Large accountancy firms require insurance products that match the diversity of their services. Luckily, one is often able to find a policy that insures almost any risk imaginable. For a large firm with nearly innumerable loss scenarios, maintaining adequate accountant insurance is more than simply a good idea: It’s the key to success.
It is not enough to say that a company must carry diverse insurance products to qualify as an acceptable partner for a large firm. Some of the most crucial protection policies for large- or medium-sized firms include professional liability coverage for:
- Tax preparation
- Accounting practices
- General bookkeeping
Whether legitimate or not, most companies will point the finger towards their accounting services when errors, omissions or other wrongdoing is uncovered. Adequate accountant insurance protects a business if a loss occurs.
Shielded by Reputation
Good insurance coverage also has the potential to prevent some accusations of error. If a firm retains an insurance company with a reputation for thorough investigation, ardent representation and full protection of its clients, it is likely to dissuade opportunistic accusers.
The best accountant insurance for large firms therefore has a mix off attributes. It should, of course, have all of the policies necessary to adequately cover any losses that might occur. The company should also have a reputation and a level of service that discourages the accountants’ clients from leveling frivolous accusations.