Professional Services insurance is designed for consultants, accountants, engineers, and other skilled advisors. With over 1.2 million Canadians employed in the professional, scientific, and technical services sector, specialized coverage protects against errors and omissions, client disputes, and the liability risks tied to expert advice.
Professional service providers (consultants, accountants, architects, and IT specialists) face heightened risks from errors, omissions, and client disputes.
At Oracle RMS, we help service providers focus on delivering exceptional work while minimizing financial and legal risk.
Oracle RMS helps professionals mitigate risk with tailored coverage solutions. Speak with a licensed broker or request a quote today.
Professional liability, also called errors and omissions, covers claims that your professional advice, services, or work product caused a client financial loss. It applies to any business paid for expertise rather than a physical product: consultants, accountants and bookkeepers, engineers, architects, marketing and design agencies, HR and recruitment firms, IT consultants, and financial advisors. Many client contracts now require it as a condition of engagement.
We arrange coverage for a broad range of professional firms, including consulting practices, accounting and bookkeeping firms, engineering and architectural practices, agencies, recruiters, project managers, and independent contractors working on retainer. Some regulated professions in Ontario must obtain professional liability through a program mandated by their governing body. Your broker will confirm where that applies and arrange the coverage that sits alongside it.
Most professional liability policies are written on a claims-made basis, meaning the policy that responds is the one in force when the claim is made against you, not when the work was performed. Your retroactive date sets how far back your past work is covered. Allowing coverage to lapse, or resetting that date when you switch insurers, can leave completed work unprotected.
An extended reporting period, commonly called tail coverage, allows claims to be reported after your policy ends for work performed while it was in force. It matters when you retire, sell your practice, merge, or move to a salaried role, because claims can surface long after a project closes. Raise it with your broker well in advance rather than at cancellation.
Yes. Errors and omissions responds to claims that your professional work caused a client loss. Cyber insurance responds to your own breach response costs: forensic investigation, legal counsel, notification obligations under Canadian privacy law, business interruption, ransomware, and system restoration. Professional firms hold substantial confidential client information, and the policies address different sides of the same incident.
Often, yes. Directors and officers coverage protects directors and officers personally against claims relating to management decisions, governance, employment practices, or regulatory matters, and personal liability does not scale down because the company is small. It is particularly relevant for incorporated firms with outside investors, an advisory board, or employees, and for anyone serving on a non-profit board.
Yes. Contract insurance requirements are among the most common reasons professional firms contact us. We review the clause, confirm whether your current program meets the specified wording, arrange any endorsements needed, and issue the certificate. It is worth having the insurance clause reviewed before you sign, since some requirements are easier to negotiate than to purchase.
