Canada’s business analysts spend the majority of their time developing, evaluating, improving, and implementing advanced solutions. The Canadian business analyst is looking at days, weeks, and months of non stop working on commercial projects. With so much time invested in a single commercial project, there is plenty of room for error.
Unfortunately, too many businesses put all of their eggs in the same business analyst basket. These companies believe it has always worked for them in the past, it will continue working. Needless to say, this is not always the case. You could be working with the same commercial client for years and experience a mishap, resulting in a failed project.
Working in a demanding industry like business analysis, you are exposed to a boatload of risks. Unfortunately, there is little you can do to minimize your risk exposure but there is something you can do to protect your business analytic firm. Professional Liability (Errors & Omissions) insurance is the solution all business analysts have been searching to find for a long time.
Errors & Omissions (E&O) is guaranteed to protect your business analytic firm from financial ruin associated with a negligence claim or lawsuit. There only needs to be a single disgruntled client to ruin your business. With liability insurance on your side, the impact of the negligence claim or lawsuit will not be as devastating. In fact, it could very well be the difference between a bankruptcy and a flourishing business analytic firm.
Professional Liability Insurance (PLI) – What Is It?
Again, Professional Liability Insurance, better known as PLI in Canada’s insurance industry protects against negligence claims and lawsuits. Whether you are a veteran or a newbie business analyst, you are required by Canadian law to be insured. PLI is not only a legal requirement but also a professional necessity, as it can protect against financial loss linked to an error and omission in your business operations.
An error and omission can occur at the drop of a hat. Its negative impact can go undetected for weeks, months, or even years. When the onset does surface, it will be obvious to you and your client. It may take an additional year or so to determine the underlying cause of the error and omission. In the meantime, what in the world are you going to tell your client? The truth, of course.
PLI is available through ProfessionalsCoverage, the Canadian liability insurance experts.
Canadian Business Analyst Liability Insurance – How Much Are The Premiums
The premiums for Canadian business analyst liability insurance vary from one professional to another. There are several factors that will determine your monthly premiums. These factors include claim history, level of coverage, years in business, operation location, and negligence lawsuit history. It is crucial to know this information in advance because the insurance company will need to know this information when reviewing your application.
The best way to determine the actual premium for professional liability insurance is through a free quote. ProfessionalsCoverage offers free quotes to all business analysts operating in Canada. Whether your field of operation is in Montreal, Vancouver, or Winnipeg, ProfessionalsCoverage will work with you to customize a professional liability package specific to your insurance needs.
Customized Or Core Professional Liability Insurance Policy
There are two primary options when it comes to professional liability insurance policies. The options include a customized policy or basic (core) policy. The option will depend on your coverage needs and preferences. Some Canadian business analysts prefer the core professional liability policy because it is affordable, convenient, and accessible. But, most business analysts prefer a customized professional liability policy because it is designed to meet or exceed their insurance needs.
Contact ProfessionalsCoverage in Canada to learn more about customized and core professional liability policies. If your risk exposures and hours of operation are minimal, a core professional liability policy may suffice. If your situation is the opposite, customized professional liability coverage will be your only option.
Professional E&O Insurance – What Is Covered
Nearly all negligence acts are covered under E&O insurance. Negligence is a careless act that causes bodily injury or property damage. Negligence is most often contributed to a failure to act appropriately. An example of business analytic negligence is a failure to implement a business process properly.
There is not a single Canadian business analyst who wants to commit a negligent act. Regardless of how hard you try to follow all of the business analytic rules, a mishap can occur. Even a minor mishap could lead to a failure analysis. When this happens, your client may very well feel victimized. This is a normal emotion that will only continue to escalate if the issue is not eliminated in a timely manner. Even a 24-hour delay can lead to a claim and eventually a lawsuit.
Business Analyst Liability Insurance Covers Litigation Expenses
Litigation fees in Canada can run up into the thousands of dollars. Canadian liability lawyers will charge between $75 and $475 per hour for their services. The initial consultation is generally free while the costs of other litigation services vary from one legal firm to another.
If the negligence case progresses further, your litigation fees will increase significantly. How are you supposed to stay in business when all of your profits are going to litigation fees? This is a question that many uninsured business analysts facing negligence claims and lawsuits are pondering on.
The only way to avoid the financial ruin associated with the monetary damage caused by third-party negligence claims and lawsuits is through professional liability insurance. This coverage will almost always cover litigation expenses associated with negligence claims and lawsuits.
While your liability insurance covers your expensive litigation fees, your business analytic firm can continue to operate without a hitch. This option is not available to uninsured business analysts in the same situation.
Does Professional Liability Insurance Cover Frivolous Lawsuits And Claims?
Unfortunately, not all third-party claims and lawsuits are determined to be legitimate. Once the claim or lawsuit is filed by a disgruntled client, the damage has been done. This is especially true for publicized negligence claims. When a consumer makes a negligence allegation, the public generally stops to listen. By this point, the allegations have spread throughout your community, causing a stir.
If you tried all of your options to no avail, you will be facing one of the biggest challenges of your career. Negligence claims are no joke but this does not stop fraudulent consumers from going through with them. In fact, some Canadian consumers are well known among the business analytic community for their fraudulent claims.
Regardless, negligence claims must be investigated to the highest extent.
Yes, professional liability insurance policies do cover monetary damages related to frivolous lawsuits.
Contact ProfessionalsCoverage Today!
Canadian laws require all business analysts to carry liability insurance. You should not base your decision to get liability insurance coverage on these laws. Instead, you should base your decision on the policy’s many benefits. Negligence claims and lawsuits are not always determined to be legitimate. Knowing your rights as a Canadian business analyst will definitely help protect your firm from damage caused by negligence claims.
The liability insurance experts at ProfessionalsCoverage are on standby waiting for your call. These professionals will provide you with a free quote and recommendations, regarding professional liability insurance. Call ProfessionalsCoverage at your earliest convenience to request a liability policy quote.
Business Analyst Disability Insurance
You biggest asset in life is your earning ability. If you are unable to work, you will need to rely on either your savings or borrow money to sustain your lifestyle. When these unfortunate circumstances occur, dependents and spouses are also impacted financially and emotionally.
Disability insurance coverage will provide you a monthly income benefit, usually totaling 70% to 80% of your income, when you are unable to work for a period of time due to injury or illness.
Types of disability insurance
- Long-Term Disability Insurance (LTD)
- Short-Term Disability Insurance
- Key Person Disability Insurance
- Self Employed Disability Insurance
- Mortgage Disability Insurance
- Temporary Disability Insurance
- Supplemental Disability Insurance
Need coverage in effect? Compare the market!
FAQ before purchasing business analyst liability insurance
- How much business analyst professional liability insurance do I need?
- How do I get a business analyst insurance policy?
- What does business analyst professional liability insurance cover?
- What is the difference between claims made & occurrence form of coverage?
- When will I need to be insured as a business analyst?
- What other professions need this type of insurance?
Other useful posts you should also read
- Canadian insurance companies that provide professional liability insurance for business analysts
- How does the claims process work if I get sued because of my business analysis services?
- What is the cost of business analyst liability insurance?
- How do I apply for a business analyst professional liability insurance policy?
- How do I qualify for coverage as a business analyst?
- What is the purpose of getting insured as a business analyst?
- How long will it take to get an insurance quote for my business analysis business?