Tax preparers provide services for customers who need assistance filing their income tax returns. Because of the unique risks tax preparers face, a solid insurance program is a must. This is why we offer General Liability, Professional Liability, Business Auto and Crime insurance tailored to the unique needs of the industry.
Customers typically visit the offices of tax preparers, especially during the busy tax season, so businesses face the possibility of someone getting injured while on the premises. A customer, courier or repair person could easily trip and fall, sustaining a serious injury for which the business could be liable.
Also known as Errors and Omissions Insurance, this policy protects professionals from claims of negligent or poor quality work. Tax preparers could face lawsuits if they make miscalculations or fail to meet filing deadlines that result in their clients having to pay IRS or state tax commission penalties. Even if the tax preparer is not at fault, the policy covers legal fees incurred in defending against the claims.
Tax preparers are particularly subject to injuries caused by repetitive motions, eye strain, and health problems due to stress. Of course, everyday accidents such as falls or cuts can also result in injuries that require medical attention.
Tax preparers may use company-owned vehicles as well as rented vehicles to meet with clients or attend business conferences. Employees who use their personal vehicles for business purposes may not be covered under their personal auto policy. For example, a worker running errands to the post office and bank or driving to a business luncheon could hit another driver. A Business Auto policy would cover the damage to both vehicles.
Fire, severe weather and burglaries are the most causes of damage to a business property. Faulty electrical wiring, coffee makers being left on, and lightning strikes can cause building fires. Property insurance covers the cost of repairs and replacing damaged items, but also lost income if business cannot be conducted while repairs are being made.
Crime risks for tax preparers are related to employee dishonesty. Employees may steal from customers if they work at clients’ locations or they may embezzle or steal property from their employer.