Granted, when you think of accounting, you probably do not think of a high-risk business that needs extensive insurance coverage. While the odds of bodily injury may be negligible compared to if you were running a restaurant, for example, accountants have their clients’ most sensitive information right at their fingertips. As recent incidents have shown, cyberspace can be a scary place. Hackers, data, and identity thieves have become increasingly creative and blunt as to how they go about their “business”. No business is safe anymore. Especially those working with sensitive client information. Often, smaller firms are more vulnerable, because their internet security systems are not as elaborate as those of bigger corporations, making access for hackers easier attainable. Hence, Cyber Liability coverage is essentially mandatory insurance for accountants.
Despite the risk of internet hacking and data theft, accountants are still considered to be a low-risk business. Therefore, they qualify for a BOP (Business Owners Policy Insurance) which combines liability and property insurance in one policy, saving your business money.
If you are responsible for your clients’ data and finances consider Scottsdale Errors and Omissions (E&O) insurance, also known as professional liability policy as well. On the off chance you render poor advice or just simply overlooked something, which could potentially cost your client thousands of dollars, you are covered. This type of insurance can help cover legal expenses such as court fees and your legal representation.
Does your accountant firm have employees who are in front of a computer for extended periods of time? Maybe they feel stressed, suffer from carpal tunnel syndrome or headaches due to the nature of their work? In this case, a workers’ compensation might be a good addition to your BOP. A Scottsdale commercial umbrella insurance for your accounting firm can be an excellent addition to any insurance plan. Umbrella insurances kick in when the underlying policies are maxed out. If your Scottsdale, AZ liability insurance covers you up to $1,000,000 but your firm is being sued for $3,000,000, for example, umbrella insurance can help to cover the overhang.
Should you still feel unsure about which policies are best fitting the needs of your accounting business, give the insurance experts at Smart Move Insurance, Inc. a call and let them assist you in making the best insurance choices for your individual business needs.