Terms we use on this site.

E&O / professional liability

Errors and omissions insurance. Covers claims that professional services — returns, advice, bookkeeping, representation — caused a client financial loss. Also called tax professional liability on this site.

Cyber liability

Coverage for breach response, notification, and recovery when client data is exposed or systems are held for ransom. Separate from E&O.

Business owners policy (BOP)

A package of general liability, property, and often business-interruption coverage for the office and its contents. Not a substitute for professional liability.

Workers' compensation

Pays medical costs and lost wages for employees injured at work. Required in most U.S. states once you have staff.

Fidelity bond

A bond that protects against loss from employee theft or dishonesty. Common when staff handle client funds or sensitive files.

Surety bond

A three-party guarantee of an obligation. Tax-preparer bonds, executor bonds, and some fiduciary engagements use surety rather than (or in addition to) E&O.

Enrolled Agent (EA)

A federally authorized tax practitioner who can represent taxpayers before the IRS. A core audience for this program, alongside paid preparers and small accounting firms.

NATP

National Association of Tax Professionals. InterWest is an NATP partner; members can start a tagged quote from /partner/natp.

Prior acts

Claims-made professional liability often covers wrongful acts that happened before the policy start, if they are first claimed during the policy period and no exclusion applies. Continuity matters when you switch carriers.

Dec page

Declarations page — the front of a policy that lists named insured, limits, deductibles, forms, and the policy period. We ask for it so we can pre-fill instead of making you re-type.

A+ rated carrier

A carrier with a strong financial-strength rating from a major rating agency. InterWest places this program only with A+ rated carriers. A rating is not a coverage grant.

Bind / non-binding application

Binding is the moment coverage is in force. The application on the quote site is non-binding: you can see a rate without committing. Nothing is bound from the marketing picker alone.

PTIN

Preparer Tax Identification Number, issued by the IRS to paid preparers. Some jurisdictions pair it with a surety bond requirement.

CAS (client advisory services)

Ongoing advisory retainers beyond compliance prep — planning, controller-style work, and consulting. Those engagements create advice liability the moment a client acts on what you said.

Still unsure? Talk to the desk or pick your policies.