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There are three kinds of insurance an accountant needs
General Liability Insurance
Professional Liability Insurance
Accountants offer a valuable professional service to their clients
As an accountant you provide a valuable service to your clients and you need insurance to cover your business against various professional risks. Preparing corporate tax and consequences of inaccurate financials can lead to lawsuits. Apollo offers a customized small business insurance package tailored to fit your accounting business insurance needs.
No matter how much experience an accountant may have in the industry, there is still a possibility that they will be hit with an expensive lawsuit. Mistakes happen, or an irate client might sue their accountant because of a perceived problem. Whether the lawsuit is justified or not, most small businesses would not be able to financially withstand a lawsuit. A professional liability insurance policy is designed to absorb those costs so that your accounting company does not have to.
That’s why insurance for accountants is a smart business decision. Not only do you get the peace of mind that comes with knowing you will not be financially liable in the event of a lawsuit, you are securing the future of your business, personal assets, and professional career.
Why do accountants need insurance?
Accountants are given access to sensitive information and play an important role in advising their clients of potential opportunities or pitfalls of financial management. By giving any kind of professional advice brings risk requiring insurance.
Larger, more sophisticated companies often request proof of general liability and professional liability insurance from contracts, meaning that insurance is often mandatory for accountants to work with these types of businesses.
Accountants can be sued when one of their clients or a shareholder incurs financial loss, regardless of fault. It can be very costly for an accountant to defend this type of lawsuit, especially at a small firm or solopreneur company. To ensure this type of risk isn’t detrimental, a proper insurance policy is key for the planning and operation of any business.
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What types of risks does my small business face as an accountant?
As an accountant you are providing a technical service, advice, and council to your clients. Sometimes there is an alleged error or omission in the work you perform which can lead to a lawsuit. Accountants manage very sensitive information and business processes for your clients. A lawsuit, regardless of fault, can be costly to defend.
If your accounting business has an office or leased premises you are also exposed to the risk of slips and falls on site when your client visits. If there is a fire, flood, burst pipe or other peril it can damage your office equipment, furnishings, and cause your accounting business to incur additional expenses to relocate while the damage is being fixed.
Additionally, in the digital age we live in today the collection and storage of client information leads to cyber risks such as personal or confidential data being exposed by accident or by hacking. Accountants are provided with lots of client files and access which can be breached either accidentally or through other malicious software. With new regulations and expectations for small businesses to protect client data, it is important for accountants to address these risks.