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Discussion:Errors & Omissions

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Discussion Forum Index --> Business Growth Community --> Errors & Omissions


MAPBUSINESS (talk|edits) said:

1 March 2006
How would you measure coverage needed?

Bean (talk|edits) said:

1 March 2006
I just applied for one recently. It is based on how your business is doing. When you fill out the form, it will ask you your gross revenue last year or so and what you are expecting next year or so. Then they will tell you the coverage and premium. You can work with your agent on that.

Martineo (talk|edits) said:

1 March 2006
MY VIEW;

I DONT THINK THAT IF YOU ARE JUST DOING TAX RETURN YOU WILL NEED A REALLY BIG AMOUNT OF COVERAGE. IF YOU MAKE A MISTAKE- YOU JUST WILL BE LIABLE FOR INTERESTS AND PENALTIES. THE TAX LIABILITY BELONG TO THE TAX PAYERS NO MATTER WHAT HAPPEN. WELL: WORST CASE SCENARIO' THE TAXPAYER SUFFERED A HARD ATTACK BECAUSE OF YOUR MISTAKE. HARD TO PROVE IN A COURT HOUSE MAKE SURE YOUR CLIENTS ARE IN A GOOD HEALTH

MAPBUSINESS (talk|edits) said:

1 March 2006
Thank you Martineo por the tip. Mental health counts?

Inagpurwala (talk|edits) said:

2 March 2006
I agree with Martineo. I am doing tax preparation for last 15+ years (on and off) and did not have any bad experience. If I see a client witholding information or pulling numbers from thin air, I return all documents with thanks - but no thanks.

I am still shopping for an E&O insurance just in case.

TLF (talk|edits) said:

2 March 2006
I have E & O with EZ Insurance solutions and they are very reasonable and I have not had any problems with them. I posted the info on one of the other questions that brought up E & O just yesterday.

TLF (talk|edits) said:

2 March 2006
It is under tax preparer liability question.

TLF (talk|edits) said:

2 March 2006
One thing about having E & O, even if a client cannot prove wrongdoing in court, if a client takes you to court paying for a lawyer is more expensive than E & O. If you have E & O they pay for the lawyer. It's just peace of mind.

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