Professional Liability
for Accountants
Like
any other insurance policy, the professional liability
policy for accountants and accounting firms is designed
to protect an insured from possible catastrophic financial
loss due to unforeseen damages.
In the event an insured accountant or accounting firm is sued
and becomes legally obligated to pay damages, the professional
liability policy will defend the insured in the suit and will pay damages
they become liable to pay, subject to the policy terms and up to the
limits of liability, less the deductible, subject to the terms and conditions of the policy.
Malpractice occurs when the professional either does something incorrectly
or fails to do something that the standards of the profession dictate should
have been done.
Want to know more? Check out our Accountants FAQs.
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