CPA Insurance For Businesses
At King Risk Partners, we’re proud to provide accounting business insurance to our clients. We’re licensed to serve many states across the Eastern and Southeastern regions of the United States.
Accounting can be a risky business. Handling your clients’ private information and financials leaves little room for error, and the price of a mistake can cost your business everything. Unfortunately, no matter how many years you’ve been in finance, mistakes happen, and you don’t want to be caught unprepared. Insurance for accountants can protect your business if something happens, whether through oversight or error.
With accountant and bookkeeping insurance, you can have peace of mind that your business and assets are protected. Contact King Risk Partners today to discuss our flexible business insurance plans and receive a free, no-obligation quote.
What Is CPA Professional Liability Insurance?
CPA professional liability insurance, also known as Error & Omissions Insurance (E&O), is a customized insurance plan safeguarding against the unique risks of the financial industry, including negligence, misrepresentation, inaccurate advice, and violations of good faith. A professional liability policy can mitigate risk and reimburse litigation costs, including attorney fees, court costs, judgments, and settlements while protecting the assets you’ve worked so hard for.
Is Accountant Insurance Necessary?
CPA firms, tax advisors, and even bookkeepers can be easy targets for overly litigious clients, and it only takes one unhappy client to sink the ship. For example, if you gave your client inaccurate financial recommendations or overlooked the impact of a significant expense, that client could hold you legally responsible.
Even if you only provide part-time financial services, you are putting yourself and your business at risk if you don’t have the proper insurance coverage. Just as medical professionals need medical malpractice insurance, bookkeeping insurance is necessary given the sensitive nature of the industry and the degree of clients’ reliance. Therefore, any business that provides the following services should have professional liability insurance.
- Tax Preparers
- CPA Firms
- Accounting Firms
- Private Practice Accountants
- Payroll Preparation & Accounting Services
- Payroll Auditors
- Auditors
- Circulation Auditors
- Billing Services
Accounting Firm Insurance
A Business Owner’s Policy (BOP) is a popular choice for small to mid-sized companies because it bundles business property and liability coverage into one policy. This bundle allows your business to save money while still receiving broad coverage with essential protection against fire, lawsuits, loss of income, theft, and more.
General liability insurance covers bodily injury or property damage and helps pay fees incurred from medical expenses, legal representation, settlements, and reimbursements. However, it does not protect employees injured on the job, punitive damages incurred during a lawsuit, vehicle accidents, professional mistakes, intentional acts, or workmanship generally covered by a company’s warranty.
Commercial property insurance covers the interior and exterior of the business, whether you rent or own. This includes the building, computers, filing cabinets, documents and inventory, signage, and office furniture.
Workers’ compensation protects both you and your employees when an injury occurs and will pay for an employee’s medical treatment and replace lost wages if an injury requires time off work for that employee.
Commercial auto insurance protects both you and your employees in the event of an auto accident. Additionally, we can create a customized policy that fits your company’s needs, including some of the following.
- Bodily Injury Liability
- Personal Injury Protection (PIP) Coverage
- Comprehensive Coverage
- Medical Payments
- Collision Coverage
- GAP Coverage
- Uninsured & Underinsured Motorist Coverage
Umbrella coverage provides additional coverage in case a lawsuit or major accident exceeds the limits of your existing business insurance policies, including auto and general liability. Because the financial industry is fraught with lawsuits, this extra layer of protection can make a big difference.
CPA Insurance Agents
If you are interested in learning more about bookkeeping insurance and available business insurance policies, contact our insurance agency to speak to one of our experienced business insurance agents!