Tax preparers and bookkeepers advise clients while handling confidential and crucial financial documents daily. These professionals must have appropriate insurance to protect against the associated risks and guard their financial stability.
What Insurance Does a Tax Preparer or Bookkeeper Need?
Accounting professionals, bookkeepers and those who prepare taxes for clients need basic business insurance. Your agent may recommend the following:
- Commercial property insurance can help pay to fix or repair your company’s building or damaged contents after a covered event like theft, fire or a storm.
- Data breach insurance can help protect your company from the potential financial effects of a hacker gaining access to your electronic files.
- Professional liability coverage can help pay legal claims due to accidental mistakes made by you or one of your employees while providing professional services to clients.
- Workers’ compensation insurance can help cover medical costs and provide wage replacement for employees who suffer work-related injuries or illnesses.
- Business interruption insurance can help provide financial support for your business if you must temporarily shut down to allow for repairs after a covered event.
Depending on your coverage needs and situation, your agent may recommend purchasing a business owner’s policy, which typically combines general liability, commercial property and business interruption insurance at a discounted rate. Not every business qualifies to purchase a BOP, so consult your agent for advice.
Contact ABC Insurance & Financial Services today to learn more about properly ensuring your tax preparation or bookkeeping business.