General Liability Insurance
for Accountants, Advisors, Appraisers, Brokers & Other Finance Professionals
How often do most accountants, tax preparers, and finance professionals incur a General Liability claim? Very seldom. But as the owner of a small business, even a low-risk one, you understand that unlikely circumstances do arise and that one lawsuit could be fatal, if not to your finances, then to your reputation. As an accountant, tax preparer, or financial professional, you know that it pays to be diligent — and it pays to be prepared, even against small odds.
General Liability Insurance protects accountants, tax preparers, and finance professionals in the unlikely event that a client or employee claims that someone in your company damaged their property or caused them bodily harm. At insureon, we realize that the physical threats to your accounting, tax preparation, or financial firm are few. But what if, for example, a client claimed that your small business…
- Didn't properly mark wet floors and is responsible for his broken arm?
- Damaged his personal computer?
- Employs a worker who caused him physical harm?
If one of the above incidents comes to pass, your General Liability Insurance will kick in, protecting you and your business from the high costs of potential settlements, bond premiums, and a legal defense — even if the lawsuit is dismissed or dropped. It also covers the "hidden" expenses of such a claim, like lost income due to court appearances.
Discover how General Liability Insurance for accountants, tax preparers, and finance professionals keeps your business assets safe, even in the event of a freak accident.
General Liability Insurance: Need to Know
General Liability Insurance: What Accountants, Tax Preparers, & Finance Professionals Need to Know
Because accidents do happen, both in your place of business and at your clients', General Liability Insurance is one of the most frequently purchased types of small business insurance for accountants, tax preparers, and finance professionals. And since companies often require the finance professionals they contract with to carry General Liability Insurance in order to lower their own financial risk, you might see an insurance requirement clause in your contract, particularly if you are working on-site at your client's place of business. For example, if you or an employee is working on-site and a client trips over your computer cord, falling and breaking a bone, your General Liability Insurance plan will kick in if the client sues.
General Liability Insurance: Questions to Consider
General Liability Insurance: Questions to Consider for Accountants, Tax Preparers, & Financial Professionals
Before deciding on a General Liability Insurance policy, you may want to consider these important questions…
- Who do you want to insure? All General Liability Insurance policies protect both your company as a whole as well as individual employees against lawsuits. But some plans cover claims incurred by independent accounting, tax, and financial contractors, while others do not. Be sure to read your policy carefully, and ask your insurance agent for clarification if you are unsure of whether or not your independent contractors are covered under your current plan.
- What kinds of claims are you protected against? General Liability Insurance only protects your small business from claims of property damage and bodily harm. Lawsuits related to professional negligence — such as a costly miscalculation on a client's tax forms — are referred to as "Errors and Omissions claims," and they are not covered by your General Liability policy. These types of claims are covered under a separate professional liability insurance policy called, appropriately, Errors and Omissions Insurance.
- How much General Liability coverage does your business need? The scope of your insurance policy depends on your level of risk and which state you're working in, among other variables. Insureon offers a free risk assessment for your business, so contact an agent to determine your company's potential liability and to guarantee that your General Liability policy provides you with the necessary amount of protection.
Customize Your Business Insurance Plan
Accountants, Tax Preparers, & Financial Professionals: Customize Your Business Insurance Plan
Our insureon agents are here to help protect your accounting, tax preparation, or financial company from the risks and unanticipated accidents that can leave a small business in financial ruin. If you're ready to find a policy that defends your business and its assets, contact our accounting, tax preparation, and financial business insurance experts today.