As an accountant, you have clients who depend on you for sound advice regarding the stressful topic of their finances. Whether you handle personal or business taxes, clients trust you to complete them accurately and in a timely manner. Nobody is perfect, however. No matter how good an accountant you are, mistakes will happen sometimes. When they do, it is important to have someone in your corner. That is why you need professional liability insurance for accountants.
Professional liability insurance goes beyond merely protecting your individual safety. It protects you whenever you make errors or omissions. Something as simple as a data entry or basic accounting error can bring you legal trouble. With the ever-changing industry standards, it would be easy to make a mistake regarding documentation. A missed deadline can cause your clients to face penalties, and professional liability insurance for accountants can also, by extension, protect them by ultimately covering any damages suffered as the result of the error in your timing.
These are just a few examples of the pitfalls that professional liability insurance can help protect you from. Do not just settle for a general or commercial policy. Adding a professional liability policy to your insurance package can ensure that your whole business is covered.