Many businesses that offer services or advice have to get professional liability insurance, or errors and omissions liability insurance, in order to protect themselves against claims of ineptitude and negligence. For certain professions there are even customized professional liability policies. The customized accountant professional liability insurance provides:
- High Limits: For accounting firms the errors and omissions liability limits can go up to $50 million. This is beneficial for companies who are prone to getting sued.
- Advisory Services: Some accountants provide financial advisory services, and with this liability coverage they can get extra protection. Many of these policies offer risk advisory to the clients as well.
- Privacy: Many of the customized accountant professional liability insurance provides an extra privacy coverage. This coverage helps keep the accounting firms reputation intact.
- Defense Options: Finally, these customized policies offer extra defense options. The first of these options is to have first dollar defense, which means that the deductible you have to pay is only on damages not defense. The other option is defense outside limit, which means that there are separate limits for defense and damages.
If you own an accounting firm, you should consider getting this customized accountant professional liability insurance. It will give you the coverage that your profession needs the most. Talk to an insurance agent today to learn more.