Accounting and audit companies face the same inherent risks as most businesses. However, there are also risks particular to these businesses and the professionals working for them, which is why we offer Accounting and Auditing Services insurance programs tailored to their unique needs, including General Liability, Errors & Omissions, Property, Crime, Workers’ Compensation and more.
Any business that offers access to customers is at risk for slip/trip/fall and other accidents that could result in injuries. A slip on a wet restroom floor, an icy walkway or curled floor mat could lead to a costly injury and even a lawsuit.
Mistakes made while analyzing business acquisitions, performing audits, handling tax returns, etc. can result in significant monetary losses for clients including fines. For example, clients can file a claim for costs incurred if required documents are omitted from tax filings or if filed late. Employees performing negligent work or exposing client data can also result in financial loss that leads to a claim against the employee and the firm.
Employee injuries may occur due to the heavy usage of computers. Injuries may also occur off-site if work is done outside of the accounting and auditing services’ main office. Repetitive motion injuries to fingers, hands, arms, neck, shoulders, and back from the use of computer keyboards, mouse, and computer screens are common in offices. It is essential that the workers maintain the correct positioning and posture while at their desks with the appropriate use of ergonomically designed aids and training to assist in prevention.
Accountants and auditors face lawsuit risks if rented or employee-owned vehicles are being driven for business activities. An accountant rushing to a meeting could ignore a stop sign and hit another driver or an administrative assistant could be running office errands and hit another car backing out of a parking space. Repairs to any damages to the cars of others and costs related to third party injuries could be covered by a business auto policy if existing personal Auto Insurance doesn’t covr the loss.
All businesses are at risk for damages resulting from events such as theft, fire, and weather destruction. For example, high winds can damage roofs and heavy rains can result in subsequent water intrusion. Repairing or replacing damaged property can be quite costly. Water can also damage electrical circuits and equipment. Your business may not function while ruined flooring, equipment and furniture is removed and waiting for replacements to be installed. Property Insurance covers the loss of income while the business is closed for repairs.
Theft of money and securities are crime risks for accounting and auditing companies. Savvy employees may know how to defeat controls which makes quality crime coverage a must.