CIPFA insurance is targeted specifically members of the Chartered Institute of Public Finance and Accountancy. And as members should know, professional indemnity insurance is compulsory which means that if you do not have it, you will be unable to complete any accountancy work for any third party. So why exactly is it important to take out insurance and why can’t you make do without it?
Understanding CIPFA Insurance
The main reason insurance is needed for people in this industry is because you are providing a professional service where your advice means a lot to the third party. Due to the fact that your advice and work could potentially make or break a company, it is vital that you protect both yourself and the company with adequate insurance.
Just think; if you do a job and through no fault of your own the company loses money as a direct result of your work, it would not look good. The third party is likely to blame you directly and a claim will be made against you.
It could be that the company did not provide you with adequate information in order for you to make a successful business plan. If you are given the wrong information then you could end up creating a plan that you feel would be successful, yet it will fail because of the information that you were lacking. Technically it would be the third party’s fault, but they could always turn around and blame you claiming that you are the professional, not them. Defending yourself against the claim will cost quite a lot in legal fees and luckily enough professional indemnity insurance can cover that.
Of course the above is just one example of something that could go wrong. If you work in taxation there could be problems with documents going missing or again you could end up with a lack of information and you could find yourself in trouble with the HM Revenue.
Whatever the issue, CIPFA insurance will help to protect you. Generally it will protect you and the third party against defamation, loss of documents and data, negligence, injury and damages and breach of confidence. There are different levels of cover available and so it would be worth looking into what your actual business needs are before you take out insurance.
If you are looking for a CIPFA insurance quote then it would be worth reading this first. If you have no idea what contributes towards a quote and how an insurance quote could change depending on circumstances then read on to find out more.
What is a CIPFA Insurance Quote?
A CIPFA insurance quote is basically a quote telling you how much you will have to pay for CIPFA insurance. Different insurers will offer a different quote amount, so how do you know what a good quote actually is?
Typically an insurance quote will differ depending upon a number of factors. These include how much cover you want, what you want included in your cover, where you live and whether you have claimed before.
CIPFA insurance will cover you against negligence, slander, breach of confidentiality, damages, injury, loss of data and documents. It will provide you with the funds that you need to pay legal expenses and compensation if needed. There will be an excess fee that you will have to pay before the insurance will step in and this amount will differ with each different insurer. However you will always have to pay some level of excess and the lower it is, the higher the quote will usually be.
One of the main things that you need to consider is what you need included with the insurance. Typically you should find that everything you need is included in basic indemnity insurance. However, there are some additional levels of cover that you can take out and the more extras you have, the higher your CIPFA insurance quote will be. You don’t need these added extras but they could come in handy if you do choose to take them out.
Overall when searching for a CIPFA insurance quote, you need to take into account a number of different factors. It would be worth taking out as much cover as you can afford just in case a claim is made against you that could potentially cost thousands of pounds in compensation. You can never predict what could go wrong when you are working for a third party but you can always cover yourself as much as possible by taking out as much insurance as you can afford.
Do you know everything you should about CIMA professional indemnity insurance? If not then now is definitely the time to learn!
It is worth pointing out that CIMA insurance is mandatory which means if you do not have it, it is illegal to work for yourself as a CIMA member. The reason it is mandatory is because without the adequate insurance, the company you work for or yourself, could face financial ruin if a claim were to be made against you. As an accountant you put yourself at risk of a claim being made against you with every job that you take. This is especially the case if you work as a consultant. The advice that you give can make or break a company and obviously if it breaks it, you will have a very angry company wanting compensation!
How CIMA Professional Indemnity Insurance Works
A claim can be made against you for any of the following:
- Breach of Confidence
- Loss of Documents or Data
If you are accused of any of the above and you are found guilty, it could cost you thousands upon thousands of pounds worth of compensation. Even if you are cleared of the claim, it will still cost you hundreds and possibly thousands of pounds to defend yourself. It all depends upon the claim and the seriousness of the accused act.
If you are being accused of slander then the claim will be considered more serious than if you are accused of damages to the third party property (again depending upon how it happened). A breach of confidence will also be frowned upon as being a professional you are trusted and required by the law to keep everything you know confidential.
