After the conservative image some people have of accountants, there are a number of risks to your business that arise during the day. Business insurance is worth a look, to weigh up the financial implications of these risks and give you peace of mind as you go about your business.
Let's look at some of those risks.
- Claims from the public
You come across the public everyday, whether in the form of members of the public visiting your offices, or suppliers making deliveries. Public liability insurance is designed to help meet claims from third parties like these, which can typically be made for legal liabilities arising from personal injury or damage to property. It's not compulsory, although a large claim could be fatal to your business as the amounts involved are often sizeable. So ask your insurance provider what options are available to you.
- Claims from your employees
If you have any employees you may be under a legal obligation to take out employers' liability insurance. This usually relates to claims made by your employees for any accidents or an illness that they have contracted in the workplace, as a result of working for you.
- Claims from your clients
Anyone who is involved in delivering professional services advice runs the risk of getting sued for negligence. Mistakes happen, and it's not nice when you receive the call from the customer that will result in a lawsuit. However, the effect of this situation can often be mitigated by having adequate professional liability insurance. Whether or not this is a requirement of your professional body, it makes financial sense to protect your business from the risk of a large claim, so ask your insurance provider what options there are for policies for accountants insurance.
- Your office equipment
Accountants do not have warehouses of stock to protect, but if you look around at your office equipment you will find that it is valuable and would probably set you back a large sum to replace. That's why contents insurance may be worth a look when you are assessing your insurance needs.
What should you do next?
The next step is to start looking for a provider and comparing deals. To do this easily and easily, visiting a specialist insurance website may help you find suitable accountants insurance.