If you are a CPA, you know you hold a position of trust with your clients. It’s your job to safeguard their financial well-being, and a mistake on your part could have costly consequences. That’s why it is important to protect yourself and your clients with accountants liability insurance. These policies work to make sure any errors or financial inconsistencies caused by either mistakes or missing information can be rectified without derailing your practice or putting you in a situation where your clients suffer for the omission.
Prior Acts Insurance and More
If you handle accounts in the range between $2.5 million and $25 million, liability insurance is not just an important way of ensuring you are covered in every situation, it is the only way to be able to operate with peace of mind. Insurance covers you in the event of a variety of situations, including:
- Embezzlement within your own firm
- Employee actions—deliberate or otherwise—that affect your client
- Errors of record, including digitization errors
The bigger you get, the more important it is to have coverage. When you reach the point where you regularly handle over $25 million on behalf of your clients, it becomes impossible to operate with peace of mind if you don’t have accounts liability insurance. Get started today.