Insurance for Accountants

Insurance for providers of professional services, like accountants, may discover themselves in disputes with their clients and those around them as their prosecutors attack them for harm caused due to their services alleged failure to not meet legal standards or following proper protocol. 

If you are in this type of industry, you do not want to face this situation without insurance for accountants in Toronto. If you do, there could be major repercussions such as having to take a settlement deal or paying straight out of your pocket for defence against them.

With KASE, we can provide you with the necessary insurance for accountants in Toronto that will keep you and your business safe if any unwarranted situations arise. We aim to ensure all our clients are able to rest easy with the knowledge that we can offer them ample cover for a multitude of circumstances.

How Insurance for Accountants Works

Usually, accountants buy professional liability insurance which is a sort of errors and omissions insurance. The biggest risk that you, in this line of work, are exposed to is that you might make mistakes in records and reports regarding your clients’ financial details. 

However, if you are a professional that runs their own small business, you may benefit from small business insurance. This is simply a term used to group together a plethora of different insurance types that are often needed for this sort of business to run effectively. It will include property insurance, general liability insurance (as well as professional) and cyber insurance. As this is a bundled policy, you can add covers such as commercial vehicle protection too, if this would apply to you. 

Types of Insurance for Accountants in Toronto

Working as an accounting professional will require you to have professional liability insurance, as well as general liability insurance (although, there are always exceptions to the rules). 

Commercial property insurance could also be necessary if you work out of an office building. For those of you who own the building you work from, this type of protection is essential — it will save you a lot of hassle in the future. 

Other kinds of insurance will be needed as your business grows and develops over time. It is best practice to keep an eye out for new factors that you may need to protect and be sure to contact us if you require assistance with choosing the right cover. 

Professional Liability Insurance (Errors and Omissions) 

Simply known as “E&O Insurance”, this type of liability insurance is necessary for those who deal with services, products and advice — accountants, bookkeepers, etc. The overall aim is to guide you with the monetary responsibility that will resurrect itself after a mistake leads to a liability lawsuit (i.e. those which come from human error or an omission). 

Commercial General Liability Insurance 

Commercial general liability insurance or CGL, for short, will cover you for bodily injury, property damage occurring due to business procedures, personal injury, or any harm caused on the premises. Like many insurance policies, there are various levels of protection available for you to take out so, chat with one of our advisors to help you navigate through the options. 

While this protection does not conceal you from all of the risks your accountancy business will face, it is still widely considered a comprehensive form of cover. 

Worker’s Compensation Insurance 

This type of insurance for accountants in Toronto provides a replacement of wages and different medical benefits to your employees should they be injured or fall sick because of work. It also means that said worker cannot sue you (the employer) for negligence. 

It may be important to note that worker’s compensation is required by law in most regions. 

Commercial Property Insurance 

Commercial property insurance is integral, especially if you own your office.

If you decide to go with the building’s insurance part of this cover, the rebuild or repair of the physical building will be monetarily cared for. So, if you experience floods, fires, riots, storms, theft or burst pipes, this will all be protected. 

In contrast, if you choose the contents insurance side of things, this looks after the items you hold inside of your office like your computer and other valuable equipment. 

Cyber Liability Insurance 

As your accountancy business is bound to take care of some, if not all, of its operations with the help of the internet or electronic device, cyber liability insurance is unbelievably important.

It will make sure that you can cover the costs that come with security breaches like hacks and other cyber-attacks. Regardless of the cause (phishing, ransomware, negligence), you will be monetarily secure in these scenarios. 

Employment Practices Liability Insurance

This type of insurance makes certain that you will be covered should an employee make claims of discrimination, harassment, wrongful termination or various related issues. 

With so many different options when it comes to insurance for accountants in Toronto, it can be a real help to talk to an expert who knows what would be best for you — this is where we come in. 

KASE Insurance: Experts in Insurance for Accountants

As an accountant, you are in the professional service sector and thus, will want to avoid every hint of a disaster. Unfortunately, unforeseen circumstances and problems may arise which is why you must make sure your accountancy business is fully covered. 

Here at KASE Insurance, we have years of experience in providing comprehensive insurance to clients from all industries such as construction, technology, media and manufacturing, but especially for those in the professional service sector like yourself. 

We constantly strive to go above and beyond for our clients, so we can continually provide the highest standard of service and advice. At KASE, you will benefit from a wide range of insurance policies to choose from and a plethora of extremely qualified individuals who want nothing more than for your business to be protected. 

If you are in need of insurance for accountants in Toronto, contact us today to get started.