Protect Your Company with Accounting Insurance
With the complexity of today's tax laws as well as the rules and regulations regard the actions of all accountants and bookkeepers; there has never been a greater need for some form of accounting insurance. Accountants and auditors are responsible for the complete financial environment of the company they are working for; the slightest mistake could easily cost thousands if not hundreds of thousands of dollars to rectify.
You Can Lose Everything You have Worked For
If you are the owner of a company of tax preparers, the slightest miscalculation or incorrectly entered number could leave your client not only in debt to the IRS, but facing criminal charges. In both of these cases your company is going to end up being held financially liable for all of the expenses incurred by your client as they attempt to control the damage that has been done to their finances. If you are not covered by an Accountant Insurance policy, you could easily be forced into bankruptcy trying to cover your client's losses.
Accountants and auditors have always been held to the highest possible standards; in many cases they are responsible for millions of dollars. When the numbers do not add up, there is often more at risk for a company than just the money. For example a brokerage house is not only concerned with their clients' money, but with their reputation. When their bookkeepers make a clerical mistake that costs the company's clients money, the damage is done to the reputation of the brokerage firm. In the end they stand to lose far more money.
Not Being Covered Is Not an Option
When your company holds this type responsibility, the idea of not being covered by an Accounting Insurance policy is suddenly not so attractive. You need to keep in mind that any kind of lawsuit that you are likely to become a party to is not only going to cost exceptionally high legal fees; it can destroy your reputation and your credibility in the business world. Carrying the right level of insurance means that any claims against your company will be dealt with swiftly out of the eyes of the courts and therefore of the public, leaving your reputation intact.
There are several areas that your Account Insurance must cover to be effective. It should cover the obvious such as damages and legal fees, but should also cover fraud, loss of documentation and dishonesty. It is easy to believe that all of your employees are as honest as the day is long, but when it comes to money, this is not always the case.
Accounting Insurance falls under the auspices of error, omission and malpractice insurance and is available for individuals as well as small and large companies through EINSURANCE. With our site you can search for the type of insurance you need and we will match your specific needs. We have connections to many of the top insurance companies in the world. We also offer a complete online glossary to help you better understand the terms being used in modern insurance policy. Our site is continually evolving to ensure you get the best possible insurance coverage for your accounting business.