Bookkeeping is a profession built on accuracy and trust. But even when you double-check and triple-check your work, human error can still slip through the cracks.
Imagine a client relies on a slightly misclassified financial report to secure a business loan, and the deal falls through. Suddenly, they are pointing fingers, and you are facing a costly professional liability claim. Assuming you do not need Errors & Omissions (E&O) insurance is much like ignoring maintenance on a company vehicle with the risk of hesitation coming at a steep and devastating price.
E&O coverage provides a vital financial and procedural safety net. It covers legal defense costs and protects your hard-earned reputation when allegations arise, even if you acted in entirely good faith.
This article is part of our broader exploration into safeguarding your professional bookkeeping practice. Read the full feature in the latest NUMBERS & SENSE Magazine by BMS Canada Risk Services Ltd. to learn how to protect your firm, and follow us for more essential risk management insights.
