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Posted on: March 23, 2023 by Huntersure
Accountants professional liability coverage can help your clients over the next month as tax season rolls along. Nobody likes paying taxes, but it’s a reality that we all have to deal with. For most people, tax time triggers feelings of stress and worry, and these feelings are even more intense for anybody who works in accounting. Accountants face many challenges, but insurers can mitigate these risks by providing accountants professional liability coverage.
Learn how to help accountants survive tax season while minimizing their professional liability.
The busyness of tax season can easily cause your clients to become overwhelmed and stressed. When handling money, taxes, and financial accounts, stress may increase professional liability and result in errors. An accountants liability insurance policy is the best defense against this because it covers accounting professionals who mismanage or miscalculate their clients’ funds. Insurers can help accountants avoid preventable errors by collaborating on a comprehensive risk mitigation plan.
Tax season is overwhelming for many reasons, but one of the most significant stressors is the sudden influx of business that accountants must learn how to juggle. While an accountant may only have three or four clients during the rest of the year, they’re likely to have dozens when tax time arrives. To deal with this increase in demand, accountants must plan their week and block out time for each client. Encourage your clients to stay organized by doing this.
In addition to the sudden increase in business, accountants are likely to see higher demand for communication from clients. The typical accounting office will have phones ringing off the hook when taxes are due. Accountants are under no obligation to take every phone call, though. On the contrary, insurers should encourage their clients to invest in accountants professional liability coverage and prioritize the most convenient communication method. Opting for emails and text messages is usually less time-consuming than answering phone calls.
Insurers must remember that their clients also deal with stressors other than tax season. Plenty of issues at home and elsewhere can exacerbate your clients’ stress, and it’s imperative to combat this problem as much as possible. According to research, 82% of workers say that making mistakes is a source of stress, and the inverse is likely true. You can help your clients minimize accountants professional liability by encouraging them to reduce stress and avoid errors.
There’s no way to eliminate the stress of tax season. For accountants, it can be a lucrative time to do business, but it can also be a stressful time that exacerbates liabilities. Insurers who serve accountants can offer advice and protection in the form of accountants professional liability insurance. Help your clients survive tax season by customizing a liability policy to meet their needs.
Huntersure LLC is a full-service Managing General Agency that has provided insurance program administration for professional liability products to our partners across the United States since 2007. We specialize in providing insurance solutions for businesses of all sizes. Our program features can cover small firms (grossing $2.5 million annually) to large corporations (grossing $25 million annually or more). We make doing business with us easy with our breadth and depth of knowledge of E&O insurance, our proprietary underwriting system that allows for responsive quoting, binding and policy issuance and tailored products to meet the needs of your insureds. Give us a call at (855) 585-6255 to learn more.
Posted in: Accountant Professional Liability Accountants Accounting