Sometimes you can do something wrong without even realising it. Perhaps you have missed something vital in your business plan. When the company followed your advice, because you had missed out vital information it caused the plan to go completely wrong and losses were made. Maybe you didn’t have enough information provided by the company for you to make the best business plan. If the third party forgets to tell you something and you go ahead and make a plan, if that plan then goes wrong the company will still blame you.
Overall it is never nice to think about the possible things that could go wrong. However, it is necessary if you are to protect yourself and your business. CIMA professional indemnity insurance will help to protect you against all possible claims that could be made against you.
CIMA indemnity professional insurance is compulsory and it is designed to protect CIMA members from losing everything financially. You may not think that anything can go wrong because you are fully qualified and you know what you are talking about, but unfortunately it doesn’t matter how qualified you are – things can, and do, still go wrong.
Preparing for the Worst
If you prepare for the worst then you will never lose everything. CIMA indemnity professional insurance helps you to prepare against claims that could be made against you.
There are a number of situations where a claim could be made against you. Whether you go onto third party premises, work from home or work on business premises; something can go wrong.
It could be that you have lost important documents relating to the third party employees. Or maybe you have talked about the third party to your partner and they have then mentioned it to their friends. Their friends could then tell more people and if the gossip is bad then you could be hit with a claim against you for defamation and a breach of confidentiality.
As an accountant it is vital that you keep everything to yourself because you are dealing with information regarding the company’s finances. It can sometimes be easy to let certain things slip to those close to you. However, no matter how tempting it might be, you really do have to keep everything to yourself if you want to avoid a claim being made against you.
Another way to protect yourself against a claim is to keep documents of everything. Write literally everything down and if possible get the third party to sign the document after the job is completed. This shows that at the time, the third party was happy with the work completed and that everything went smoothly. This will give you a little added protection if the case goes to court and you end up having to defend yourself.
CIMA indemnity professional insurance typically protects you against slander, negligence, damages/injuries, breach of confidentiality and loss of data/documents. It is compulsory to all accountants and it is not hard to see why. Without adequate insurance both you and the third party could end up out of business because of financial loss. So if you haven’t yet looked into indemnity insurance, now would be the perfect time to do so!
Are you looking for a CIMA insurance quote? If so then there are a few things that you should know before you apply.
Firstly you need to understand that there are different levels of cover available to you. The most common form of insurance you will find is fairly basic. It will include everything that you need, but it will be the bare minimum cover that you can get. Whilst this is fine, wouldn’t it be worth looking into the other levels of cover to see whether you are getting the best deal to suit your needs?
Getting the Right CIMA Insurance Quote
When looking for a quote a number of factors need to be considered. You need to think about:
- How much cover you actually need
- What extras you may want
When it comes to extras, there are a few options available to you. Some insurers could provide you with free services when you take out their insurance policies. This could include free protection for any work that you have completed in the past. Or you could choose to include additional legal expenses or a lower excess fee. There are many additional extras that you can add to your policy, you just have to know what is available before you choose the best CIMA insurance quote to suit your needs.
You have to remember that the more cover you choose to take out, the higher the quote will be. It is generally a good idea to take out as much cover as you can afford. This is because if a claim is made against you, you could end up paying a large excess fee if you are not covered for the full claim amount.
You will usually have to pay an excess fee no matter which insurer you choose to apply to. However the levels of excess will vary considerably and so you need to browse around to see the different levels open to you.
Overall when you are looking for a CIMA insurance quote it is always a good idea to know exactly what you need. That way it will make the process simpler and quicker too.
CIMA insurance is an indemnity policy that protects members of the Chartered Institute of Management Accountants, providing protection against both statutory and contractual obligations. There are various types of risk management insurance available for businesses and contractors, all which can help minimise any financial loss as well as personal stress if a claim is made against you and a CIMA Insurance indemnity policy is one of these solutions.
Indemnity insurance can help keep your business remain financially unscathed should a claim be sought against you or your company which could affect its financial standing. The sort of challenges that any company potentially faces can typically include defending a claim against you as well as covering you for any damages you become liable for. Claims could include such things as public liability; product liability; unintentional infringement of intellectual property rights; loss of data or documents; accidental breach of confidentiality; and dishonestly, plus much more.
