Accountants Professional Indemnity Insurance

Anyone can make a mistake – but if your business is found liable for
negligence, the costs can be financially devastating. Not only can it lead to
an expensive lawsuit, but your business’ hard-earned reputation may be
damaged as a result.
That’s why professional indemnity insurance matters – for help protecting
your assets and brand if your advice causes a client to take legal action
against you.

Professional indemnity insurance is mandatory in some industries, such as
medicine, accounting, law and financial advisers – with the requirements
differing from state to state.
But even in cases where it’s not required by law, it’s recommended for
anyone who is providing professional services or advice in exchange for a
fee – like, graphic designers, IT consultants and more. Regardless of your
legal obligation, it’s often a customer requirement that you have this cover
in place.

Civil liability – Civil liability to a third party arising out of the conduct of their professional business.
Inquiry costs – The cost of defending an inquiry by a regulatory body into the professional conduct of the insured.
Defence costs – The costs involved in defending a claim triggered by the policy.
Fidelity cover – Direct financial loss of the business caused by the dishonest or fraudulent conduct of an employee which is first discovered during the period of insurance.
Advancement of costs and expenses – Additional costs and expenses incurred during a claim.

Exclusions, the excess you need topay and limits of liability can vary greatly depending on your insurer. Policies generally won’t include cover for:
– Commercial liabilities
– Liabilities which results from fraud and dishonesty
– Pollution
– Unpaid fees