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Professional Liability Insurance?

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I'm opening my own tax prep business working from home. I am an Enrolled Agent. Any good resources for insurance needs for this scenario. I plan to do primarily virtual 1040 returns with minimal client direct contact. I've started some inquiries into low cost professional liability insurance but could use some good resources.

Thank you!

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4 Replies 4
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Level 8
Level 8

Richard, this isn’t really the right forum for insurance advise. You’ll find a lot of professional liability policies and  products available on the internet but i wouldn’t be in a hurry to seek out the lowest cost... you generally get what you pay for and for  someone just starting out the premiums will be low anyway.

Rather than trying to do it yourself (like they do with TurboTax)  start by calling an independent agent in your area. They’ll better understand what’s available and help give you some guidance based on your circumstance, now and in the future.

Some of the companies may also offer CGL. It’s pretty cheap and will provide premises liability if you’re homeowners policy doesn’t pick up the business at home exposure.

PL policies are different than most others and are written on a claims-made basis. You should have an agent explain how it works. 

if you have specific questions you can post on this thread and I’ll try to help. 

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Level 15

If you are a member of a professional association, that would be your starting point.  NAEA, NATP, NSA, etc. all have tie-ups with underwriters.  They all have information posted on their membership websites; if you haven't checked those out, it's worth taking a look.

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Still an AllStar
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Level 8
Level 8
Sorry to disagree... those are generally program affiliations or affinity groups. Decent programs, that are readily available but you don’t get any professional guidance. They’re frequently insurance company marketing efforts offering a small discount to members. The companies often pay to play with advertising or sponsorship fees. On the same premise, that you want your clientele to seek you out as a professional with specialized knowledge, that’s what you should be doing when protecting your ass-ets.... IMO, one size does not fit all.
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Level 15

I don't disagree with your POV.  😊

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Still an AllStar