It goes without saying that accountants need to carry an adequate amount of insurance to protect against the inherent risks of the industry. From malpractice insurance to commercial property insurance, keeping your business covered can have a major impact on your viability and future growth. Here are two of the most basic coverages that you should expect to carry.
Malpractice insurance for accountants may be the most popular of the coverages you’ll need. As the name implies, it protects your business in case a client claims that malpractice on your part caused them to experience a loss. Whether or not the claim is legitimate, you’ll probably need to at least retain an attorney for the case. Either way, your policy will cover any attorneys’ fees, settlements or judgments from the case.
Property insurance is also another key coverage that you’ll want to carry. It comes in various forms, but the concept is simple: your physical and digital properties are protected against loss. Whether it’s due to natural causes or criminal activity, your policy will pay for the replacement or repair of your property. Some policies will even reimburse you for potential income that you missed out on during the time the property was lost or damaged.
Property and malpractice insurance for accountants are just two of the recommended coverages. Working with an experienced agent can ensure that you get the exact coverages you need included in your policy.