Accounting professionals work closely with their clients in the hopes of providing them with quality service. While such heavy involvement is admirable, it leaves accounting professionals vulnerable to costly legal claims. With accountant professional liability insurance, accountants and accounting firms protect themselves from financial damage.
Never Too Small For Coverage
While large accounting firms are usually the target of client ire, small ones are not exempt from needing protection. No firm is too small for coverage. Lawsuits arise at unpredictable times, and it is risky for an accounting firm to go unprotected. Prepare for any possible situation by acquiring accountant professional liability insurance.
Securing Financial Protection
When lawsuits do manifest, they are usually expensive matters, costing anywhere from thousands to millions of dollars. Even in situations where clients clearly have no case, firms still need to spend money on defense, attorney, and court fees. In the event a firm is found responsible for a particular error or omission, it may be required to pay a client thousands or even millions of dollars in damages. Regardless of whether they are guilty or innocent, accounting firms ought to have coverage to protect their financial assets.
Accounting professionals who provide services to clients require accountant professional liability insurance for protection. Though the possibility of a lawsuit is rather low, it is important for professionals to be prepared and have sufficient financial security.