There are so many different types of insurance for accountants available, it might be difficult to choose the policy or group of policies that would adequately mitigate a loss, should such a thing occur. However, there are three common-sense steps that might simplify the process. As always, these things are easier said than done. However, following this order should yield acceptable results efficiently.
1. Determine the Size of Your Business
In some cases, the size of your business will narrow down your list of possible candidates to a handful of options. For example, relatively few insurers are equipped to handle accounting firms that generate over $25 million in revenue annually. If you fall into this category, then finding an insurer with the capacity to handle your business is likely your most important task.
2. Identify Your Risks
Insurance for accountants is as diverse as the loss scenarios accountants face. For example, a tax preparation professional might encounter different losses than those who provide consultant services. While this step will often require the involvement of an insurance expert, you might accelerate their investigation by providing a list of job descriptions in your firm, or else a detailed description of the services you offer.
3. Check the Reputation
Firms that provide insurance for accountants vary as much as accountants themselves in terms of level of service and professionalism. This final step will often help you decide between practically equal candidates.