Professionals who prepare taxes for their clients undergo a unique risk in their profession. Many individuals can simply purchase a general liability policy for their business and be done with it. But a Tax Preparation professional must also buy an Errors and Omissions Insurance Policy (aka Professional Liability Insurance), not just to protect their own business, but also to protect their clients. Many of your clients or professional organizations will require you to buy an E&O Insurance Policy in order to do business with them. It may not even be a mistake you yourself do, but may be from one of your staff members or employees.
The IRS has very little forgiveness when it comes to Errors and Omissions. A simple slip of the pen can cost you tens of thousands of dollars, or even worse, your business, or jail time. IRS Tax Audits are a serious risk to your business. Even if there were no errors on the return, you will still have to spend valuable time and effort to defend your calculations. Your stress level will be greatly reduced by your confidence in the fact that you were smart to purchase an Errors and Omissions Insurance Policy well before you needed it. Tax laws change yearly. It’s difficult to stay abreast of every change and nuance. Lawsuits are common and expensive. Even frivolous lawsuits can cost you all of your savings and business assets to properly defend yourself. Remember, you don’t have to actually even make an error or omission in order for a client to try to sue you. Many frivolous claims and lawsuits are filled every day nationwide against very competent, consciences, and professionals like yourself.
Here are a few ways you may reduce the likelihood of a claim, potential claim, or lawsuit against you or your business:
An Errors and Omissions Policy from ACE Financial Group Ltd can protect your business from a lawsuit that may otherwise result in the loss of your business, assets, and possibly even your freedom. Our quick and easy online quote and application process will allow you to apply today and receive your Certificate of Coverage tomorrow. Buying and E&O Policy is just smart business, and the peace of mind you and your business deserve.