Excess Liability/Umbrella Insurance for Tax Preparers
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Excess Liability/Umbrella
Insurance for Tax Preparers

If you feel that you don't have enough general liability coverage, or if your client requires you to carry more than comes standard with your policy, it's easy to add coverage with an umbrella insurance policy. For just a few hundred dollars a year, you can add coverage in increments of $1 million to your general liability policy as well as some other types of policies you may have, such as employer's liability and hired and non-owned auto insurance.

What You Need to Know

Regardless of whether your client requires you to carry high coverage limits, it's a good idea to assess your tax preparation business's risks and insure accordingly.

Let's say that you or one of your employees accidentally causes an accident while visiting your client's offices. Your company is sued for $1.5 million, but your general liability policy only covers you for $1 million. If you're ordered to pay, your excess liability policy would cover the additional $500,000. Otherwise, you'd be responsible for that additional amount.

Not sure how much coverage you might need? Ask the tax preparation insurance experts at Business Insurance Now for a free, no-obligation risk assessment.

Remember: Umbrella liability insurance does not extend the coverage limits on an errors and omissions or professional liability policy. If you're concerned about whether you have enough professional liability coverage, the licensed agents of Business Insurance Now are happy to help you determine appropriate coverage limits for your tax preparation business.

Get a FREE excess liability insurance quote now!

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Excess Liability Tips

  • Not sure if your insurance policy meets your clients' contract requirements? Ask Business Insurance Now's tax preparation insurance experts to review your contract and your policy to ensure you have the right amount of coverage.
  • If you think umbrella insurance is prohibitively expensive, think again. Typically sold in increments of $1 million, it can boost your underlying insurance policies' coverage limits for just a few hundred dollars in annual premiums.
  • Many companies purchase their umbrella coverage from the same agent that handles their other business insurance policies. Doing so streamlines coordination of benefits when you need to file a claim.