Accountants Insurance

As an accountant or finance professional you are employed to help people develop their businesses from a financial perspective, which includes sound financial and taxation advice as well as PAYE calculations and end of year reports. As such, you are at high risk of a professional indemnity claim.

A couple of examples could include:

Alleged negligent work

As an accountant the financial success of your clients’ business is very much in your hands. Accounting negligence can include, but is not limited to:

• Providing incorrect tax advice
• Failing to file tax returns on time, leading to fines from HMRC
• Structuring a company in a way that means the owner cannot claim tax relief
• Incorrectly calculating PAYE
• Valuing company assets incorrectly
• Accounting fraud

Professional Indemnity insurance would respond to provide cover for most instances such as these.

You cause property damage while in a clients premises

You accidentally damage property while visiting a client’s premises. A claim is made against you to pursue damages for the damaged item. This instance you would be covered by Public Liability insurance.

With our online quote and buy system you can get an indicative quotation for your insurance in a matter of minutes. Professional indemnity insurance can start from as little as £98.00 per annum.

An example quote: an account with an annual turnover of up to £50,000 per annum, with a £500,000 indemnity limit in any one claim, would pay £192.00 per annum for professional indemnity insurance. That’s only  £16.00 a month, which we think is great value considering the cover and peace of mind that you benefit from (Figure correct as of 17.11.2021).

Apart from Professional Indemnity insurance accountants and finance professionals will typically be required to carry Public Liability insurance, especially if they work from office premises and meet clients face-to-face.

It is important to be aware that as a self-employed business owner, a claim can be made against you personally with unlimited personal liability, therefore Directors and Officers insurance is a valuable insurance policy which will cover you in this instance, which is provided as part of our Business Combined Liabilities insurance product.

Legal Expenses insurance will also provide cover for costs incurred from a legal occurrence or claim that your indemnity and liability insurance does not cover, including the costs incurred from an IR35 tax investigation.