Aside from those working in healthcare, there may be no industry in which professionals are scrutinized as heavily by their clients as those working in finance. When it comes to their personal assets, people are often quick to point fingers and raise concerns at the first sign of trouble.
With a close eye being kept at all times on Ontario’s finance professionals, Errors and Omissions insurance is a must-have for any serious contractor, consultant or financial services advisor. While most clients do not require finance professionals to hold professional liability insurance in Ontario, the return on investment speaks for itself.
Common Risks for Finance Professionals
Whether a small clerical error is made along the way, or a client simply falsely accuses you of wrongdoing, protecting yourself with professional liability insurance can help you avoid hefty damages or legal fees. Some common claims that finance professionals encounter include:
A processing error is believed to cause you to lose a client and your organization is now attempting to hold you accountable.
You make a mistake calculating a client’s deductions and they are now on the hook for more money and late fees.
You forget to inform a client of an important processing deadline or a client believes they’ve been misled.
Mishandling of Accounts
A client claims you have made risky or unauthorized investments on their behalf and wants to hold you liable
Of course, these are only a handful of scenarios that accountants, financial advisers, and consultants face every day. As the turbulent global economy — and the laws that regulate it — continue to change constantly, making a mistake or being accused of doing so will only become more and more likely over time.
Who Does Cover Advantage Protect?
Cover Advantage helps both independent financial consultants and professionals working at large firms to secure professional liability insurance as well as commercial general liability (CGL) and Director’s and Officer’s (D&O) insurance. These individuals include:
Bottom line: if you work with clients in any facet of financial planning, accounting or auditing, Errors and Omissions insurance should be a must have for you and your business.
Get a Quote. Get Covered.
With an unpredictable global economy looming, skilled financial professionals bring Ontario’s residents the peace of mind they need when planning their finances. By protecting yourself with professional liability insurance, you can make sure your time and resources go toward helping those that need you most, not toward defending yourself for a single mistake or a false claim.
Take the first step toward getting protected. Get a free quote now.