Most types of professions will have unique insurance needs, both for the legal minimum for operation and for the best coverage of all the risks you face. When you are looking for professional liability insurance for accountants, it is a good idea to keep in mind that accountants will face different risks than doctors, lawyers or engineers. This means that you will want to find a company with plans designed to insure accountants specifically as well as professional liability generally.
Professional liability insurance for accountants covers your practice against accidents or errors which result in damages for our clients. This type of insurance will generally kick in if your clients take you to court and a judge decides that you are liable for damages. For some practices, the potential cost of these cases can be a serious hit on the books. This means that having the right insurance coverage could save you from having to pay damages out of profits or declaring bankruptcy.
To find the right insurance coverage, it is a good idea to sit down with an experienced agent with plans specific to the accounting field. This can help you better identify the risks that your practice faces as well as the insurance plans which will best cover those risks.