WHAT IS
ACCOUNTING INSURANCE
Accounting insurance is designed to protect your firm from the unique risks you face daily. Accounts and CPAs regularly handle sensitive information and manage their clients' finances, which can be risky. Choosing the right accountant and CPA liability insurance is crucial. It's here to protect your firm against a variety of expensive claims and risks.
Find The Right Insurance For Your Accounting Firm
Luckily, getting accountant and CPA insurance is easy with Carriage Trade Insurance Agency. Our insurance experts will help address any questions you may have and start a quote in just a few minutes.
Who Needs Accounting and CPA Insurance?
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Tax preparers
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CPA firms
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Accounting firms
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Accounting private practices
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Payroll accounting services
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Payroll preparation services
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Auditors
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Circulation auditors
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Payroll auditors
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Billing services
Business Owner Policy
A great place to start is with a Business Owner's Policy (BOP). This insurance covers some claims that can come up during regular business operations. A BOP includes two essential types of coverage:
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General liability insurance: This coverage is necessary for any business where the public is permitted to enter your property. General Liability (GL) insurance covers property damage or injuries from third parties on your premises.
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Commercial property insurance: helps protect the business property you own, lease, or rent, including your buildings, equipment, furniture, and inventory. It helps cover repair or replacement costs of stolen, damaged, or destroyed property. This will also help while your property is being repaired or replaced after a covered loss. Additionally, it will cover loss of income and cover expenses like rent, payroll, and other financial responsibilities.
Accounting Insurance
Offers Liability Protection
Accounting firms need to consider a variety of potential exposures. Every firm has a specific set of accounting insurance needs based on its size and a variety of other factors. However, every firm should have certain accounting insurance policies.
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Accounting insurance also covers you further than a BOP. Some additional protections include professional liability insurance for accounting firms and umbrella liability protection.
Professional liability: This is easily the most important and vital type of insurance that all accounting firms need. It is also known by some as accountant's professional liability malpractice or errors & omissions (E&O) insurance. This insurance policy helps to cover most of the legal costs, discovery costs, and damages associated with claims.
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Umbrella liability protection: This coverage provides additional liability protection beyond the limits of your base accounting liability insurance policy. Many firms may benefit from this added coverage.
Accounting Insurance Offers Property Insurance
A lot of capital is invested in your firm. With accounting insurance coverage, you can help protect the equipment and software that your business relies on.
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Building coverage: This provides coverage for damages to the structure of the building in which your business is housed. Building coverage includes improvements and betterments you have made to the premises. Accounting property insurance provides for damages caused by fire, severe weather, falling objects, and property theft.
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Accounting Insurance will also protect your firm in the case of:
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Damaged Records: If your papers and records get damaged from an unexpected event this coverage can help pay to recreate it. This coverage applies to your financial statements, business' ledgers, or employee and client files.
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Computer Virus: Our commercial property insurance can help protect your firm's computers, software, and data. If they need repairs because of a virus, data breach, or power failure, this coverage can help pay the costs.
Ready for a quote?
Carriage Trade Insurance can find the right insurance for your firm. We will work hard to figure out your unique risks and make sure that your business is protected.
Feel free to reach out to us to see how you can get personalized coverage that suits your business the best.
Let’s get your insurance needs met at the best price points today!
Call our office today at 516.358.5600 or contact us online and an insurance professional will get back to you promptly.