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Essential coverages to meet client demands
Errors and Omissions (E&O) insurance can pay for the cost of defense and legal fees when your clients accuse you that the services you offer cost them money. These accusations may be due to the claims that the service you provided is claimed to be incomplete, inadequate or unprofessional.
General Liability insurance will cover your company for the expenses that could occur during daily business. These could happen to your business due to the claims of third-party property damage, bodily injuries, libel, slander, advertising mistakes, and other related risks. General Liability will cover attorney fees, court costs, and other related expenses.
Cyber Liability insurance covers the costs associated with a data breach that results in exposure of your clients' personal information, like credit card and social security numbers. The insurance will cover the costs that result from data breaches like public relation, legal fees, court fees, the cost of notifying your customers and the cost of restoring what has been hacked.
Business Owners Policy (BOP) combines the protection of General Liability insurance and Commercial Property insurance under one package. This will help your business cover for property damage due to fire, theft, natural disasters and can help cover for the liability claims involving personal injury, advertising mistakes, libel, slander, and other related liabilities.
Though each business operates somewhat uniquely, accountants broadly share the responsibility of managing clients' personal and financial information. Not only are your clients trusting you to help them by providing tax and financial services, but they’re also trusting you to handle their information responsibly and to report their finances in an accurate manner. All in all, your clients are trusting you with information that, if put in the wrong hands, could ultimately change their lives forever.
So this raises the question of how can we reduce the amount of risk faced by the accounting service provider? The solutions are simple: risk mitigation procedures and insurance. Essentially, by utilizing appropriate procedures and insurance coverages, accountants can reduce their own liability and have greater confidence in executing their job function.
The problem is, recent data has shown that of professional service providers who are contractually required to carry Errors and Omissions (E&O) insurance, only 55% do so. For starters, not fulfilling a contractual obligation is generally not a good idea. Secondly, risk in this field is inevitable and by possessing the appropriate insurance, you can significantly reduce the potential impact of an incident. Given that the average total cost of an E&O lawsuit comes to $180K, these claims may impact your firm in quite a substantial manner without coverage.
Your insurance helps you in managing the risks that your business could face. If your business is faced with a lawsuit, for example, the insurance will cover all the expenses up to the limits of the policy. This means that your business and personal assets are protected.
Accountants face a unique set of risks. Below are some examples:
The cost of insurance for accountants depends on the coverage needed, the number of employees you have and the size of your business. If you want to find out the cost of your insurance policy, you can apply for a free quote online or talk directly to our insurance experts.
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