Providing professional advice or services as a licensed insurance broker — identifying exposures and recommending appropriate cover — comes with a financial risk. If a client alleges their cover is negligent or inadequate and files a lawsuit, Errors and Omissions (E&O) insurance can help protect the operations of an insurance brokerage when defending a claim.
Market consistency, experience results in reliable, compliant E&O cover
Endorsed by the insurance brokers associations of Ontario and Newfoundland (IBAO and IBAN) for more than 30 years, Gallagher works exclusively with underwriter Swiss Re to administer the E&O program. Gallagher's decades-long partnership with Swiss Re — the market leader in insurance broker E&O coverage — translates to our clients benefitting from a consistent, reliable product that has endured the test of time.
Our E&O program focuses on broad policy wording that's compliant with province regulations, but it also includes coverage enhancements that respond to the changing exposures faced by brokers. Our team's combined 100 years of experience and knowledge means we are able to provide the following:
- Guidance on merger and acquisition activity, policies and procedures, and industry issues
- Educational resources relevant to current market considerations
- Continually updated accredited loss control, risk management and ethics seminars across Canada
- Coverage tailored to your specific business needs
- Access to claims experts and legal advice
- Additional products such as fidelity bonds, cyber liability, and directors and officers liability
Highlights of professional liability cover for insurance brokers
We understand the importance of protecting your business against mistakes that can happen when providing insurance advice. Coverage highlights of Gallagher's E&O program include the following:
- Defence costs in addition to the limit of liability
- First dollar defence
- Coverage for punitive damages if the act for which punitive damages are awarded is covered by the policy and such damages are permittable by law
- Coverage for dishonest, fraudulent, criminal or malicious acts, in accordance with the Registered Insurance Brokers of Ontario (RIBO) and Ontario Insurance Commission (OIC) regulations
- Right of discovery period endorsement
- Only six exclusions in basic policy
- Additional insuring agreements that provide coverage for regulatory investigation, teaching, premium financing for own clients, and catastrophe extra expense and subpoena
- Deductible reduction endorsement
- Breach of personal data endorsement
- Employment Practices Liability (EPL), including defense and loss coverage
Professional liability insurance that safeguards your future
We hope you never have to deal with a claim of negligence. But should a situation arise, having an E&O policy can help mitigate your risk. Let Gallagher's experienced and knowledgeable team identify your risks and deliver a policy that instills confidence for your future.
