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Oracle RMS Insurance

Professional Services Insurance

Industry Insurance — Oracle RMS Insurance

Professional Services Insurance

Insurance for consultants, accountants, lawyers, advisors, and professional services firms across Canada.

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Professional services firms provide advice and expertise that clients rely on to make important decisions. When that advice is alleged to be wrong, the financial consequences can be significant. Professional liability (errors and omissions) insurance is the cornerstone of any professional services insurance program. Oracle RMS works with a wide range of professional services firms to build comprehensive insurance programs that address both their professional and commercial exposures.

Who needs this coverage?

Management consultants, accounting firms, law firms, financial advisors, HR consultants, marketing agencies, PR firms, executive search firms, business coaches, and any firm that provides professional advice or services to clients.

Key coverages

  • Professional liability (E&O)
  • Commercial general liability
  • Cyber liability
  • Directors & officers
  • Employment practices liability
  • Commercial property
  • Business interruption
  • Crime and employee dishonesty

Frequently Asked Questions

What professional services firms need E&O insurance?
Any firm that provides professional advice, consulting, or specialized services to clients needs E&O insurance. This includes management consultants, accountants, lawyers, financial advisors, HR consultants, marketing agencies, and IT consultants.
Is E&O insurance required for accountants in Canada?
CPA provincial bodies across Canada require members in public practice to carry professional liability insurance as a condition of their licence. Law societies similarly require lawyers to carry E&O coverage. Requirements vary by province and professional body.
What is employment practices liability insurance?
Employment practices liability (EPL) insurance covers claims made by employees alleging wrongful termination, discrimination, harassment, or other employment-related wrongful acts. It is particularly important for professional services firms with significant staff.
Do consulting firms need cyber liability insurance?
Yes. Consulting firms often handle sensitive client data and may have access to client systems. A data breach or cyberattack can result in significant costs and client claims. Cyber liability is increasingly required by enterprise clients as a condition of engagement.
How much E&O coverage does a professional services firm need?
Coverage limits depend on the size of your contracts, your clients' requirements, and your industry. Common limits range from $1 million to $5 million per claim. Some regulated professions have minimum coverage requirements set by their governing body.

Ready to review your coverage?

Speak with a licensed broker at Oracle RMS — by phone, video, or in person. We serve businesses across Canada.*

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* Commercial insurance services available across Canada, excluding Quebec.