I guess it is about time to consider E & O insurance. Can anyone tell me what it covers>> IRS penalties, Client penalties??????
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My EO
My E & O insurance gives me free leagal asssistance if I am sued, and would cover any damages the client is awarded. It does not cover IRS penalties or taxes. -
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Maybe call the insurance company.
Mine covers the same as BerGold's, but I don't know about other things. Here's the number of my E&O carrier (Marsh Affinity Group Services) in Iowa. Maybe you''ll get ahold of that rarest of species, a knowledgeable customer service rep, who can give you the dope on it. For your information, my cost is $305 per year.
1-800-337-2621Comment
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Bart...
may I ask how much coverage you get for this price? Sorry about being so nosey, but I've been wanting to get some for a few years and have thinking about how much I should get. Maybe, $50,000??
Thanks,
DennisComment
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Coverage
Dennis -- the policy is for $100,000. It's got a thousand dollar deductible. I had one for $10,000 for a long time with a different outfit, but everybody here said that $10K was peanuts in a lawsuit nowadays (which makes sense), so I got the name of this one out of an accounting magazine and called them. I was surprised to get that much coverage for $305 since I had been paying $165 for the old little $10K policy.
Whether or not either one is/was any good, I have no idea, since I've never had a claim and the only contact I have with them is to pay the premium. But anyhow, as someone once posted here and I kind of agree with, probably the main advantage is having a lawyer to represent you and maybe get the other side to settle out of court for the limit (or whatever) of the policy so you won't have to go to court.Comment
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Insurance for penalties and taxes
Is there an insurance that anyone is aware of that does cover penalties and taxes if there is a mistake on the tax return?? Just wondering. I know H and R Block and Jackson Hewitt offer such for an extra fee.
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