Common dangers are mitigated by general liability insurance.
Accidents can still happen even if you work in accounting or finance; even if you don't do heavy physical labor doesn't mean you're safe. You could accidentally drop your client's laptop, or the deliveryman could trip on your front step. Legal fees associated with customer injuries or property damage can be covered by general liability insurance. A commercial lease may also require you to have this policy in place.
This insurance policy covers the following types of liability:
- Physical harm to a third party
- Property damage to a third party
- Damages from advertising
- Combine insurance plans to cut costs and boost safety.
General liability insurance and commercial insurance property might be bundled into one policy for small businesses in the finance and accounting industries. The total cost of a BOP is less than the sum of its parts.
- Typically, companies that qualify for a BOP:
- Employ fewer than a hundred people
- Maintain a humble workplace
- Earn less than one million dollars a year
- Engage in a safe line of work
In search of business interruption insurance for a period of fewer than 12 months
Find out if a BOP is right for your company by consulting a licensed Insureon agent specializing in the accounting and finance sector.
To what extent does general liability insurance protect accounting and financial firms?
Physical harm to a third party
Your accounting firm could be liable if a client trips over an extension cord and breaks their wrist while visiting your office. Without accountant liability insurance, you must pay the plaintiff's medical bills and the defense attorney. Medical expenses are covered by general liability insurance.
Legal costs
Awards and compromises
This policy does not cover injuries sustained by employees. It would help if you had workers' comp insurance for that.
Property damage to a third party
When customers' property is damaged, your company will be protected by general liability insurance. While bookkeeping for a client, you could damage a priceless sculpture. Your public liability policy would pay for the costs of the lawsuit, whether they end up in court or as a settlement.
Damages from advertising
It's easy to accidentally mimic an ad campaign or catchy slogan used by a rival firm when promoting your financial or accounting services. General liability insurance protects against a variety of risks associated with advertising, such as:
Slander and libel (in writing) are forms of defamation (spoken)
Violating copyrights
You should check with your insurance provider to ensure coverage if you distribute promotional materials to prospective customers.
There are various other types of insurance to think about.
While general liability insurance can shield you from many dangers, it won't protect you if an employee gets hurt, a professional makes a mistake, or your data gets stolen. The proprietors of accounting and finance firms also need to think about
If your company suffers a data breach that exposes customer information, cyber liability insurance can help cover the costs of remediation, defense, and notification.
Expert Witness Liability Coverage:
This type of insurance, also known as errors and omissions insurance (E&O), can protect clients if a professional makes a mistake that costs them money.
Compensation for injured employees: Employers in almost every state are required to have this policy in place. Workers' compensation pays for their medical bills and lost wages when an employee is hurt on the job.
Fidelity bonds, also known as employee dishonesty bonds, pay customers in the event of employee theft. They are frequently stipulated in client contracts.
