include deliberate illegal acts, fraudulent activities, and property damage. It’s important to review the policy terms and conditions to understand the coverage scope. For more information on limitations and exclusions, explore our website.
Can a business with multiple professions be covered under a single Professional Risks Errors & Omissions Insurance policy?
Can a business with multiple professions be covered under a single Professional Risks Errors & Omissions Insurance policy?
Can a business with multiple professions be covered under a single Professional Risks Errors & Omissions Insurance policy?
Yes, CHES Special Risk provides the flexibility to cover a business with multiple professions under a single Professional Risks Errors & Omissions Insurance policy. This allows businesses with diverse professional services to streamline their insurance coverage, simplifying administration and ensuring comprehensive protection.
What happens if a client files a claim against a professional who has Professional Risks Errors & Omissions Insurance?
What happens if a client files a claim against a professional who has Professional Risks Errors & Omissions Insurance?
What happens if a client files a claim against a professional who has Professional Risks Errors & Omissions Insurance?
In the event of a client filing a claim against a professional covered by Professional Risks Errors & Omissions Insurance from CHES Special Risk, the insurer will handle the claim. They will conduct an assessment, provide legal defense if needed, and potentially cover the costs associated with the claim, such as settlements or judgments, up to the policy’s limits. This insurance protects professionals’ financial interests and preserves their reputation.
Is there a deductible associated with Professional Risks Errors & Omissions Insurance?
Is there a deductible associated with Professional Risks Errors & Omissions Insurance?
Is there a deductible associated with Professional Risks Errors & Omissions Insurance?
Yes, Professional Risks Errors & Omissions Insurance from CHES Special Risk may have a deductible. The specific deductible amount can vary depending on the policy and coverage selected. It is important to review the policy terms and conditions to understand the deductible requirements. For more information about the deductible associated with this insurance, check our website.
How can I apply for Professional Risks Errors & Omissions Insurance on behalf of my client?
How can I apply for Professional Risks Errors & Omissions Insurance on behalf of my client?
How can I apply for Professional Risks Errors & Omissions Insurance on behalf of my client?
To apply for Professional Risks Errors & Omissions Insurance on behalf of your client, you can visit CHES Special Risk’s website and access their online application form. Fill out the necessary information, including details about the client’s profession and coverage requirements. Alternatively, you can contact the team directly for personalized assistance in applying for the insurance. For more information and to begin the application process, check out our website.
Can a client who has had claims in the past still qualify for Professional Risks Errors & Omissions Insurance?
Can a client who has had claims in the past still qualify for Professional Risks Errors & Omissions Insurance?
Can a client who has had claims in the past still qualify for Professional Risks Errors & Omissions Insurance?
Yes, clients with a history of past claims may still qualify for Professional Risks Errors & Omissions Insurance from CHES Special Risk. While previous claims may impact the underwriting process and premium calculations, we, at CHES Special Risk consider each application on a case-by-case basis. They specialize in providing coverage solutions tailored to individual circumstances, including clients with prior claims.
Are there any additional coverage options available for Professional Risks Errors & Omissions Insurance?
Are there any additional coverage options available for Professional Risks Errors & Omissions Insurance?
Are there any additional coverage options available for Professional Risks Errors & Omissions Insurance?
CHES Special Risk offers additional coverage options to enhance Professional Risks Errors & Omissions Insurance. These options include cyber liability coverage to protect against data breaches, intellectual property infringement coverage, and coverage for disciplinary proceedings. These additional coverages can be tailored to meet the specific needs of professionals and provide comprehensive protection.
Does Professional Risks Errors & Omissions Insurance cover cyber-related risks?
Does Professional Risks Errors & Omissions Insurance cover cyber-related risks?
Does Professional Risks Errors & Omissions Insurance cover cyber-related risks?
