Many service professionals are not aware that they are at risk and can be held liable for damages associated with regular business operations. Accountants often fall into this category and can protect themselves with CPA Professional liability insurance.
Accountants Have Unique Exposures
The kinds of actions for which accountants can be held liable differ from those that other service professionals should worry about. In the same way, the liabilities that a large accounting firm needs to watch out for are often very different from the exposures faced by smaller firms. Once an accountant has recognized that there is risk associated with their position, it is important that they understand the specifics of their situation.
Unique Insurance Firms Can Help
Insurance agencies that specialize in CPA professional liability insurance can help accountants protect themselves. When purchasing CPA professional liability insurance, it is important to work with an agent who understands how liability insurance works. Ideally, accountants should also work with agents who have experience working with other accountants. These agents not only know best what kind of coverage an accountant will need, they will also be best able to handle a claim quickly in the event that an accountant needs to file one. As service professionals themselves, accountants should easily recognize the importance of doing business with the most knowledgeable and experienced people possible. Finding the right insurance agent can mean the difference between success and bankruptcy.