Tax preparers and CPAs have a difficult enough job working with numbers and making sense of the thousands of financial documents they see every week. If you are a CPA or tax preparer, you should consider purchasing an insurance plan that covers you.
Every year thousands of tax preparers are sued for mistakes made on tax returns which result in an IRS letter. Don’t let this happen to you. Protect your business reputation and financial status by getting business insurance today.
3 Types of Insurance to Consider for Your CPA Firm:
Tax Preparer’s Errors and Omissions Insurance
Errors and omissions insurance protects individuals who are in career fields that require them to give advice and counsel to clients. For instance, tax preparers interpret their client’s tax liability based on the forms and information the client gives them. However, if the tax preparer misreads information or inputs it incorrectly into the computer, there is a good chance the IRS will send the client a letter.
Getting a letter from the IRS is never a good thing. It makes people nervous when they might owe money they did not expect. In fact, this nervousness could lead them to file a lawsuit against you for the misinformation you gave the IRS. This could happen regardless of whether the mistake occurred even by accident. Protect yourself with errors and omissions insurance. This type of insurance covers you when you omit information or make errors that have a negative impact on your client.
Professional liability insurance is for individuals who want to protect their business from mistakes made or damages caused while doing their work. For instance, this type of insurance includes damages to property. By purchasing professional liability coverage, you can protect the future of your business.
If you are a CPA chances are you utilize a particular software on your computer that allows you to easily record client information and records. Even if your computer has malware protection, anti-virus software, and a firewall, there is still a chance the information you store could be vulnerable.
As data security and protection have grown more advanced, so have cybercriminals in the way they hack computers and software. Cyber liability insurance will cover the costs associated with stolen information in the event that you are hacked. Having this extra protection gives you peace of mind that you will be covered when the unexpected happens.
Choose Texas Insurance Agency!
For information about Texas Insurance Agency, visit our website! There, you can learn more about our services, locations, and company. Give our team a call and purchase your insurance today!