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Understanding E&O Insurance for Accountants
Errors and Omissions (E&O) insurance, often referred to as professional liability insurance, is a critical safeguard for accountants. This type of policy protects professionals from claims of negligence or inadequate work, which can lead to costly legal battles. For accountants, who handle sensitive financial data and provide crucial advisory services, having E&O insurance is not just a luxury but a necessity.
The cost of E&O insurance varies based on several factors including the size of your practice, the scope of services offered, and your claims history. Typically, accountants can expect to pay between $500 to $1,000 annually for coverage, though this can vary significantly. Many insurance providers offer discounts for bundling policies or maintaining a claims-free history, which can further reduce costs1.