At BrookStone Insurance Group, we understand the complexities of a CPA firm’s business and daily operations. While known for wearing many hats, their primary function is to help businesses and individuals thrive, but occasionally mistakes are made. In today’s litigious society one small mishap can cause an unhappy client to take legal action, which can translate into significant legal costs regardless of whether the case ever goes to trial. To best protect your business, BrookStone Insurance Group can tailor a Professional Liability policy to suit the unique needs of your firm so that continuous protection is available.
Professional Liability Insurance, known as Errors & Omissions coverage, provides protection for defense costs and settlement payments relating to allegations that a CPA’s work or advice was inadequate, contained errors, or failed to meet expectations.
There are many reasons why a CPA should have insurance.
- Professional Liability Insurance should cover services such as tax planning and preparation, personal financial planning, bookkeeping, compilations, reviews, audits, management advisory, information technology, general business planning and litigation consulting. The smallest allegation can be defended through our Professional Liability Insurance policy.
- Spending time at a trial or arbitration proceeding can be costly. Professional Liability Insurance will provide reimbursement for time in connection with this type of claim.
- If your CPA firm is involved in a regulatory proceeding because of allegations against your professional services, a Professional Liability Insurance policy should reimburse legal fees and court cost associated with this.
- Inquire about prior acts coverage. This coverage is extremely important to all CPA firms so that coverage is continuous even if you switch insurance carriers.
- Protecting you and your clients’ sensitive information with an endorsement such Cyber Liability that covers litigation if your firm is hacked or information is stolen.
Beyond professional liability protection, BrookStone Insurance Group offers a full suite of coverages that can be customized to help meet the needs of accounting professionals, including:
- General Liability – protects against allegations of bodily and physical injury or property damage.
- Commercial Auto – insures your owned or leased company vehicles
- Property – protects your building and contents against certain catastrophes.
- Workers Compensation – covers medical and lost wages due to employee’s work related benefits
- Umbrella – provides excess coverages related to large accident claims and lawsuits.
- Inland Marine – provides for coverage for equipment that in the field or at different locations.
- Errors & Omissions – protects you from claims of negligence or failure to perform professional duties.
Contact our staff today to discuss how BrookStone Insurance Group can best help your accounting firm stay protected.