Accounting has a reputation for being one of the safest professions, but the truth is, every profession has its risks. Accounting errors may be rare, but they can be incredibly costly. Accountants E&O insurance keeps your accounting firm protected in the event of a financial disaster.
Accountants Need Coverage Too
Finding a good Accountants E&O provider starts by knowing your own needs. Your insurance provider should understand that different businesses require different coverage. Look for an insurance company that offers levels of coverage for accounting firms both large and small, so you’re never overpaying or underinsured. Depending on whether your accounting firm specializes in tax accounting, auditing or consulting, you may need different types of insurance. Look for a company that covers all types of accounting firms and offers options for a variety of potential scenarios. Your professional liability coverage should include, at minimum, reimbursement for court fees and subpoenas, PR management expenses, and network security, but the more coverage they offer, the better you’ll be covered.
Remember that no profession is without risks, so professional liability is an important part of keeping your business safe. Accountants E&O keeps you covered in the event of a costly mistake so you can pick up the pieces and go back to the work you love.