Finance Consultants Insurance

As a finance professional you are employed to help people develop their businesses from a financial perspective, which can includes financial advice, payroll and PAYE calculations and end of year financial reports. As such, you are at high risk of a professional indemnity claim if your figures are incorrect.

A couple of examples could include:

Alleged negligence

Financial professionals’ negligence can include, but is not limited to:

• Missing a deadline for a company return.
• Incorrect tax advice.
• Mistakes in the preparation of accounts.
• Auditing errors.
• Incorrect advice regarding pensions and investments.
• Failing to advise correctly about property investment.

Professional Indemnity insurance would 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: a bookkeeper 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 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 policy does not cover, including the costs incurred from an IR35 tax investigation.