Professional Indemnity Insurance For Accountants
PI Insurance For Accountants
If you run an Accountancy business then you will be fully aware of what is legally required of you from an insurance perspective. As you are required by law to have professional indemnity insurance we can help you to find the cover you require ensuring that you are fully protected.
Our cover is designed perfectly for accountants which will help give you the peace of mind that you are covered for the work you carry out and the services your provide. We understand that regardless of how hard you try, making mistakes is part of being human, especially when there are pressured deadlines involved. Anything from a simple typing error or miscalculation could land you in deep trouble and could proves costly as it could lead to you being fined and defending any legal action taken against you.
A professional indemnity policy will provide you with the cover you need to cover any costs associated with a client making a claim against you. After a simple questionnaire and a discussion regarding your needs, we will be able to provide you with the cover you need at a cost that suits you.
There are risks involved with any business and this is why it is vital that you put the right cover in place to ensure that you are covered should the worst happen.
Also see: PI Insurance For Bookkeepers
How does it work?
Having professional indemnity insurance is crucial for most businesses that provide a service and this insurance is known as “Claims Made” insurance and this means that all claims have to be made during the timeframe that you are covered. This means that if your client experiences any issues or losses as a result of your work or negligence and they attempt to sue for damages you are covered which provides you with reassurance and comfort.
When you put professional indemnity insurance in place it comes with the following features:
- This cover will protect your business and not any interests that are communicated by clients or third parties
- Once the liability of the claimant has been recognised, only then a payment will be made
- Your policy will provide you with the cover you require for one year
- You will instantly realise how important this cover becomes to your business and it will quickly become one of the main features of your running costs
- If a claim is made against you, you will be covered for any costs incurred during your defence
- During the period of cover, your policy will be written on a “Claims Made” basis which ensures that you are covered should any claims be made against you during the length of the policy
- Different amounts of indemnity available
- Loss of documentation is covered
- Court attendance costs are covered up to a specific amount
- Payment options available
What are the benefits?
This cover comes with many benefits and these are:
- You can be sure that you are meeting all legal and regulatory requirements expected of your business
- Any claims made against you can be defended, giving you the comfort and security you require as a business
- If your clients are awarded compensation by the courts or arbitrators it will ensure that you are able to cover any costs
- When you are defending a claim, your legal costs will be covered, even if the claim being made has no support or backing
- Expert advice will be provided as well as representation when required.
- Keeping your business operating as normal is crucial and this cover will enable you do achieve this.
- Your clients will instantly understand that you are professional and trustworthy, giving them confidence in your business.