Call Us CALL US TODAY | 800.558.6088
Auto Insurance AUTO

Auto insurance protects you against financial loss if you have an accident.

Read More
Homeowners Insurance HOME

A standard policy insures the home itself and the things you keep in it.

Read More
Business Insurance BUSINESS

Discover the perfect insurance options to meet your specific and unique needs.

Read More
Registration Services REGISTRATION SERVICES

Browse a variety of registration services to find the right help for you.

Read More
Tax Insurance TAX SERVICES

Learn about different tax services that fit your specific needs.

Read More
Recreation Insurance RECREATION

Finding insurance doesn't have to be difficult. We do the work for you.

Read More

Tax Services


Tax Services Information

There isn't much room for error when preparing a client's taxes. But no matter how careful you are and how many systems of oversight you’ve developed, mistakes and misunderstandings can occur. When preparing taxes for clients, your mistakes might not just inconvenience your customer but could also make them lose money and result in IRS penalties or audits. When this happens, you could quite easily face a lawsuit.

Professional liability insurance (E&O) covers this specific threat to your livelihood. Not only does E&O cover the cost of defending yourself against a lawsuit but it can also cover claims awarded to your clients (including for IRS penalties and interest) within limits.

E&O insurance policies for tax preparers and other professionals have two limits. One limit, the smaller of the two, is the per incident limit. This is the maximum the policy will pay out for an individual incident. The second and larger limit is the per policy limit, which is the maximum total payout in a policy year for all claims. Your policy will also have a deductible that you must pay out of pocket for each claim. Higher deductibles will reduce the cost of your premiums, but they can create a larger financial burden on you if you have multiple claims in a year.

In addition to professional liability insurance, tax preparers should protect their business property through a commercial property insurance policy. This will provide some general liability coverage in the event that an individual is injured or their property is damaged on your premises. The policy will also provide some compensation when your building or contents are damaged in a covered incident. 

Facebook
Twitter
Carriers
Carriers
Carriers
Carriers
Carriers
Carriers
Carriers
© Copyright. All rights reserved.
Powered by Insurance Website Builder