Why Should Accountants and Bookkeepers Get Errors and Omissions Insurance?
A common misconception is that doctors and lawyers are the only professionals in need of Errors and Omissions (E&O) insurance. In fact, nearly every organization that provides a service to a client for a fee has E&O exposure, and because professional requirements are broadly defined in legal terms, Professional Liability insurance shields businesses from the unforeseen. Errors and Omissions insurance, also known as Professional Liability Insurance, protects organizations or individuals against claims of professional negligence throughout a variety of professional services. This includes errors or omissions that the company actually made or that the client perceives were made. Errors and Omissions claims are not covered by General Liability insurance. Insurance for Tax Preparers Errors and Omissions insurance is particularly important for Certified Public Accountants, bookkeepers and tax preparers. Every year, in the U.S., thousands of suits are filed against tax preparers and bookkeepe
