Accountants handle an element of people’s lives about which they feel particularly vulnerable. When you are trusted to give advice on financial matters, problems can arise quickly if that trust is even perceived to be breached. You need accountants liability insurance for such occasions, but not every policy or policy seller is alike. When you buy insurance to protect your business, it’s a good idea to buy from someone who knows the specific risks accountants undertake.
The best broker to handle your insurance package is one who is familiar with the accounting industry. Your provider needs to understand that, even when you give the best advice you can give under the circumstances, there are sometimes too many variables to be able to control for all of them. In these instances, you are likely to be sued. Even if the person bringing the lawsuit doesn’t win the settlement, you may still have to pay legal fees, which can cost a lot of money without sufficient accountants liability insurance. A broker who knows the accounting industry can make sure that you have adequate coverage for any legal issues you may face.
Your business depends on your ability to serve your customers and protect both your reputation and their assets. Seek out an insurance broker who has vast experience designing insurance packages to fit the needs of accountants.