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Resources for Accounting & Finance Professionals

Tax Preparation Professionals & Preparers / Enrolled Agent Experts

  • Tax preparers like yourself work so hard to offer valuable services to many different clients and business. You and your company are experts in tax preparation but errors do happen and can cause financial difficulties for you, your clients, and your business.
  • Insureon is the preferred small business insurance provider for thousands of tax preparation businesses thanks to our first-class insurance policies and carriers. Our customer support staff will ensure that you get the best insurance policy for your tax preparation business at the right price.

Insurance for Tax Preparation Professionals and Enrolled Agents

At insureon, we have a team explicitly devoted to understanding the potential risks of a small tax preparation business. We appreciate that you are busy assisting your clients manage their finances, so we have made buying insurance easy. We have an assortment of insurance coverage choices for your tax preparation insurance needs including...

The insureon Advantage

  • Get What You Need, Now!
    Our experts will get you from Quote to Bind with our quick and easy online application.
  • The Best Choice:
    We give you multiple quotes from only the best insurance companies within minutes of your application.
  • The Right Expertise:
    Our Tax Preparer Specialists are licensed agents here to advise you about all of your coverage needs.
  • Custom Made:
    We tailor your insurance plan just for you. No extra policies or hidden fees, we only give you the coverage your business needs.

Tax Preparation Professionals and Enrolled Agents Coverage Types

We offer a variety of insurance coverage types specifically designed for tax preparation professionals.

General Liability Insurance for Tax Preparation Professionals and Enrolled Agents

It is rare for a tax preparation professional or an enrolled agents to face an allegation for causing bodily injury or property damage. Nevertheless, it could take place and the ensuing grievance process could be costly. That's why general liability insurance is continually a wise investment for any small business. General liability insurance policies deal with any and all fees associated with fighting a claim—as in legal fees and settlements—even your lost income.

Despite the low risk associated with tax preparation professionals, some clients and companies may still require you to carry general liability insurance because clients want to avoid fighting a lawsuit that could potentially be costly enough to put them out of business.

Fortunately, your day-to-day risks may be minor enough to meet the criteria for our discounted package policy called a Business Owners’ Policy (BOP). Ask one of our tax preparation specialist to see if you qualify.

Professional Liability Insurance/ Errors & Omissions Coverage for Tax Preparation Professionals and Enrolled Agents

As a tax preparation professional or enrolled agent, the work you do to save your clients money is very valuable. However, mistakes are not impossible to avoid and an error can lead to a very expensive lawsuit. Should your client feel that it was your wrongdoing as a tax preparer that lost them money, they will likely attack your work as a professional first. Some clients may demand that you have errors and omissions insurance before you sign a contract, in the event that such an incident occurs.

To protect your business and yourself, you need professional liability insurance. Errors and omissions insurance is your best defense if your professional reputation is under investigation or litigation. This type of insurance covers you if one of your clients claims that an error in your work caused them a financial loss.

Examples may include failing to file a return on time or an IRS audit in due to technical errors. A lawsuit can occur which means you are going to spend time and money in your defense and settling charges in court. Professional liability insurance pays for all of your court-related and compensation costs, including settlements and forgone income.

E&O insurance policies are usually managed in allotments of $1 million and have deductibles ranging from as low as $1,000. Insurance plans must be in force when the event in question occurred and at the time that the claim is made. As a result, we recommend holding onto your policy even once an engagement is finished.

Workers’ Compensation Insurance for Tax Preparation Professionals and Enrolled Agents

Although tax preparers and their employees have a small probability of bodily injury and work-related ailments, your state or your client could demand workers’ compensation insurance to cover you and your employees. Despite the low foreseeable risks of tax preparers, certain states and clients recognize that there are no guarantees in any work environment.
Workman’s compensation insurance pays for business owner and employee medical expenses in addition to accounting for some of their and your lost wages. If you use independent contractors, some states and clients may mandate that they be covered under your workmen’s insurance policy as well. Be certain of your worker’s comp insurance obligations before you begin a tax preparation project.

If you are unsure about your state’s laws, the effect of the laws where you may conduct business, or are experiencing difficulty understanding the worker’s comp insurance terms of your contract, the Insureon tax preparers insurance experts can help. Speak with one of our agents today to learn more!

Property Insurance/ Business Owner’s Policy (BOP) for Tax Preparation Professionals and Enrollment Agents

As you probably know, tax preparation work is not considered a physically dangerous industry. This is good news for you because Insureon has a reduced-price general liability insurance and property insurance combined into one reasonable insurance package. Our Business Owner’s Policy, or BOP insurance, is a complete coverage package designed specifically with low risk small business professionals, like tax preparers, in mind.

Our tax preparation insurance experts can run a risk analysis for your business to determine whether you qualify and how much coverage you need.

Tips for Tax Preparation Professionals and Enrolled Agents

  • Don’t agree to complete a tax preparation project unless your client gives you all the information you need to do the job well.
You can avoid an unfair law suit simply by demanding what you need from your client in advance. If your client does not have the requisite documents for you to complete a job, be sure to indicate that to your client in writing or refuse to work with them until they provide you with what you need.

  • Maintaining your integrity should be your greatest priority.
Leave room in your contract to be able to walk away from a client in the event that you become uncomfortable working with them.

  • Show your client your plan before you begin and make sure that you both agree on it.
Prevent misunderstandings and litigation by making sure that you and your client have the same expectations and outcomes.

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