You have worked hard to build your insurance firm and earn the trust of your clients. It may be hard to believe that one small mistake could tear it all down, but without CPA malpractice insurance, that doomsday scenario could become your reality. Having a solid professional liability insurance policy can help protect you from financial loss as well as loss of the faith of your clients.
Malpractice suits are expensive. The legal fees alone could set an insurance firm back financially, and if the plaintiff wins the case against you, the damages you would have to pay could be your undoing. CPA malpractice insurance can protect you from losing your assets or your business by covering both legal fees, including both the attorney fee and the court fees, and any damages the court might award your client. Having malpractice insurance can even be used as a marketing strategy. Letting your clients know that you are covered in case of an error or omission can increase their confidence that they will be compensated for any damages they suffer as a result.
All it takes is for a CPA to make one small accounting error, and without insurance, that could be the end of the business. With professional liability insurance, you can protect yourself and your firm from an otherwise devastating loss.