If you are a Canadian accountant, chances are that you have heard of at least one person being sued for a mistake or omission in the past. This is not surprising: We live in a world in which lawsuits are becoming increasingly common. But what does it mean for you? And more importantly — what can you do to make sure this never happens to you?
First of all, let us make one thing clear: You are not immune to being sued. It doesn’t matter if you’ve never made a mistake before and don’t plan on making one. It doesn’t matter if you are always treating your clients with kindness and respect. Somewhere along the way, something is bound to go wrong. That something might take the form of a mistake or of a disgruntled client. Whatever the case might be, one thing is certain — if you are not properly covered under the right insurance policies then this event can prove to be fatal to your finances and career.
Lawsuits happen to the best and the worst of us. They happen to people who legitimately did something wrong and they also happen to people who did nothing wrong (save working with the wrong clients). So to answer the original question, “should you be worried?” the answer to that question is both yes and no.
Yes: You should be worried to a certain extent. Since people sue each other constantly in Canada, how do you know you won’t be among them? But here’s the thing — you don’t have to worry about it… or at least you don’t have to worry about the damage that a lawsuit might cause.
Yes, we’re talking about professional liability insurance coverage for accountants right now. If you don’t have one we highly recommend that you change this before it’s too late. For more information on how this policy might appease your worries, request your free insurance quote from EasyCover today.