As a CPA / Accounting company we have multiple plans that we can consult with you about that will fit your needs to protect yourself in case of a lawsuit from a customer.
Errors & Ommissions Insurance
As a finance professional, you know that your livelihood depends on your meticulousness with data and your sharp eye for errors. But you're also human, and we all make mistakes. Since small errors can mean thousands of lost dollars for your client, Errors & Omissions Insurance is a supremely important part of a properly insured financial business. If your client believes your business is at fault for their financial loss, a lawsuit is probably in the cards. Take a look at some of the mistakes that your Errors & Omissions Insurance may cover?
A coverage limit is the maximum amount an insurance policy pay toward the cost of your claims. Many E&O policies include both per-incident limits (which identify a maximum payment amount for individual claims) and policy lifetime limits (which identify a total or yearly maximum for all claims). A deductible is the specified amount of money you must pay before receiving insurance benefits. Generally, Errors and Omissions insurance is available in increments of $1 million. Deductibles usually start at $1,000, though they can go as high as $25,000, depending on your company's needs.
- Failure to provide a promised service. It's tax season and in all the hustle and bustle, you forget to file a client's tax form on time.
- Professional negligence. You fail to include a piece of information in a client's tax return.
- Shoddy, incomplete, or incorrect work. As an accountant, you forget to record or calculate a transaction, causing your client's books to be off.
- Any other mistakes or oversights.
"We insure California CPA's at the best prices"
Business Owners Policy
Many accounting professionals and financial specialists have a Business Owner?s Policy (BOP). Why? Because it helps protect accounting and financial services businesses in much the same way a homeowner?s insurance policy helps protect your home and personal possessions.
By combining three basic coverages that are important to most small businesses including, accounting and financial services firms, a BOP can help accountants and financial professionals save money while safeguarding the business they worked hard to build.
- Business Liability ? helps protect businesses like accounting professionals and financial specialist firms, from certain lawsuits alleging injuries or property damage that occurred as the result of your business operations ? like if a client is injured at your accounting office or an employee of your financial services firm causes damage to a customer?s property during a consultation at their home. It even helps cover certain claims of slander and libel against your firm. Business Liability does not cover liabilities directly arising out of the accounting or financial professional services you may provide.
- Business Property ? helps protect the premises of your accounting or financial services business and the things you use to conduct business, like tools and equipment ? computers, calculators, desks, and other office furniture ? whether you own or lease them.
- Business Income ? helps covers the loss of income when you can?t run your accounting or financial services business because of covered property damage.
Professional Liability (PL) insurance
As a CPA practicing today, you?re at an increased risk of being sued by a client. A lawsuit can result from errors and omissions, failure to meet client expectations or even an attempt by a client to recoup financial losses.
You may have done nothing wrong. But if you?re sued, the cost of legal defense, court costs and settlement could cause you serious financial hardship. And the disruption to your practice could reduce your billable time, and possibly expose your personal assets. Professional liability insurance may help safeguard your firm from these exposures.
Most of my practice is tax return preparation. How much risk does that have?
Significant. Claims experience shows that tax engagements are the leading cause of professional liability lawsuits. Defense attorney fees, court costs and settlement amounts can seriously impact the financial stability of small firms.
Why Us: Top 10 Quotes for CPA Errors & Omissions Insurance