Professional Liability for Accountants: What You Should Know

Professional Liability for Accountants: What You Should Know

As an accountant, you understand the importance of accuracy. You also know that when you are dealing with other people’s financials that you are opening yourself up to risk. Without accountants professional liability, you lack protection that accounting professionals need to have. Here is what you need to know about professional liability.

Professional Liability Benefits

With professional liability, you protect your firm against losses that result from errors, negligence, and omissions during a service. Following are some of the benefits that you can expect to find:

Investment advisor coverage

Crisis event coverage

Pre-claim assistance

Security breach notification

Network security offense coverage

Personal fiduciary coverage

With some coverages, you may even be able to take advantage of a wide array of services. Some accounting firms benefit from having risk management services. This will help protect your firm against exposures.

Who Accountant Liability is For

Anyone who works in the accounting field might benefit from accountant liability. Here are some of the professions that need this form of liability insurance:

Bookkeepers

Accountants

Enrolled agents

Accounting firms

Tax preparers

Whenever you handle a client’s books, you need to have adequate protection. Businesses that deal with finances are at the most risk for a legal claim.

When it comes to accounting, it’s important to have the right coverage. Accountants professional liability protects against losses that result from omissions, negligence and errors