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What Types of Insurance Do Accountants Need?

By July 12, 2023July 24th, 2023No Comments

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 M A R Insurance Group at 210-822-2333 for more information on business insurance.