for Accountants, Advisors, Appraisers, Brokers & Other Finance Professionals
What if you want to make sure your startup or small business has extra protection in the event of an unusually expensive lawsuit? For just a few hundred dollars a year, you can add millions of dollars in coverage to your General Liability Insurance, as well as some other kinds of policies you may carry, like Non-Owned Auto Insurance and Employer's Liability Insurance. This type of plan is called Umbrella or Excess Liability Insurance, and it kicks in when a claim exceeds the limits of your existing insurance policies.
Accounting, tax preparation, and other finance ventures aren't typically prone to the types of accidents usually associated with business insurance — usually, they aren't practiced in dangerous environments, and they don't often use dangerous equipment that might harm clients or employees.
So why would you purchase even more coverage for your financial firm? Because owning a startup or small business is the risk. And Umbrella coverage can guarantee your company a higher level of protection against the sudden, unexpected incidents that may threaten your business's financial security.
In addition, the contracts you enter with clients may require you to carry more coverage than your current plan allows. For example, if you are contractually obligated to carry $500,000 in General Liability, but you only have $250,000 in insurance coverage, it's simple to add Excess Liability Insurance to make up the difference.
Discover how Umbrella and Excess Liability Insurance works for accountants, tax preparers, finance professionals, and the business you own.
Umbrella Insurance Protects
Umbrella and Excess Liability Insurance: Protecting Accountants, Tax Preparers, & Finance Professionals
It's always a good idea to assess the potential risk of your accounting, tax preparation, or finance business — even if your contract does not require high coverage limits — just to make sure your company is properly insured. And it never hurts to add an extra level of protection.
Imagine that a client is injured at your offices and sues, and the court finds your business liable for $1.5 million in damages. If your policy only covers $1 million, you as the business owner would be responsible for coming up with the extra $500,000 out of pocket.
Together with your insurance agent, you may find that your current policy does not offer enough protection for your company's needs. An insureon agent specialized in the needs of accounting, tax preparation, and other financial firms can help you assess your current coverage and add Umbrella and Excess Liability Insurance, should you need it.
Remember: Umbrella Liability Insurance cannot extend the coverage limits of your Professional Liability or Errors and Omissions Insurance policies. If you are concerned about your business's Errors and Omissions coverage, an insureon agent would be happy to go over your policy and make sure you have adequate coverage.
Umbrella and Excess Liability Insurance: Key Details
Umbrella and Excess Liability Insurance: Key Details for Accountants, Tax Preparers, & Finance Professionals
Before you purchase Umbrella Insurance for you accounting, tax preparation, or finance firm, take a look at these insurance tips…
- Simplify by working with a single insurance agency. It's easier — both for you and your insurance agent — to coordinate your benefits after a claim if you use the same agency to purchase both your Umbrella Insurance and your underlying insurance plans.
- Eliminate unnecessary stress. Adding Umbrella and Excess Liability Insurance to your existing plan is usually cheaper than you think. An extra allotment of $1 million will cost your business only a few hundred dollars each year.
- Let insureon do the legwork. Not sure if your contact requires Umbrella Liability Insurance? Insureon's accounting, tax preparation, and finance insurance experts will review your contract and let you know whether or not your current plan is sufficient to protect you against the risks you face.
Customize Your Business Insurance Plan
Accountants, Tax Preparers, & Financial Professionals: Customize Your Business Insurance Plan
Ready to purchase Umbrella Liability Insurance? Not sure if your company has enough liability coverage? No Problem! Either way, an agent who specializes in financial insurance is ready to tailor your business insurance plan so that — no matter what — your startup or small business is protected.