Tax Services
Tax Services Quote Forms
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Tax Services Information
If your firm is responsible for income tax preparation for individuals or businesses alike, you may need to secure proper insurance protections. Accountants and certified public accountants (CPAs), who handle income tax preparations and filings, handle sensitive customer information and advise customers about handling critical financial matters. Having the right insurance can help protect your company from the risks associated with working in the financial services industry.
What Insurance Do Accountants Need?
Accountants need various types of business coverage to help protect their organization from unique risks in the financial services industry.
- Commercial property insurance helps repair or replace your owned or rented building and equipment, including computers, office furniture and documents.
- General liability insurance helps your firm pay claims that your accounting business caused property damage or bodily injury to a third party.
- Business income insurance helps replace lost income if you must shut down your accounting business temporarily to allow time for repairs after a covered event.
- Errors and omissions (E&O) insurance can help provide financial protection to accountants against costs associated with lawsuits alleging unsatisfactory work.
In addition to the above types of business insurance, accounting firms may also consider tailoring their coverage with the following policies:
- Commercial auto insurance
- Employment practices liability insurance
- Workers’ compensation insurance
- Cyber liability insurance
- Umbrella insurance
How Much Does Accounting Insurance Cost?
Since every accounting firm is different, your insurance premiums may vary wildly from another firm. In general, insurance companies use information about your company's location and size, the number of employees, annual revenue, claims history, and property value to determine insurance premiums.
Talk with your agent about tailoring an insurance plan to meet your company's needs. They can help you identify policies that may benefit your company and get you an accurate quote.
How to Get Insurance for Tax Preparation Firms
Contact the agents at Garza Insurance Agency & Multiservices, Inc. today to learn more about your options for accounting business insurance.
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