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09 Jan Don’t Let Your Accounting Firm Get Caught Up in a Malpractice Suit
The business world is dividing into specialties. Tech companies that provide a core niche service often direct the majority of their manpower to that central focus and use third-party providers for all of their other central business needs. This is especially true in finance and accounting departments, which utilize SaaS suites to handle day-to-day numbers and contract out to specialists for the technical details of their audits. If you’re providing either the software or the know-how, that often means the responsibility of the books is on you and you need to make sure you avoid a malpractice suit.
What insurance do you need if you’re an accountant?
Knowing the numbers is key for good accounting, and the same is true for good coverage. Go through your current accounting insurance policy, or contact Evolution Insurance Brokers for a detailed quote, and make sure the right E&O limits to protect your business by:
- Responding to lawsuits and finding the true scope of your company’s responsibility. Whether you call in professional liability insurance or malpractice coverage, errors & omissions insurance coverage is the general type of liability insurance that helps protect your firm against suits from faulty services and professional mistakes. Accounting mistakes are often high-stakes: whether it’s a fine from improperly filed taxes, a miscalculation that impacts a company’s stocks, or mistaken advice that makes a private company lose investors, a number or form out of place can cost your clients, and you, time and money. E&O coverage helps you respond to, settle on, and defend against claims so you can focus on your business, and not on a malpractice suit.
- Helping you keep your business running when you’re in court. Sometimes settling isn’t the right move, and that means you or your employees have to go to court. E&O insurance can help cover those costs, as well as losses from your time spent away from your business.
To get started on making sure your firm is protected from a malpractice suit, go to Evolution Insurance Brokers here.