What does Accountants’ Professional Indemnity Insurance cover?
Accountants Professional Indemnity Insurance works on two fronts – covering you for professional mistakes (for example, providing erroneous information about a tax law), as well as professional omissions (for example, failing to advise your client about a declaration, which then leads to fines). For this reason, Professional Indemnity Insurance is informally known as “errors and omissions” cover.
In the examples given above, the client could claim that your mistake or short falling had repercussions that led to their financial loss – in which case, they might decide to seek compensation through the courts. If you were found guilty, you would be liable for the cost of the damages, as well as the legal fees involved in defending the claim. This could amount to several thousand pounds – and might even put you out of business.
Accountants Professional Indemnity Insurance ensures that you are protected against financial losses incurred from professional mistakes and omissions, and gives you the peace of mind to concentrate on the main focus of your job.
Do I really need Accountants’ Professional Indemnity Insurance cover?
For accountants, Professional Indemnity Insurance isn’t just important – it’s a legal requirement if you want to operate legitimately. Therefore, it should be a top priority to find a policy that fits your needs and provides you with adequate cover for the worst case scenario.
How much Accountants Professional Indemnity Insurance cover do I need?
This is an important concern, but difficult to answer in general terms. You could start by figuring out how much, at the very most, a mistake might cost you. For example, imagine making the most serious error you can think of with your biggest client. How much could that potentially set them back?
Better still would be to discuss your situation with a professional broker who knows the ins and outs of the market and is has knowledge and experience of the Professional Indemnity claims process.
Why should I deal with JM Glendinning for my Accountants’ Professional Indemnity Insurance?
We were established in 1972 as specialist insurance brokers, and have many years of experience in arranging Professional Indemnity Insurance for accountants. Our trained team have in-depth knowledge of the insurance market as well as the claims process. We can find you an Accountants Indemnity policy to suit your personal needs.
We employ over 100 people and operate nationwide, making us small enough to offer a highly personal service, but big enough to have significant buying power with major insurers. As one of the UK’s Top-100 brokers, we remain independent, which means we can help you to find competitive professional indemnity cover.