Aside from professional liability insurance, accountants have several other concerns besides errors on tax documents that could negatively impact a client. After all, they own or operate a business, and may even have an office and staff. If this is the case for you, then you’ll need to look into several business policies to remedy any risks and exposures you may be facing.
Your accounting business insurance portfolio might need to include a workers comp policy if you have employees. You’ll want to have property insurance if you own the building, or need to protect the contents within. Things like equipment, furniture, files and other property could wind up lost or damaged due to fire, theft, or even a natural disaster. Liability insurance is also key to protecting your personal assets, since you could be sued for any number of reasons. Every business has its own set of circumstances and concerns. Having the right insurance can help deal with many obstacles that can get in the way.
A BOP is one solution
Buying insurance for the different issues that need to be addressed can seem overwhelming. The good news is, you can purchase a business owners policy (BOP), one that combines property and liability insurance so that you pay a reduced premium and have all of that protection in one neat package.
You’ll be provided with some great advantages by purchasing a BOP. It gives you the ability to buy multiple policies that would likely cost you more to buy separately, and you get to decide exactly which policies will best suit your company’s current needs.
For example, business income insurance is necessary for times where you may lose income due to the suspension of your operations, and equipment breakdown insurance if any equipment is damaged due to a power surge, or if you experience a mechanical breakdown, burnout or simply operator error.
BOPs are a good fit for many small and medium-sized businesses. All insurance policies contained within a BOP should be chosen because you feel they’ll be vital to your company’s needs, especially if you have a significant number of employees and expensive equipment used to operate your business. Consider a Bop when looking into your accounting business insurance needs.