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Accountants

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The holiday season may be in full swing now, but before we know it, seasons will change and a new season will be upon us – yes that’s right, it will be TAX SEASON!  Other than not wanting to actually pay those darn taxes, we all know how much of a headache taxes can be. We push our burdensome taxes off on others to do, fully expecting them to do an accurate and thorough job while we reap the benefits of a nice tax return.  But… what if they make a mistake?  What if we forget to give them vital information, and we receive an audit that costs a substantial amount of money?

The truth is that while we expect everything to go smoothly by utilizing the services of an accountant, it is important to remember that we are all human, and we all make mistakes.  Accountants are not exempt from fallibility, and it is vital to their professional survival that the proper coverage is in place to ensure not only their own protection, but that of their clients.

There are literally thousands of suits brought every year against tax preparers and bookkeepers, and the tax audit standards are CONSTANTLY changing.  Sure, we all rely on ‘our people’ but even the most knowledgeable person can make mistakes.

So, why should accountants buy a professional liability policy?  Generally speaking, most E&O policies will cover a judgment, settlement and defense costs (even the frivolous ones).

Stuckey & Company has access to carriers with ‘admitted’ products in most of the continental United States.  These quality products from reputable carriers may include coverage enhancements such as:

•    pre-claim assistance,

•    broad definitions of services,

•    expense reimbursements,

•    settlement provisions,

•    spousal and domestic partner coverage,

•    and much more!

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DID YOU KNOW?

A tax professional can be held responsible for any IRS-assessed penalty, as well as interest the client was charged during an audit!

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REMEMBER:

Even if a client neglects to give all vital information to the accountant, and files a frivolous suit, the accountant could rack up some serious costs just to fight or defend it!

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KEY POINT:

A minor mistake by an accountant can lead to huge problems and financial burdens on the client.  Knowing that just one claim against an insufficiently insured professional could ruin them, it is vital to address their coverage needs.

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Let us help you cover your clients!  We will make it happen!

Contact Chris Boylan, Professional Liability Renewal Underwriter, for applications, claims samples, specimen forms, general questions, or sell sheets.

Chris@stuckey.com or 1-800-828-3452 x 35

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