Yes, Professional Risks Errors & Omissions Insurance from CHES Special Risk can provide coverage for cyber-related risks. This includes protection against data breaches, cyberattacks, and other liabilities arising from cyber incidents. With tailored cyber liability coverage options, professionals can safeguard their businesses and clients’ sensitive information.
Can Professional Risks Errors & Omissions Insurance be bundled with other types of insurance policies?
Can Professional Risks Errors & Omissions Insurance be bundled with other types of insurance policies?
Can Professional Risks Errors & Omissions Insurance be bundled with other types of insurance policies?
Yes, Professional Risks Errors & Omissions Insurance from CHES Special Risk can be bundled with other types of insurance policies. This allows professionals to streamline their insurance coverage by combining it with other relevant policies, such as general liability or cyber liability insurance. Bundling insurance policies can provide comprehensive protection and potential cost savings.
How long does a Professional Risks Errors & Omissions Insurance policy typically last?
How long does a Professional Risks Errors & Omissions Insurance policy typically last?
How long does a Professional Risks Errors & Omissions Insurance policy typically last?
The duration of a Professional Risks Errors & Omissions Insurance policy from CHES Special Risk can vary. Policies can be purchased on an annual basis, typically with the option to renew. The specific duration will be outlined in the policy terms and conditions. Professionals can consult CHES Special Risk for further information on policy duration and renewal options.
How does the claims process work for Professional Risks Errors & Omissions Insurance?
How does the claims process work for Professional Risks Errors & Omissions Insurance?
How does the claims process work for Professional Risks Errors & Omissions Insurance?
The claims process for Professional Risks Errors & Omissions Insurance from CHES Special Risk involves notifying the insurer about the claim. The insurer will then assess the claim, provide legal defense if needed, and potentially cover the costs associated with the claim, up to the policy limits. It is important to review the policy terms and conditions for specific details regarding the claims process.
Can a Professional Risks Errors & Omissions Insurance policy be cancelled mid-term?
Can a Professional Risks Errors & Omissions Insurance policy be cancelled mid-term?
Can a Professional Risks Errors & Omissions Insurance policy be cancelled mid-term?
Yes, a Professional Risks Errors & Omissions Insurance policy from CHES Special Risk can be cancelled mid-term. The specific terms and conditions regarding policy cancellation will be outlined in the policy itself. Professionals should consult CHES Special Risk for information on the cancellation process, any applicable fees or penalties, and any potential refunds.
What are the consequences of not having Professional Risks Errors & Omissions Insurance?
What are the consequences of not having Professional Risks Errors & Omissions Insurance?
What are the consequences of not having Professional Risks Errors & Omissions Insurance?
Not having Professional Risks Errors & Omissions Insurance can leave professionals exposed to significant financial risks. Without this coverage, they may be personally liable for legal expenses, settlements, or judgments arising from claims of professional negligence, errors, or omissions. It can also damage their reputation and hinder their ability to secure contracts or clients. CHES Special Risk offers strong protection to mitigate these consequences.
Are there any specialized Professional Risks Errors & Omissions Insurance policies available for certain professions?
Are there any specialized Professional Risks Errors & Omissions Insurance policies available for certain professions?
Are there any specialized Professional Risks Errors & Omissions Insurance policies available for certain professions?
Yes, CHES Special Risk offers specialized Professional Risks Errors & Omissions Insurance policies tailored to specific professions. They provide industry-specific coverage for professions such as lawyers, architects, engineers, real estate agents, accountants, consultants, and healthcare professionals. These specialized policies address the unique risks and liabilities associated with each profession, ensuring comprehensive protection.
Can you provide a quote for Professional Risks Errors & Omissions Insurance for a specific client?
Can you provide a quote for Professional Risks Errors & Omissions Insurance for a specific client?
Can you provide a quote for Professional Risks Errors & Omissions Insurance for a specific client?
Yes, we can provide E&O/ Medical Malpractice insurance quotes for any clients that offers professional advise or service. Those clients can be Allied health professionals, lawyers, consultants, ad agencies, Tour operators etc.
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