CPA, Accountant and Bookkeeper Insurance
Providing Business Liability Insurance in Austin, Round Rock and All of Central Texas
Do Accountants need insurance?
Accountants, CPA’s, tax preparers and bookkeepers need insurance. Despite your most earnest efforts and due diligence, an error could happen. No business should absorb the cost of claim, when affordable premiums can be budgeted throughout the year. Another reason for insurance is the duty to defend. Errors and omissions insurance for accountants provides a duty to defend your business if sued. You can control your activities, but you can’t control the activities of litigious past clients. Even a frivolous lawsuit can cost $25,000 and up to defend. The average cost to defend a tax professional claim is more than $25,000, while other claims can average more than $50,000 to resolve. Why absorb that cost when you can pay years of premium for that amount. We know you are committed to your business, but you have a potential exposure just by being in business. We can help you place tailored, effective professional liability insurance for you.
Accountant, CPA, bookkeeper, consultant
Does your policy cover your firm for what you actually do? Not all accountant professional liability policies are created equal, and each has a section outlining the professional services it covers. It is important to review your policy with your agent to make sure it is tailored to your business. Whether you are an accountant, bookkeeper, Certified public accountant, or consultant, we have a policy for you.
Insurance for CPAs, Accountants, and Bookkeepers in Austin, Texas
At Sunstone, we offer statewide, and in some cases, multi-state options for your accounting insurance. We are centrally located in Austin and Round Rock, Texas, but we help clients place their insurance in the surrounding area as well. You are mobile, we serve you where you are. Call us today!
What Kind of Insurance Does My Accounting Firm Need?
The cornerstone of an accountant’s insurance program is a quality professional liability (also called an errors and omissions) insurance policy for accountants. No accountant should operate without one.
Your firm may also need general liability insurance, property insurance, and cyber coverage.
If you have employees you also need workers compensation insurance, and employment practices insurance
Most accountants can place their general liability and property together on a business owners package policy (“BOP”). Business owners package policies are available from most carriers. Some, but not all, will also place the professional liability on the same BOP.
Sunstone Insurance Agency can place all the necessary lines insurance coverages for accountants for your firm.
Accountant Liability Insurance Cost
Accountant liability insurance can be very inexpensive, relative to other errors and omissions policies. Professional liability varies widely from industry to industry, but accountants can still get affordable errors and omissions insurance.
Examples of claims that may be covered by an accountants errors and omissions policy
Errors in preparing a client’s tax return resulting in penalties and interest to the client.
Errors in calculating the cost due under an insurance policy.
Errors in performing payroll or bookkeeping services that result in an overpayment by the client.
Errors in preparing a business return that result in overpayments to the IRS, and the business is unable to recoup the payments.
Cost incurred for the accountant to respond to a disciplinary hearing.
Improper audit procedures, or errors in an audit.
An accountants errors and omissions policy will cover your firm from the multitude of exposures faced by accountants, CPAs, bookkeepers and consultants.
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