Why Get Accountant’s Insurance? Like any professional providing advice or a service accountants face their fair share of risks. Whether you own a large firm or offer accounting services on the side, carrying appropriate accountants insurance is critical to reducing your financial risk exposure and ensuring the success of your business. Get Free QuoteAccountant’s Insurance Claims Examples Property DamageIncident: A fire breaks out at your office location. The resulting damage is $50,000 in office equipment. Additionally it takes 4 months to clear the debris and repair the location. Result: Your commercial property and business interruption coverage will reimburse the cost to replace the equipment as well as pay for any extra expenses incurred by you to rent another office while it is being repaired so that you can continue operations as soon as possible. Professional LiabilityIncident: You are hired to perform professional auditing services for a client so that they can apply for a business loan from a creditor. The client ends up defaulting on their loans and files for bankruptcy. The creditors claim the accountant’s audit procedures did not comply with IFRS standards and sue for contributory negligence in the amount of $3M. Result: The professional liability coverage on your policy will pay for legal fees and defense costs as well as damages. Third-Party Bodily InjuryIncident: A client comes to your office for a meeting however has an incident and slips and falls due to a minor spill and poorly lit bathroom. The client decides to sue for injury in the amount of $50,000. Result: Your commercial general liability coverage on your policy will defend you and pay for associated legal fees. Get Free QuoteGet Free QuoteAccountant’s Insurance, Explained Who needs accountant’s insurance?Anyone that provides professional accounting services requires accountants insurance. Duties include but are not limited to tax filing to financial consulting and auditing. Why do accountants need insurance?As an accountant your role is to identify and reduce the financial risk that your clients are exposed to. You should already know that the profession carries its own inherent risk. Insurance products protect against these specific accounting services through products that cover negligence and malpractice and meet all CPA requirements. What does accountant’s insurance cover? Property Coverage – Can be broken down into more specific coverages however in general will insure property and contents that you own. Examples can be business contents, office furniture and equipment. Business Interruption – Protects your business from financial instability by covering lost income in the event of a covered loss. Commercial General Liability – Protects you against third party claims of property damage or bodily injury that may occur at a job site or your own location Professional Liability – Protects you against third party claims of professional negligence that may occur as a result of your professional services. Full List of Business Insurance Types General Liability InsuranceProfessional Liability InsuranceCommercial Auto InsuranceCommercial Property InsuranceBuilder’s Risk InsuranceWhy Choose Pacific Insurance? Our staff are trained Registered Insurance Brokers of Ontario (RIBO) which is the self-regulatory body for insurance brokers in Ontario. We have been regularly featured in the media as insurance experts and asked to speak at events like the ‘CRV Radio International’. 1 on 1 Service Speak directly with an expert instead of dealing with a faceless call centre. 40+ Years in Business We provide the results of a large agency while giving you the agility and service level of a boutique agency Fluent in Many Languages Speak to our brokers in English, Cantonese, Mandarin, French, Korean, or Hebrew. Get Free QuoteGet Free QuotePartnerships with over 50 leading Canadian insurance providers Pacific Insurance Reviews I was having trouble insuring my Muskoka cottage because my primary location was in the United States. I contacted Pacific Insurance and they were able to save me over 30% on my premium and get my cottage insured properly on very short notice.– Dimitri BToronto, ONHome InsuranceI have been with Pacific Insurance for over 27 years and we have a longstanding relationship. They always stay up to date with my family’s insurance needs and keep me informed.– Eva LMarkham, ONLife Insurance Pacific Insurance is amazing! Their service to get my home Insurance set up was extremely quick and efficient! Samantha helped me out and was very sweet. I highly recommend going to them for a no stress experience!– Chanakya UToronto, ONHome InsuranceWe’ve been using Pacific Insurance for years. They provide insurance for all our locations. They’re really great to deal with, even when we leave things to the last minute and need them to finalize same day coverage. Great people!– Natalie GToronto, ONOffice InsuranceFound Pacific Insurance searching for car insurance. I called in and spoke with Alice. She was very polite and knowledgeable. She provided me with professional advice on what types of coverages would best fit for me. I would highly recommend this brokerage. It was a pleasure to deal with their team. – Alex PToronto, ONAuto Insurance