What is accountants insurance?
Accountant’s professional indemnity (PI) insurance offers cover to protect your business against legal liability that can arise if you make an error or mistake. It will cover legal costs and any compensation awards.
Why do accountants need insurance?
You may have been negligent (or accused of being negligent) whilst carrying out work for a client. This will likely not have been a deliberate act on your part but, whether the claim against you is valid or not, you will need to take action.
The legal costs alone that can be incurred in defending a claim often amount to a significant sum.
Protecting your business with a professional indemnity policy will allow you to focus on what you do best - supporting your customers.
According to Accounting Today, since the start of the covid-19 pandemic, accounting firms have seen a 300% increase in cyber attacks
Which insurances can accountants benefit from?
Apart from Professional Indemnity insurance, accountants and other finance professionals will generally require cover for Public Liability.
If you employ staff, you are required by law to have Employers Liability insurance in place.
As a business owner, a claim may be made against you personally for negligence, therefore you should consider taking out a Directors and Officers policy to protect yourself.
As part of your day to day business, you will hold client data. Increasingly, confidential data is being stolen by criminals and businesses are being held to ransom for it's return. Not only can the ransom amounts be crippling for a business but the reputational damage, loss of confidence in you from your customers and potential fines imposed by governing bodies can severely damage your ability to trade. A Cyber insurance policy can not only provide financial protection but also gives you access to professionals who can help prevent further damage and get you up and running as quickly as possible.
Legal Expenses insurance will provide cover for costs incurred from a wide range of legal claims that could otherwise prove expensive to defend.
Office insurance can provide protection for your office equipment and fixtures/fittings.
Business insurance for accountants
Professional Indemnity - protects against claims of alleged negligence in your professional services, advice & designs
Public Liability Insurance - protects against claims of injury to third parties or damage to third parties properties
Employers Liability Insurance - a legal requirement for anyone employing staff. Protects your business in case an employee is injured at work
Legal Expenses & Tax Investigations Insurance - cover for contract disputes, tax investigations, court attendance, debt recovery and more
Personal Accident Insurance - cover for work injuries, illnesses caused by work and compensation awards
Commercial Crime Cover - protection for losses from fraud, dishonesty, theft, bribery, forgery and loss investigations
Cyber Insurance - covers your business in the event of a malicious attack on your computer system & data
Directors & Officers Insurance - protects your assets in the event of a claim. You may be held personally responsible for your business action and will have unlimited personal liability
Help for your clients??
Do you have clients with previous adverse financial history (which is often no fault of their own)?? This may be preventing them from obtaining the insurance cover that they need - we may be able to help!!
We specialise in difficult to place insurance risks - whether it's due to poor financial history, work in hazardous sectors or lack of insurer appetite.
Please feel free to pass on our details.