Finance Accounting Insurance

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Professionals working with in the finance sector are highly recommended to take out all the necessary coverage to protect themselves and their business from any claims and lawsuits that may arise as a result of a professional mistake.

Without such insurance - if an accountant for instance is negligent with the tax return for their client and makes a big mistake, which ends up costing the client money - the client may sue the accountant.

In other cases, if financial advisors make the wrong investment decision on behalf of their client, which causes the client to lose a lot of money - they could be held liable.

For all those reasons and more - financial advisors - be it bookkeepers, accountants, or tax preparers are always recommended to take out the necessary insurance policies to financially free themselves from any liabilities should they be held liable for their own actions.

What Insurance Policies Are Relevant for Finance Accounting Firms?

Financial accounting firms can benefit from a number of insurance policies. The extent of the coverage your business should have depends on the state you operate out of, the risks your firm faces on a daily basis, the number and size of your clients, whether you employ any staff or not, and various other factors.

Please take a look below for a more detailed overview of the most recommended insurance policies for accounting firms in the United States.

Which Finance Accounting Firms Can Benefit From Insurance?

There are a number of finance accounting business types that can take advantage of being covered by an insurance policy should anything go wrong. They include:


Accountant insurance: accountants are responsible for calculating and filing their client's tax returns with 100% accuracy in the most tax-efficient way possible and within the deadline.

Should anything happen - such as not doing the research on the current tax laws, which ends up costing your client money - they can sue you for negligence.

This is why it’s crucial to have finance accounting insurance in that way - your business will be freed from any financial liabilities if any professional mistakes are committed and your firm is held liable.


Bookkeeper insurance: bookkeepers carry the immense responsibility of conducting error-free audits and keeping records of their client's every financial move. And as such - they must operate with extreme accuracy and efficiency in order to do their job well and ensure that their clients don’t overpay or underpay on tax.

In case the bookkeepers are negligent, and that lands the client in hot water with the government, the client could sue the bookkeepers for negligence and request compensation.

And when your bookkeeping firm has an adequate level of cover - it will be financially protected no matter what professional mistake is committed.

Tax Preparers

Tax preparer insurance: tax preparers are responsible for making sure that their clients submit the most tax-efficient tax returns possible. This way, their clients can save as much money on paying tax as possible and continue being as profitable as they can,

And as such, if the tax preparers are negligent and aren’t keeping up to speed with the new and updated tax laws - that can cause their clients to overpay in taxes and get them sued.

With financial accounting insurance in place - the tax preparers will be freed from having to financially cover for their professional mistakes as the insurance company will take care of that if legal action was to arise.

Financial Advisors & Planners

Financial advisor and planner insurance: financial advisors and financial planners have the sole responsibility of guiding their clients to make good financial decisions so their money not only makes them more money but more so that they preserve their wealth.

And as such - if the financial advisor or planner makes a mistake, which ends up costing their client a lot of money - that can get them sued. And without insurance in place - the financial advisors or planners will be held liable and in most cases - they will have to pay the legal fees, compensation, and reimbursements out of pocket.

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