What Does Business Insurance Cover for Tax Preparers and Tax Preparation Agencies?
Thimble's Business Insurance for tax preparers provides coverage tailored to your specific risks. Here’s what it can safeguard against:
What is third-party, non-employee bodily injury for tax preparers?
Picture this: A client visits your office, trips on a loose carpet, and gets injured. General liability insurance can cover medical costs and protect you from potential lawsuits.
What is third-party property damage for tax preparers?
If you’re a tax preparer logging hours at a client’s home and accidentally spill coffee on their expensive equipment, this coverage can handle the repair costs.
What do defense and investigation costs cover for tax preparers?
Mistakes happen. If you’re taken to court over alleged damages that would be covered by your liability policy, your policy can cover legal expenses to defend your reputation and investigate the allegations.
What is advertising injury insurance coverage for tax preparers?
Advertising injury insurance coverage for tax preparers protects against claims that may arise from unintentional advertising offenses, such as copyright infringement, libel, or slander. For example, if a tax preparation agency uses a marketing slogan or design that inadvertently resembles another business’s trademark, the company could face a legal claim. Advertising injury coverage helps cover legal fees, settlements, or damages in such scenarios.
What does workers’ compensation insurance cover for tax preparers?
Injuries and disabilities of your employees that result from job duties may be less obvious for a tax preparer, but they can still happen and may result in financial loss for the employee. Workers’ compensation covers you from claims made by the employee for lost wages as well as medical expenses.
What does cyber insurance cover for tax preparers?
Cyber insurance is designed to protect businesses from the financial fallout of cyberattacks, data breaches, and other digital threats. For tax preparers who handle sensitive client information like Social Security numbers, financial records, and tax returns, this type of coverage is especially critical.
Imagine a tax preparation company’s systems are compromised by a ransomware attack, locking them out of their files and threatening to leak client data unless a ransom is paid. Cyber insurance can help cover costs associated with recovering data, paying the ransom (if deemed necessary), and notifying affected clients, as well as potential legal expenses. This ensures that tax preparers can swiftly address the issue and regain their clients’ trust, minimizing disruption and long-term damage to their business.
FAQs About Insurance for Tax Preparers
How quickly can I get insured?
With Thimble, you can get a policy in less than 60 seconds. It’s fast, hassle-free, and completely online. Simply input your details, choose the coverage you want, and your Certificate of Insurance (COI) is ready to download immediately.
What level of coverage does Thimble offer?
You can choose between $1 million or $2 million in coverage limits. Not sure which suits your business best? Our system is designed to help guide you toward the right option for your specific needs.
Does this cover my employees?
If you hire employees, you’ll need to purchase workers’ compensation insurance separately. Thimble focuses on protecting your business from client-facing risks.
Can I add additional insureds?
Yes! With Thimble, adding additional insureds to your policy is quick, easy. Learn more about additional insureds here.
Quick-thinking insurance for fast-moving businesses.
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