Errors and omissions (E&O) insurance will cover your company, or you individually, in the event that a client holds you responsible for a service you provided, or failed to provide, that did not have the expected or promised results. If you are in the business of providing a service to your client for a fee, you have an E&O exposure. You may want to consider what will happen if the service is not done correctly or on time, and it costs your client money or harms their reputation.
Although E&O insurance is not expressly required by Taxfyle in order to begin working with clients, Tax Pros are encouraged to maintain the coverage necessary to protect themselves from liabilities incurred during practice.
The Taxfyle platform maintains transcripts of communications between Tax Pros and clients and may be relied upon in the event of a dispute. In addition to this, clients and Pros alike agree to the terms and conditions set forth at the start of a job in order to establish expectations and requirements.