Even if an accounting firm has a large staff, it will most likely pay low rates for employer's liability insurance, as the work is generally quite safe. Although the risks may be low for financial planners and notaries, they must have at least minimal cover for the same kinds of insurance that any other business should have:
Public Liability Insurance
Business Interruption Insurance
Management Liability Insurance
Personal Accident Insurance
Although the risk of being sued by a client is minimal if an accountant, financial planner or notary does their job right, even one claim can be disastrous. Clients may search for ways to recover lost revenue if a deal goes bad. One of the first places they may look is to someone who gave them financial advice as part of the deal. Even if the claim is groundless, legal fees can turn a profitable year into an unprofitable year. Many insurance carriers will provide cover for legal fees and other expenses related to a claim filed by a client for malfeasance, misfeasance or nonfeasance in a fiduciary relationship. Comparing rates among insurance firms that provide professional liability insurance can be a worthwhile investment of time.
Accountants, Financial Planners and Notaries are responsible for their clients' financial information. As such, they must make sure that the devices they use to store such data are insured. Business contents and computer insurance is almost as important as professional indemnity cover. If computers or other devices used to store data are damaged, the financial professional as well as their clients can be covered for loss of revenue. If devices are used outside of the office, they may need to be specified on the policy.