Running a business is always risky, though some seem to have more risk associated with them than others. Many would consider accountants and CPAs a higher risk simply because of what they deal with every day. They handle financial and other sensitive information.
In order to fully protect your accountant and CPA business, you need to find the right insurance. Not sure where to start? Here are some types of insurance that you should consider.
Business Owner’s Policy
When most people think about a business owner’s insurance policy, they tend to think of it like they would a homeowner’s insurance policy. However, instead of protecting your home, it protects your business.
Most business owner’s policies usually cover general liability insurance, which is necessary in case anyone gets hurts on your property. It protects your business against any lawsuits that happen due to personal injury or property damage. This will help pay for any medical costs that occur if someone falls at your office.
General liability can also cover any claims of libel and slander. However, it doesn’t cover liabilities that occur from any of the professional services that you offer. For this reason, you also need professional liability insurance.
Home-Based Business Insurance
If you run your CPA business out of your home, a more affordable alternative to a business owner’s policy is home-based business insurance. This goes above and beyond your homeowner’s policy and is necessary if you have clients coming to your home on a regular basis. It can also protect your employees and any inventory that you keep in your home office.
Because a home-based business has (theoretically) less liability exposure, this insurance often covers some of the extras that a standard business owner’s policy does. Sometimes, it even includes E&O.
The best way to ensure that you have all of the insurance that you need for your business is to talk to a professional.
Finally
If you would to like to discuss your options for business insurance please call us at 561-732-9305 our quoting hours are Monday through Friday from 8:30 AM to 5:30 PM. In addition, you can request a quote online. Please remember, We Handle All the Work, While You Save!
Robert Macoviak is the President of Oyer, Macoviak and Associates. Oyer, Macoviak and Associates is the oldest independent insurance agency in Boynton Beach and has been in business since 1953. Oyer, Macoviak and Associates are vested members of the community who are committed to doing business face-to-face and being your insurance advocate in times of need.
