INSURANCE NERDS
BLOG
Why CPAs Should have Professional Liability Insurance
Running a business is inherently a risky endeavor, making quality professional liability insurance a must — especially for CPAs. Professional Liability insurance helps cover you, your business, and your employees from professional liability lawsuits, and offers coverage for the associated defense costs. Our experts at Fulcro are here to help you find the right insurance program, tailored to fit the special needs of CPAs.
Professional Liability Insurance, also known as Errors and Omissions Insurance, protects your accounting business from claims of negligence related to your professional service. If the unexpected happens or your services do not meet the expectations of your client and they file a claim, this insurance has you covered when a general liability policy won’t.
Sometimes, sorting through the policy choices is such a chore that many busy CPAs are tempted to simply go without insurance, believing they have minimal risk, or buying the lowest cost solution. Don’t make this costly mistake. Protect yourself from mistakes that could cost you.
Common risks found in the CPA profession:
- Alleged errors or omissions
- Actual professional negligence
- Breach of professional duty
- Misleading or misinterpreted statements
Another benefit of a properly structured Professional Liability program is that it could provide coverage for claims arising out of services provided in the past.
Our industry-specific experts assess your business’ unique situation and challenges to design cost-effective insurance solutions that protect you against the unexpected.
Contact our team for a free consultation. Get Fulcro.