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Insurance for Bookkeepers & Accountants
Bookkeepers and accountants are tasked with keeping their customer’s money organized and accurate. Depending upon the level of services your firm offers, you may even be tasked with keeping customers from losing money. As the owner of the company, you’re also responsible for making sure your employees are happy, and that everything with the business logistics runs well. Don’t allow yourself to be at risk of losing all of your hard work when accidents arise. Protect your company from unexpected events and hazards with the right types and levels of business insurance.
General liability is an all-around broad level of business insurance coverage. It is meant to protect your accountant or bookkeeper company from suffering several financial hardships when accidents arise. This coverage grows as your company does too, and automatically provides coverage for new services and locations as you add them. Several key areas of general liability coverage include:
General Liability Insurance Includes:
- Premises Liability – Customers come into your accounting offices regularly. Whether they are there for tax season or as a regularly scheduled visit, additional traffic flow into and out of your business premises puts you at risk of having customers injure themselves in an accident. If they are hurt while on your business premises, the premises liability portion of your general liability policy will pay for any necessary medical bills. This coverage also protects your customer’s personal property. If the property is damaged at your business location, your premises liability coverage can pay for the cost of repairs.
- Products Liability – When you sell products to your customers, there is the off chance that the product will prove defective or harmful in the future. When this happens, your customer may sue your bookkeeping company since you’re the one who sold them the product. Product liability coverage pays for lawsuits and litigation surrounding these issues, and it can pay settlements and damages as well.
- Completed Operations – Completed operations coverage operates in a similar way that products liability does. If you provide services to your customers that later prove to be harmful to them – or damages their personal property – your completed operations insurance will pay for the damages, lawsuits and settlements.
Business Owners Policy
General liability is included in another type of business insurance known as a business owners policy, or BOP. BOPs allow you to pick and choose just the right types of insurance coverage for your bookkeeping or accounting firm. BOP protection is for your tangible and intangible business assets. Options include:
- Buildings and Contents
- Business Income and Extra Expense
- Electronic Data
- Newly Acquired or Constructed Buildings
- Employee Dishonesty Coverage
Business auto insurance protects you from financial disasters that can arise from auto accidents. When your or your employees drive for business purposes, this insurance can pay for property damages, bodily injuries, and additional specific based on your coverage.
Workers comp insurance pays benefits to your employees if they are ever hurt on the job. This business insurance is required by law, and it pays for medical bills and related recovery expenses for your employees.
As a professional accounting and bookkeeping company, you are at risk of lawsuits and legal actions when you make mistakes. Professional liability insurance is also known as errors and omissions. It protects you and your clients if you make a professional mistake that costs them money, injures them, or damages their property.