Though accounting professionals strive to provide their clients with superior service, customer satisfaction is never a guarantee. In fact, there are times when clients choose to file a claim against a professional or accounting firm due to perceived errors or omissions. When this occurs, accountants professional liability insurance offers financial security.
Insurance Covers Various Court Costs
No matter the circumstances, lawsuits are expensive. There are various expenses associated with these affairs such as attorney fees and settlement costs, and accounting firms may be required to pay upwards of millions of dollars to disgruntled clients. Accountants professional liability insurance covers these expenses. A long-winded lawsuit has the potential to financially decimate a firm, but liability insurance provides the necessary protection.
Carefully Crafted Insurance Policies
Any accounting firm, regardless of size, can benefit from having insurance. In fact, many clients do not even consider working with firms that do not have some level of coverage. Insurance companies work closely with firms to craft policies that meet their needs. In acquiring a comprehensive policy, firms protect themselves from potentially damaging legal claims.
Despite their effort to provide quality service, accounting firms have no way of preventing clients from filing claims. However, they do have the means to protect themselves in the event of a lawsuit. Accountants professional liability insurance covers a variety of legal expenses and maintains a firms financial stability.