Some job fields will need to have professional liability coverage for things like medical malpractice and errors and omissions. In these cases, a mistake or accident on the part of the professional can lead to damages on the part of the client or patient. With accountants’ professional liability insurance, your practice will be covered for errors and omissions as well as other things you can be held liable for. This means that if a judge finds that it is your error that led to damages for your client, then the insurance will help you compensate the client for those damages.
Accountants’ professional liability insurance can be part of a more comprehensive plan or its own package depending on what is offered by the agencies you find. This means that you can find agents to help you identify all your risks as well as the right coverage options for them. You can even end up finding risks that you didn’t realize could cost you your practice. Once you identify all your professional liability risks, you can better find the right plans and packages to cover them or even find ways to reduce them. The lower your risks are, and the better practices you have in place, the easier it will be to find and afford the right coverage.