No matter what type of business that you own, there are certain types of risk involved. As a financial services professional, you are in charge of sensitive information, which can expose you to a higher level of risk. Losing records, damage to your building, and other common risks are all a bit more daunting when you are a CPA. For these reasons, it is important to make sure that you have the right business insurance in place.<\/p>\n
When it comes to choosing the right insurance as a CPA, there are several things to consider. A business owner’s policy is a good place to start as this will protect your accounting firm in much the same way that a home insurance policy protects your house and personal possessions. In addition, a business owner’s policy will also help protect against liability claims and property damage lawsuits.<\/p>\n
A quality business owner’s insurance policy will provide you with three types of coverage:<\/p>\n
It is possible that your company will need more coverage than what is offered by the basic business owner’s policy. As a CPA there are several types of additional insurance coverage policies to consider.<\/p>\n
A small omission or error can lead to major consequences in the accounting profession or at a CPA firm. If you overlook an expense when preparing financial statements, this mistake could cost the client thousands of dollars. Your client may file a lawsuit against the firm based on this mistake. Errors and Omission policies can help cover the cost of your defense as well as any settlements pertaining to the lawsuit.<\/p>\n
As a CPA, chances are that you store data from your customers as well as your employees. The data can be quite sensitive and include financial records, social security numbers, credit card numbers, bank information, etc. If this sensitive data is lost or is stolen, data breach insurance can help pay the costs related to the data breach such as:<\/p>\n
While most information is now digitized, as a CPA firm there is a good chance that you keep a large number of paper records as well. This includes papers that your clients provide you when you are helping them with their accounting needs. A Valuable Papers and Records insurance policy will help cover the costs involved to reproduce important documents if they are damaged in any type of disaster such as a fire or a flood.<\/p>\n
If you are a CPA, it is important to make sure that you have proper insurance coverage for your business. We have been helping businesses get the insurance that they need for many years.\u00a0Contact us<\/a>\u00a0today to get started on finding the proper protections for your company.<\/p>\n","protected":false},"excerpt":{"rendered":" No matter what type of business that you own, there are certain types of risk involved. As a financial services professional, you are in charge of sensitive information, which can expose you to a higher level of risk. Losing records, damage to your building, and other common risks are all a bit more daunting when […]<\/p>\n","protected":false},"author":5,"featured_media":61250,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"inline_featured_image":false,"_monsterinsights_skip_tracking":false,"footnotes":""},"categories":[76],"tags":[181,95,118,163,27],"class_list":["post-61249","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-insurance","tag-advice-for-business-owners","tag-business-insurance","tag-business-owner-responsibilities","tag-business-owner-tips","tag-insurance"],"acf":[],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t