The accounting industry is rife with complex challenges, one of which is a procuring a suitable insurance policy. To this end, finding the right CPA professional liability insurance is essential to remaining protected should issues arises while providing service.
What Is Professional Liability Insurance?
Also known as errors and omissions insurance, a professional liability policy offers coverage against claims of negligence related to services rendered. Such protections include covering the cost of legal fees necessary to launch a defense, as well as payouts should a judgment be made against you. This insurance is particularly important to those working within the accounting industry, especially when clients take issue with the quality of service afforded.
Who Can Benefit From These Policies?
Many accounting professionals can benefit from instituting an errors and omissions policy. This
includes the following professions and focuses:
- Internal Auditing
- Accounting and Auditing Processes
- Forensic Accounting
- Business Evaluation Specialists
- Claims Within Companies
- Work Related to SEC Compliance
- Complying With Accounting Reform
Securing insurance coverage related to the above can be challenging unless a plan is custom-tailored to these specific needs. For this reason, locating a policy designed for the accounting industry is vital to remaining protected when faced with allegations of negligence.
Get the Coverage Your Accounting Business Needs
The right CPA professional liability insurance policy will help keep you protected should damaging claims arise. This will allow you to continue to serve all clients to the best of your ability, which is crucial for maintaining a thriving business.