Do Winnipeg Tax Accountants Need a Professional Liability Insurance Policy?

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As a tax accountant, you are required to always remain on top of the game. This is not surprising — people trust and pay you to perform your duties to the best of your abilities. Failing to do can therefore land you in big trouble. But can it go as far as to make you liable in court?

The short answer is yes. The long answer is still yes. Unfortunately, tax accountants are among some of the most sued people in Winnipeg and Canada. Taxes can be complicated matters and sometimes letting a mistake or two slip by can be costly. Of course we are all humans and as such we are all bound to make mistakes — but try and say that to a disgruntled client when he or she faces extra taxes or late penalties because of you!

That’s right — chances are that he or she won’t listen. And sometimes, the disgruntled client can and WILL take it as far a a lawsuit. What do you in that situation? If you are not covered under a Winnipeg professional liability insurance policy then you will have to pay everything out of your pockets, including your defence costs and any settlement ordered by the court.

This scenario is, of course, not something that any of us wants to deal with. The best way to avoid this scenario is by purchasing a professional liability insurance policy. Regardless or whether or not you have ever made a mistake in the past or will ever make one, risking your career this way is simply not worth it. So request your free quote today so that you can keep focusing on what you do best.

Categories:

Professional Liability Insurance/PLI

(Errors and Omissions Insurance)

  • Flawed professional advice and services that may have resulted in financial loss to the customer or client.
  • Protects professional individuals or companies from responsibility of the full cost of defending against a negligence claim and damages awarded in such a civil lawsuit.
    • Professional liability insurance covers the costs of judgments, settlements and legal defense.
    • Damages paid under a professional liability policy are typically financial rather than physical.