When running a business, there are generally certain risks that you take on as the business owner. This makes investing in business insurance critical as it can help to protect you in the event that something goes wrong. This is particularly critical as an accountant due to the sensitive nature of the information you are handling. While it is still important that you have general commercial liability insurance, there is also additional coverage that you should consider adding to your policy as an account including:
CPA Liability Errors and Omissions Insurance
Possibly the most important insurance for any account to have is errors and omissions coverage. While accountants do their best to provide the highest quality of services to their clients, everyone makes errors, and it is inevitable that you will make a mistake at some point. However, even a small oversight can end up costing your clients a lot of money, and they may sue you for damages. Errors and omissions insurance will help to protect you in this instance by covering your defense costs as well as the costs of any settlements relating to the lawsuit, making this coverage critical for you to have.
Data Breach Insurance Coverage
As an accountant, you will be working with and possibly storing extremely sensitive data pertaining to your clients such as social security numbers, banking information, and other personal data. If you have a data breach, this can then be costly for your customers and your business. Every accountant should then consider investing in data breach coverage that will help to cover the costs that can mount up for accountants following a cyber attack.
Commercial Property Insurance
Of course, just like any other business, you will want to invest in commercial property insurance for your accounting firm. Should anything happen to your office and/or the equipment and inventory inside of it, commercial property insurance can help to repair or replace damaged property, helping you to get back on your feet. This protection offers peace-of-mind as you will know that you are protected whether your office is broken into or damaged in a fire.
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!