As an accounting professional, you understand there are always possible circumstances you should insure yourself against. You committed yourself to the accuracy and integrity of your work when you started your career, but this may not always be returned by your clients. Whether you prepare taxes, are a bookkeeper, or work in another form of accounting, you need the help of reputable insurance companies such as Accountancy Insurance. After all, you have potential exposures simply by doing business.
For that reason, reputable insurance companies designed insurance specifically for accountants and their possible liabilities. These policies were created to offer protection to accounting professionals for the array of emerging exposures they might face and to help protect their firm against losses. These losses might be due to negligence, errors, and omission during the performance of professional services.
It Is Often Required
Over the last decade, more and more clients began to require their professionals have accountant professional liability insurance. These requirements made insurance companies, such as Accountancy Insurance, work hard to provide excellent, cost-effective coverage thousands of accounting firms could trust. If you choose to go without this insurance, you risk losing new project opportunities, due in large part because many clients will not work with an uninsured accountancy firm.
Size Is Not the Issue
No accounting firm is too small to require the help of great coverage. Whether you have just a couple employees or several hundred, you stand to gain from the help of liability insurance because potential lawsuits are a real risk for every single firm. No matter how brilliant the quality of your work, there will always be clients who do not return the same professionalism. Unfortunately, you can never predict when a client might pursue legal action, and you need protection against this possibility.
They Will Not Hesitate
As much as you might wish to believe in your clients, they will never hesitate to take legal action. In most cases, they do so even when you met all their written specifications. Unfortunately, they may decide your professional services were not performed to their expectations after all. To avoid this frustration, you need a strong insurance by your side.
Defence Is Costly
The cost to defend yourself in a lawsuit is high, and a small firm might find it nearly impossible to handle the fees without their business taking a blow. Even frivolous cases sure to go your way have associated fees. Your insurance protects you against these costs and helps you handle any situation quickly and without fear.
After all, you deserve the chance to defend yourself against a client out to earn an “easy” paycheck. To protect yourself against such a situation, you must insure yourself as quickly as possible. Every day without insurance is another day you stand exposed to a possible lawsuit without professional coverage at your side. Such policies are extremely cost-effective, and they help you save far more over time.