Many accountants have different specialties, which is why their errors and omissions, also known as accountants professional liability insurance, has to be customizable. Each different type of accountant will need their policy to provide something unique. Who are the accountant-related professionals that can benefit from this type of insurance policy?
The list is long, but a few of the specific professionals include those that do:
- Evaluations for Businesses,
- SEC Compliance Work,
- Internal Auditing,
- Forensic Accounting,
- Tax and Compliance Work and
- Auditing and Accounting in general.
Any firm that provides accountant-related advice or services to their clients should learn more about accountants professional liability insurance.
The reason this type of policy benefits so many professionals is because it helps reduce risks. Normally an accountant would be at risk for being sued by a client who felt like the advice they were given did not help them like it should have. That accountant could lose a lot financially due to defense fees and damages. With an errors and omissions policy, the risk is reduced because the insurance will pay for most of the defense fees and damages.
Talk to an Insurance Agent
The accountants professional liability insurance does vary from policy to policy. In order to learn about the limits, deductions and other specifics, you should talk to an insurance agent today.