As a professional accountant, you take care to pay close attention to detail and check everything twice. However, even if you file every single document without errors, a client may bring a lawsuit against you. Without accountants professional liability insurance, you may have to pay for a lawyer to defend you against the baseless claim.
If your firm has accountants professional liability insurance for claims made against you, your policy can cover the legal costs you may incur from defending yourself against a false claim. However, there are a few things you must do to make the process as seamless as possible.
First, be sure to report the lawsuit to your insurance carrier as soon as possible. Your agent can help you understand your next steps and begin processing your claim as quickly as possible. While you make your claim, you may ask your carrier if they recommend any law firms or if you need to find your own.
Before your first meeting with your lawyer, gather up all the relevant documents. Look at your schedule to see when you saw the client in question. Collect any notes you took during the meeting and, of course, the documents you worked on for that customer. When you meet with your legal team, make sure to present all this information.
A professional liability policy can make defending yourself in court easier on your mind and your bottom line.