What Is Covered With Accountant Professional Indemnity Insurance

Certified Public Accountants or CPA play an important role in the finances of a company. Your job as an accountant is to handle the highly critical issues of your client’s business, thus you need to generate relevant reports and tax returns. If you make a liable mistake, it can greatly affect everyone. It may even have you and your client liable to the government. To ensure some protection against the litigation, the accountant professional indemnity insurance will serve helpful for all accountants.

When Do Accountants Need this Coverage?

As the job of an accountant entails liability risks especially when preparing reports and tax returns, a liability insurance can help him if he undergoes financial devastation after a lawsuit has been filed. The accountant’s most important resource is his clients. He may have worked hard to provide them with high quality service and advice, without anticipating mistakes to be possibly made. As people’s finances are crucial to one’s business, the mistake can extremely be costly, especially for those parties involved.

Possible Exposures and Risks

You may need accountant professional liability insurance to ensure that no gaps are included in the coverage. You may want to discuss with a certified insurer about the following:

  • Computers and media coverage: Also known as the EDP insurance, it will include loss of data or income due to theft, viruses, malware or vandalism in your computer or network. It can also cover loss of software, data and physical damage to the hardware or computer.

 

  • Cyber liability insurance: It will cover the accountant in the event of data breach in your company. It will cover the expenses for informing affected clients and costs related to forensics, public relations and more.

 

  • Valuable papers coverage: You’ll be able to reproduce damaged paper documents and move records or provide temporary storage for bank statements, financial statements, ledgers and other confidential records if they have been jeopardized.

Where to Find Tailored Accountant Insurance

As you are a trusted adviser of your clients, you too need professional advisers who can help you perform your business. You can search online for a trusted insurance agent who will work closely with you as you learn about possible exposures and the right policies that will suit your needs. Get quotes for accountant professional indemnity insurance, compare proposals and choose the one that really meets your needs and budget.

The Growing Problem Of Fake Insurance Policies In Ireland

Fake motor insurance policies are being sold to unsuspecting motorists for €300 leaving them with no cover. According to the Irish Independent, this new breed of ruthless fraudsters is operating online and in pop-up stores. A number of complaints have been received by the Garda National Economic Crime Bureau from victims of the scam.

Hundreds of fake policies have been issued by fraudsters promising discounted covers through a range of well known insurers. Insurer Liberty has already warned motorists about fraudsters that pose as legitimate middleman claiming that they can reduce insurance costs. However, these fraudsters are not regulated by the Central Bank because they only operate using home addresses and mobile phone numbers.

Most of the victims are young drivers and foreign nationals who are not familiar with the insurance market. When fraudsters offer discounts, it becomes very appealing to consumers. The ghost brokers are exploiting the fact that the average motor premium has increased by almost 60pc in the last year. More increases are expected for drivers even if there has been a slowdown in overall premiums.

Meanwhile, Deirdre Ashe the director of personal lines of Liberty Insurance has noted the sudden increase of ghost brokers in Ireland. It used to be a significant problem in the United Kingdom for a number of years but it now becoming prevalent in Ireland. High premium prices can pressure drivers to seek more affordable options but they are actually driving illegally.

In order to minimize the effect of the scam on unsuspecting motorists, it is important to educate consumers. If consumers require advice regarding insurance, they can engage the services of an insurance intermediary or directly seek the insurer for clarification. A spokesperson from the Central Bank encourages everyone who has plans of engaging with a financial firm to check the online register in order to ensure that the firm is authorized.

Expert brokers can teach you how to sell insurance effectively but in most cases, this is not enough. What insurance agents need is a website that can enhance their online presence. Many consumers are now going online to request for quotes so that they can compare prices before making a purchasing decision.