What Types Of Insurance Do Accountants Need?

Like any professional, accountants should take measures to protect their business interests. Just one catastrophe could be enough to cause financial harm that you may not be able to recover from. But with the right insurance policies in place, you have protection from an assortment of possible losses.

Every business can benefit from property and liability coverage, but you can work with an independent insurance agent to build a business insurance policy that is custom tailored to the risks of the accounting industry. While your agent can give you more specifics, here's a brief overview of the coverage options you may wish to consider.

Property: Apart from the workplace itself, your accounting business also owns furniture, computers and countless other assets. Your Property Insurance should reflect the overall value of these assets so your policy can reimburse their repair or replacement in the event of a covered loss.
Liability: Should a client or other guest suffer an injury or property damage while on premises, this coverage option can fund necessary damages, medical expenses or legal fees.
Professional Liability: While every business can benefit from General Liability coverage, Professional Liability coverage is geared toward businesses that provide services or advice to clients. If you make an error, if a misunderstanding occurs or any other situation causes a client's financial loss, this policy can provide monetary compensation.
Business Interruption: If a covered event temporarily prevents your business from conducting daily operations, you'll still be responsible for bills and payroll. And without steady income, this may become a challenge. This policy can reimburse your business from such losses, along with funding a temporary location.
Cyber Liability: Keeping track of clients' personal data is part of your job, but what would happen if that data was leaked by a digital security breach? This policy can help fund the expenses associated with client notification, cleanup efforts, IT services, PR services and more.

Contact your agent today to learn more about coverage options that are designed to help protect your accounting business from financial risk.

We've got you covered. Call Colgrove Financial, LLC at (480) 830-2595 for more information on Arizona accountants insurance.

2 Comments

Brandon Steven said...
Insurance is the main part of your business. A businessman needs many types of insurance. These all are main types of insurances for business. Thanks, for sharing this post. For any type of accounting need always visit: http://www.stuartrubincpa.com/

TUESDAY, NOVEMBER 27 2018 11:28 AM

edward martin said...
thanks for sharing such a fruitful blog. Its absolutely right insurance is the main part of accountant business we are also providing all accounting outsourcing services

SATURDAY, MARCH 02 2019 9:11 AM