If you’re a Certified Public Accountant, you might not consider yourself involved in risky business – at least not the extent that you should purchase insurance to cover your liability. You might consider your work to be immaculate or at low risk of liability, or you may even think your clients would never sue you if you made a mistake.
Unfortunately, clinging to these assumptions is dangerous to your business and maybe even to your personal liability. As careful as your work is, and as strong as your relationships with your clients may be, there is always some risk of a glitch or error occurring that can put your company in a difficult legal and financial position.
Even CPAs who consider themselves at a low risk – perhaps because they only do tax work – can find themselves on the business end of a destructive claim. Tax claims are very frequent and can cost around $50,000 on average – that’s more than enough to leave a mark on even a robust firm.
If you’re considering your options when it comes to CPA liability insurance, don’t hesitate to contact the experts at Insurance Specialists, Inc. for help.