If you are considering CIMA insurance, then when it comes to buying it, you need to ensure that you buy it from the right place. This could well be a specialist broker of CIMA indemnity cover. They often have bespoke cover and tiered levels of cover, meaning you get exactly the protection that you need.
What to think about when buying the cover
There are a number of considerations for you when choosing your cover. Of course, your broker can help you, but it is imperative that you are comfortable with the product that you choose.
When buying your policy, check out your liability for the excess in the event of a claim.
And do be aware that claim times after the incident could take some while, so you consider taking out retroactive cover. This protects you against claims that arise out of a product or services that was actioned or provided before the cover started, so check on the policy.
Always make sure that you have the right sum insured so that, should a claim be made against you, you would be fully covered.
As the benefits and features of CIMA insurance can vary among the various providers, do read through the small print to confirm the amount of cover you have, noting how long a policy must be in force for before you can make a claim.
Finally, even the best managed and run companies can face the prospect of financial disaster in the event that a claim be sought against it. CIMA Insurance can take away this concern and give you the peace of mind that you are properly protected.
You may wonder why you need an AAT insurance quote, thinking that this form of indemnity insurance is something that you do not need or that is too expensive for you. However, if you run a business, then you will need to protect yourself against the fact that a claim could be sought against you or an employee where a customer is dissatisfied with the work or service you have provided or where some form of loss has occurred.
These could include the loss of sensitive documents or data; intellectual property rights, or a claim for negligence, etc. Certainly, these are difficulties that even the best run businesses could be challenged with.
By getting an AAT insurance quote and buying a policy, you could keep your business running with minimal disruption as well as minimal financial loss if you faced legal action due to a claim against you.
You may consider professional indemnity insurance an expensive and unnecessary overhead, but you should remember that any business can face substantial claims against them. Court awards have increased in recent years, so it is worth seriously considering an AAT insurance quote.
So, where do you go if you want to buy an AAT policy?
You need to choose your policy with care to ensure that you get adequate cover. Specialist brokers of AAT insurance often have the edge over mainstream providers, as they specialise in this niche area of cover. Business people like you will seek out a reputable provider so that they get the cover that meets their needs.
Purchasing the protection from someone who has expertise within the ATT indemnity insurance sector can help you find the right product, rather than trying to go for a “one-size-fits-all” type of policy that a traditional provider may offer.
What you need to look out for when choosing your cover
While your broker will help and advise you on getting the most suitable cover, there are some points that you should note when buying the cover, namely:
- checking out how much the excess will be in the event of a claim;
- having the right sum insured;
- having the right level of cover (there are often tiers of cover available);
- seeing if there is retroactive cover where the policy rpvodies cover for events that occurred before the policy started.
Protecting yourself and your business with AAT insurance quote cover does not have to be a costly or timely exercise, with the insurance often easily being bought online in minutes from a specialist broker.
AAT professional indemnity insurance is compulsory for all members of the Association of Accounting Technicians. This insurance can help to protect you and your business for both your legal and contractual obligations.
Certainly, protecting your business against the unexpected can make sound sense. This insurance provides financial assistance in cases where a claim has been made against your business or an employee. This could be where your customer suffers some form of loss because of actions – or lack of actions – on the part of your business.
AAT professional indemnity insurance can provide protection where claims are sought against you for things as accidental breach of confidentiality; public liability; loss of data or documents; product liability; defamation; libel & slander; dishonesty; and, unintentional infringement of intellectual property rights. There are different levels of protection available that can provide the most basic of cover or more comprehensive – the choice is yours as to what you buy.
Keeping to the minimum any financial loss is the aim of this professional indemnity insurance so if you are considering this insurance, then you need to ensure that you buy it from someone who is experienced in this niche sector.
Using a specialist broker of AAT professional indemnity insurance is vital if you want to make sure that the policy covers all the bases. A mainstream indemnity insurance policy from a traditional insurer may not offer the complete coverage that you need.
A broker who specialises in insurance for the AAT sector should have unlimited expertise in finding the right insurance solution, so that they can provide a policy that best suits your needs.
When picking your insurance, do note that as with most insurance cover, generally you will be liable to pay an excess on your policy.
