Insurance isn’t the most exciting thing in the world. It’s not glamorous, but it is vital to ensuring the financial viability of your business if you are ever found liable for a customer’s losses. In the event you are confronted with litigation from a disgruntled client, having the peace of mind of CPA professional liability insurance could help safeguard the future of your enterprise.
Protection Against What’s Missing
Omission and error indemnification is the major protection afforded by CPA liability insurance. This important feature protects you in the event that a client seeks damages from you, claiming negligence on your part that cost them financially. Insurance plans generally help with costs associated with mounting a defense, ranging from court fees to compensatory payouts if you lose your case. Without coverage, these costs plus damages have the potential to wipe out your business.
Make the Smart Choice
The biggest reason people typically forgo liability coverage is to lower their business’ operational costs. However, this is a shortsighted way to save money that puts an enterprise at serious risk. Compared to the protection afforded you in the event you’re found liable for client damages, the minor cost-cutting benefit of going uninsured becomes insignificant. Consult an indemnity professional for CPA professional liability insurance options that best suit your business situation.