When looking for an accountant insurance plan, there are certain factors that you will need to put in mind to settle on the best plan.
Picking an insurance option
For starters, you need to be specific on what your needs are. Mostly, the needs are dependent on the types of clients an accountant has. It also depends on the different services that you offer your customers. Considering that an accountant deals with issues such as payrolls, investments, account receivables, claims, pool management, audits among others, having these in mind help in choosing the most suitable plan.
Reasons for choosing accounting insurance plan
At times, the time spent on resolving clients’ issues is way too much. As a result, the accountant is left wondering whether to charge the client based on the time or forgo the costs and count it as a loss. Either way, the accountant is always on the losing end. If he charges the client more because of the time spent, he risks losing the client; if on the other hand, he forgoes the costs to keep the client, he loses as well. Choosing an accounting insurance plan comes in handy mostly during such instances.
Accountant insurance provides protection for both the client and the accountant. Some of the services offered include:
• The cost of all inquiries, investigations, audits and reviews of the client’s returns that are eligible are covered. However, it can only be done if the client agrees to participate and also it depends on the policy limit.
• If by any chance, you need a lawyer or tax expert for defense or an opinion respectively, the insurance covers these specialists’ fees.
• All the legal entities commonly owned by an accountant are also covered under an annual fee.
• Payments of all the claims are done within 14 working days.
Offers Peace of Mind
Commonly, accountants worry about the potential costs that their clients might be subjected to if they were to be investigated or reviewed by other government authorities. However, when one takes an accountant insurance plan, he no longer needs to be concerned with such because the insurance handles all these concerns.
Reliability in Customer Service
At times, explaining how the accountant insurance works to your clients is difficult. With this in mind, the insurance company offers to facilitate the insurance process on the accountant’s behalf. What’s more, they will come all the way to your office to provide the support you and your clients need.
Another good reason for taking up an accountant insurance is its simplicity and user-friendliness. You don’t do much as an accountant apart from understanding how the policy works, explain it to your clients and bring them on board. In addition to the beneficial services offered by the insurance, the production and mailing of the invoices to clients are also carried out by the firm. Consequently, accountants have less backlog to deal with and the turnaround time is reduced.
Change is inevitable. Hence, adopting accountant insurance plans, considering that they are relatively new in the market is a good thing. With the changes in technology and the paradigm shifts in how systems work, this is a great way for accountants to provide their clients with quality service. Also, it is an excellent value addition channel. The coverage also gives clients peace of mind in events of audits or reviews.