Insurance for accountants
A quick guide to the forms of cover that could prove useful for accountants.
Accounting is a fundamental part of running a household or business. This means anyone who enlists your services will be relying on you for advice and guidance to balance the books.
This is a responsibility that comes with a range of risks – and it’s likely you’ll want to be protected in the event that a client believes you have failed to deliver what they expect. That’s where insurance could help, and the following forms of cover could be particularly useful in the accounting world:
- Professional indemnity insurance:
In accounting, even the smallest mistakes may incur penalties. While you are focused on providing the best service, there may be instances of fault where a client is unhappy about the outcome. They may have even lost money, and could attribute this to malpractice on your part. In such circumstances, professional indemnity insurance could cover the costs you face as a result.
It's important to note that professional indemnity insurance is a regulatory requirement for professions that deal with sensitive customer data, and accounting is one of them. For more information, visit our 'What is professional indemnity insurance' page.
- Business interruption insurance:
This insurance covers disruption to your business that may arise due to damage or loss that affects your normal operations.
For example, a fire in your office could be devastating and have a lasting impact on your business if you are not insured. Other than getting back to normality, the biggest challenge would be managing resulting expenses and outgoings.
Business interruption insurance for accountants can compensate you for the money you’ve missed out on, and could also pay your overheads during the period for which you’re unable to operate at full capacity.
- Self-employed (independent) insurance:
While many accountants work out of companies and bigger firms, there are a number of accountants who work on their own. If you are a self-employed accountant, you potentially face a higher amount of risk due to the nature of your job. As you work on your own, you may have to rely on your earnings to cover all the outgoings – as well as any unplanned expenditures. An insurance policy for accountants combined with self-employment cover can protect your earnings and, in many cases, insure you in the event of loss or sudden halt to business.
- Public liability insurance:
This is an insurance cover that provides protection against third party claims. If you have your own office setup for accounting purposes, this cover becomes all the more necessary.
Suppose a member of the public gets injured while at your premises because of negligence on your part, and they claim against you for the injury they suffer. Such expenses are unexpected and may affect the smooth running of your finances. A public liability cover can help to compensate or take care of legal expenses in such instances.
Public liability insurance can also provide cover in the case of accidental damage or injury to customers while you’re visiting their office or premises on work assignments.
Click the link to for more info on what public liability can cover.
- Employers' liability insurance:
If your accountancy job involves other employees working for you, employers’ liability insurance becomes mandatory. As an employer, you are liable for the protection of employees while they’re carrying out their working duties. Accountants insurance policies that include employers’ liability cover can help pay compensation if your employees claim they've been injured or fallen ill as a result of carrying out their working duties.
- Health risk insurance:
Accounting is largely a deskbound job that involves sitting long hours without physical movement. During busy periods, you may even work overtime resulting in severe stress. Your health takes a backseat and you may not have the time or inclination to give it a thought. Health risk insurance covers you for health problems caused by work. There are a number of options to choose from depending on your work schedules and how far you have been neglecting your health.
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