How to Minimize Professional Liability for Accountants and Lawyers
Professional liability insurance has provided a way out for all the professionals who fear for any negligence, omission and other risk while providing their service. Because of their specific nature of work, accountants and lawyers are always at risk of third party liability. However, by taking adequate indemnity insurance, these professionals can really minimize their risk. There are many other ways which can be followed by accountants and lawyers to lower down their burden of risks.
To minimize the risk responsibility, these people should file their engagement letter and other similar documents very carefully. An in-house working standard and guidelines should be followed to control the quality of the service given. A conflict of interest should be avoided at any cost within the parties while rendering service. Try to bring specialization in your service to get more trust and loyalty.