As an accounting firm, there are several insurance coverages you should consider to protect your business. Here are some common ones:

1. Professional Liability Insurance: Also known as Errors and Omissions (E&O) insurance, this coverage protects your business in the event that a client alleges they suffered a financial loss due to errors or negligence in your accounting work. For example, if you make a mistake on a client’s tax return that results in a penalty, professional liability insurance can help cover the costs of legal fees and damages.

2. General Liability Insurance: This coverage protects your business from third-party claims of bodily injury, property damage, and personal injury. For example, if a client trips and falls in your office, general liability insurance can help cover their medical expenses and any legal fees associated with a lawsuit.

3. Cyber Liability Insurance: This coverage protects your business from damages resulting from cyber attacks, data breaches, or other cyber crimes. For example, if your firm experiences a data breach that exposes clients’ personal information, cyber liability insurance can help cover the costs of notifying affected clients, credit monitoring, and any legal fees associated with a lawsuit.

4. Business Interruption Insurance: This coverage helps your business recover lost income if you are forced to temporarily close due to a covered peril, such as a natural disaster or fire. For example, if your office is damaged in a flood and you have to close for several weeks, business interruption insurance can help cover the lost income during that time.

5. Workers’ Compensation Insurance: This coverage is required by law in most states and covers medical expenses and lost wages for employees who are injured or become ill due to their work. For instance, if an employee develops carpal tunnel syndrome due to excessive computer use, workers’ compensation insurance can help cover their medical expenses and lost wages.

6. Employment Practices Liability Insurance: This coverage protects your business from lawsuits related to employment practices, such as wrongful termination, discrimination, or sexual harassment. For example, if a former employee sues your firm for discrimination, employment practices liability insurance can help cover the costs of legal fees and damages.

In Texas, insurance coverage requirements and options may vary, so it’s important to work with an experienced insurance agent who can help identify the specific risks faced by your business and recommend appropriate coverage options.