While is it obviously essential that accountants have professional indemnity
cover, nobody wants to have to use it.
Link: download the
indemnity briefing here
There are a number of steps you or a firm can take to minimise your exposure
to claims from angry clients, and, surprisingly, most are fairly obvious and
The big issue is identifying the risks and ingraining simple preventative
measures into the standard working day. This can be a lot trickier than you
might think, because it’s not just the senior members of your enterprise that
have to think about risk – it’s everyone. If your organisation is large, this is
no simple task.
You also don’t want to pay anymore for your professional indemnity cover than
absolutely necessary. Why shell out a fortune on a policy that covers risks
that, let’s face it, you are never likely to come across? On the other hand,
getting the lowest possible quote on a standard, stripped-down policy could
leave you exposed if a claim comes in, especially if your practice is expanding
into new service areas or taking on clients in new industries or locations.
It’s at times like these when you look to tailor your cover to add on those
essential extras. If a claim does come in, you need to be ready for it – both
employees within the organisation and advisers on the outside. This means
ensuring the legal services that come with the cover are right for you.
This briefing will provide you with step-by-step instructions to handling
these dilemmas and will also look at what could get you into trouble.
Indemnity may not be a subject you want to spend much time dwelling upon,
after all it’s not going to make you any money, but unless you take some care it
could end up costing you a great deal.
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