Knowing how much insurance is important as under insurance is something to be avoided. It can also sometimes depend on the sector that you are working within, too. For example, some clients will want your company to have a minimum amount of indemnity insurance before they will allow you to carry out work or provide service to them.
Product benefits and benefits of professional indemnity insurances will often differ among the various providers, so if you are shopping around for your cover, ensure that you do compare these on a like-for-like basis.
Having the knowledge that you have AAT professional indemnity insurance cover in place can help you focus on your business, rather than worrying about it.
If you’re a member of the Association of Accounting Technicians, then you will no doubt be aware that AAT professional indemnity insurance is compulsory. The insurance cover can protect you against both statutory and contractual obligations.
In fact, the Financial Services Authority says that professional indemnity insurance is a liability insurance that protects “businesses in the event that a third party claims to have suffered a loss as a result of professional negligence”. In short, this means that the AAT professional indemnity insurance can cover at least some any financial claims made against a company.
You may believe that professional indemnity insurance is an often expensive, unnecessary overhead, but with awards made by Courts rising sharply in recent years, it is worth seriously considering taking out some form of indemnity cover.
Deciding where to buy your AAT professional indemnity insurance does not need not be a time consuming, expensive experience. By purchasing your cover online with a specialist broker, you can get access to the right level of protection needed. A broker who specialises in protection within your trade area can often offer bespoke cover.
A specialist AAT professional indemnity insurance broker can help to find you the right protection. They will often be able to insurance that is moulded to meet your business needs so that you get the right cover.
When buying your policy, check out how much the excess you will be liable for should a claim be sought against you as well as any exclusions that could mean that your claim would be ineligible.
Do confirm the exact amount and level of coverage that you will be getting before you buy, to when it comes to making sure that the policy is right for you.
Professional indemnity insurance can help your business to overcome unexpected issues and keep to the minimum any financial in the event of a claim. It will also help protect your reputation too.
Think about it – would your business be able to carry if you were sued? One claim see your business fail financially. However, having the financial protection of this form of indemnity insurance in place could put a stop to this.
Having the peace of mind that you have AAT professional indemnity insurance cover on your side can help you focus on the most important thing – running your business.
If you are an Accountant, then AAT Insurance could be for you. AAT insurance is a professional indemnity insurance (PII) policy designed for members of the Association of Accounting Technicians.
In almost every trade, professional indemnity insurance is a compulsory requirement for companies providing services and / or skills and helps cover against members’ statutory and contractual obligations.
If you run your own company, then, legal obligations aside, it makes sense to consider protecting yourself against the unexpected. Claims sought against you or an employee could see you facing legal action and huge costs.
There are various types of professional indemnity insurance and, often, various levels of cover too and generally it can provide protections against things like:
- public liability;
- unintentional infringement of intellectual property rights:
- accidental breach of confidentiality;
- loss of data or documents;
- product liability;
- defamation, libel & slander;
- dishonestly, plus much more.
Protecting yourself and your livelihood against the financial ramifications caused by a claim against you does not need to be expensive and can help keep your business afloat should this happen. Certainly, AAT insurance will help to ease any financial worries in such a situation by providing financial assistance with costs – legal and compensation.
When purchasing AAT insurance, as it is such a specialised insurance, it is important that you buy the cover from a reputable provider. Buying it from someone who has experience within your niche sector means you can find the right protection rather than going for a “one-size-fits-all” type of plan that a mainstream insurance provider may offer.
A specialist broker can often be able to offer bespoke insurance so that you get the insurance policy that suits your needs.
Points to consider
- When selecting your insurance, be aware that in most cases you will be liable to pay an excess on your policy;
- Consider retroactive cover. This is where you are protected against claims that arise out of work that was carried out before the policy started;
- Always check that you have the right sum insured. It cannot be stressed enough that being under insured is almost as bad as being without insurance;
- Following on from the point above, if your profession is covered by an authorising professional body, this organisation may well lay down minimum levels of indemnity cover required, as well as excesses;
- The terms and conditions of the policy will differ depending on the insurance providers. Always make sure that you check the pertinent points of the insurance;
Finally, even the tightest run companies can face the prospect of financial ruin should a claim be made against it. AAT insurance can take away this worry.