Bookkeepers have an integral role in accounting firms. No matter how well they perform, however, there is always the risk of a legal claim by an aggravated client. Bookkeeping insurance is an excellent way to protect your business against disciplinary actions, high lawyer costs and subpoenas.
Maintain your Net Profits
Even just one legal situation can cause a small to medium sized business to suffer. The main focus of your accounting enterprise should be your bottom line. If an employee has to miss work because of court appearances, your net profits might go down. A quality policy can reimburse you during this difficult situation.
Validate Your Credentials
Strong coverage shows your clients and employees that you’re prepared for the unexpected. Bookkeeping insurance is an excellent way to back-up the credentials you worked hard to earn. Although not required by state law, many accounting firms purchase insurance to rise above their competition.
Tailored To Your Business
An insurance plan can be tailored to the unique needs of your enterprise, whether that entails getting Prior Acts Coverage or Stand-Alone Basis Coverage. Plans are available for small firms with 2.5 million dollar annual revenue to large firms with a 25 million dollar annual revenue.
Bookkeeping insurance shows your employees that you value them and gives you peace-of-mind against looming legal threats. Learning about the basics of a coverage plan can help you decide on a policy that’s right for you.