| If you are setting up business in your own account as | | | | cover is provided for up to £1 million with |
| an accountant, then you are probably aware that | | | | respect to any one claim; |
| continued registration with your professional body | | | | - Clients' property - it is common practice to include in |
| requires you to hold accountants' professional liability | | | | accountants' professional liability insurance provision for |
| insurance. It all adds up, of course, being largely a | | | | cover in the event of loss or damage to clients' |
| matter of common sense - both you, your clients, and | | | | property, such as documents, records and other data |
| your professional body will benefit from the | | | | temporarily in the possession of the instructed |
| reassurance that any claims arising from the exercise | | | | accountant. |
| of your professional judgment | | | | Wide coverage |
| - The risks - if you set up in business as an | | | | Professional indemnity insurance is unlikely to prove |
| accountant, then you are, of course, offering your | | | | sufficient insurance coverage in itself for those |
| services on the basis of your qualifications as an | | | | engaged in the provision of accountancy services. |
| accountant. In other words, the standard of any advice | | | | Public liability insurance - to provide protection against |
| and knowledge offered must conform to professional | | | | other claims from members of the public and clients - |
| standards. This, in turn, leads customers to expect a | | | | office contents insurance, general contents insurance, |
| professional service and therefore has the effect of | | | | premises insurance and employers' liability insurance |
| raising the stakes with respect to claims against any | | | | are all additional areas of cover which an accountancy |
| advice given or recommendations made. The cost of | | | | business might wish to consider. |
| any mistakes, errors or omissions made by the | | | | Indeed, the range of options is so extensive and can |
| qualified accountant, therefore, can be significantly | | | | be tailored so exactly to meet particular business |
| higher; | | | | needs that it can prove useful to seek the advice and |
| - The cover - the level of cover required will, of | | | | guidance of a specialist insurance intermediary in order |
| course, vary from one accountancy practice and | | | | to identify a suitable accountants' professional |
| individual accountant to another. Typically, however, | | | | indemnity insurance. |