Accountant professional liability insurance also known as errors and omissions insurance and professional indemnity insurance protects accounting businesses in the event of a lawsuit. This insurance financially protects the professional, in this case an accountant, from paying liability claims that arise as a result of their negligence, errors, mistakes, and other insured causes.
Accountants today service from individuals to billion dollar companies. The need and demand for their services is not just an advantage to individuals or businesses, it is a complete must. Without professional accounting, it can be hard or almost impossible for businesses to track the flow of their funds. This demand for Accounting services created an opportunity for Insurance companies to construct an Accountants Insurance policy.
2018 rates starting from $400/year for $1,000,000 coverage
What Does E&O Insurance for Accountants cover?
Every business insurance policy is created following a needs analysis of the client. Some clients want the least liability limit policy they can get to cover themselves, while on the other hand, some businesses insure themselves up to $20 million from future liabilities. It is always the question that comes to mind following the idea of insurance, “How much does Accountants Liability Insurance cost?” The answer to that is, there is no concrete answer.
Every insurance policy has different coverages, limits, inclusions, and exclusions. Our cost for accounting insurance starts from $400/Year and quote into the thousands depending on their exposures and nature of activities. Most of our clients request $1,000,000 to $3,000,000 Liability limits. We can quote any limit lower or higher.
A professional indemnity insurance for Accountants provides coverage in the case of a liability arising as a direct result of the insured’s services. When your clients face monetary damages or losses to their business as a result of your services, the situation may result in the client filing a law suit against you. Clients tend to file a lawsuit to recover from financial loses or damages that were a result of your services, your errors, or negligence when conducting your business. Your Errors and Omissions Insurance for Accountants policy provides financial coverage, subject to the policy limit, in the case of you being sued. If the nature of the claim is not an exclusion on the policy or a fraudulent activity on your end, your Accountants Professional Liability Insurance covers the claim against you, up to your liability limit. Keep in mind, if your clients are visiting the office to discuss their finances, you need to consider adding general liability insurance coverage to your company policy. This coverage provides protection in the event physical damages in the form of injuries and property damages occur.
Also, if you are using personal vehicles to meet clients at their offices, you need to look into insuring your vehicles under a commercial automobile insurance policy. It is no uncommon for an insurer to deny an auto claim if the vehicle is being driven for work as a commercial vehicle.
Professionals we commonly insure, but are not limited to:
- Chartered Accountants
- Public Accountants
- Management Accountants
- General Accountants
- Financial Accountants
- Book Keepers
- Financial Managers
- Internal Auditors
- Fraud Examiners
- Enrolled Agents
- Government Financial Managers
- Financial Planners
Accounting Firm E & O – How to start?
If you are an accountant with a start-up business or a are firm that has been around for decades, we can insure you. Here are the steps we take to insure you:
- The first step to start the process of getting insured is to learn about how to get a professional liability insurance policy.
- Once you are comfortable and understand the process, proceed by Requesting a Free Quote!
- Once we have the required information, we market your insurance to our Insurance Companies. Generally the turn around time with getting quotes is very fast!
- As soon as we receive numbers back from our Insurers, we find the best coverage for the best price, and pitch it to you.
- Generally the numbers we send to our clients are extremely competitive and insure them adequately for their exposures. What are you waiting for?
Why get Accountants Professional Liability Insurance?
Being an expert and having years of experience in an industry lowers your chances of receiving a lawsuit, but it does not eliminate it. Mistakes can happened anywhere, any time, and by anybody. Are you willing to save a few dollars today and be liable for millions tomorrow? With buying professional liability insurance for Accountants not only are you buying your piece of mind, you are
securing the future of your career. One lawsuit against you can jeopardize the potential growth of your businesses. Businesses and professionals providing services and operating without Insurance are considered a ticking clock. If you provide any service, consulting, or impact/influence another parties decision, you need Professional Liability Insurance.
We, ProfessionalsCoverage, have been in the Liability Insurance industry for multiple years. Out team of brokers not only provide a coverage that is best for you, but also strives to get you the most competitive cost in the market! We arrange insurance for thousands of professionals Canada Wide and are growing every year. Request a Free & No Obligation Quote today! Call us Toll-Free 1.888.480.7677
FAQ before purchasing accountant’s professional liability insurance
- How much accountants professional liability insurance do I need?
- How do I get an accountant insurance policy?
- What does accountant’s professional liability insurance cover?
- What is the difference between claims made & occurrence form of coverage?
- When will I need to be insured as an accountant?
- What other professions need this type of insurance?
Other useful posts you should also read
- Canadian insurance companies that provide professional liability insurance for accounting businesses
- How does the claims process work if I get sued because of my accounting services?
- What is the cost of accountant professional liability insurance?
- How do I apply for a accountants professional liability insurance policy?
- How do I qualify for coverage as an accountant?
- What is the purpose of getting insured as an accountant?
- How long will it take to get an insurance quote for my accounting business?