A CIPFA insurance quote could help your business

September 30, 2008 · Filed Under CIPFA Insurance Quote · 28 Comments 

If you are looking for insurance relating to your contractual and statutory obligations and you are a member of the Chartered Institute of Public Finance and Accountancy (CIPFA), then there are some low cost solutions available to you when seeking a  CIPFA insurance quote.

If you run a business, then you will need to protect yourself against the chance that legal action will be sought against you or an employee which could result in huge legal fees as well as potentially any cost for damages. For some companies, this could mean that it brings it to its knees financially.

Typically, CIPFA insurance can protect you against claims for such things as public liability; slander, libel and defamation; accidental breach of confidentiality; dishonesty; loss of documents; loss of data; and, unintentional infringement of intellectual property rights.

Have you ever considered whether your business survive if it was faced with legal action because of an error or omission? Just one Court action could quite simply bring your company down. However, having the financial protection of a professional indemnity insurance plan could help stop this.

Where to get a quote

If you are considering getting a CIPFA insurance quote, then a good place to start would be with a specialist broker.  Specialist broker of professional indemnity products will be able to use their knowledge and expertise to find a policy that best suits your company’s needs.

By using a broker rather than a mainstream insurance provider, you can access policies that are tailor made for someone with your industry, meaning that your policy will be right for your requirements.

Things to note when getting your CIPFA insurance quote

  • when choosing your insurance, check out any excesses on your policy;
  • check the terms and conditions for any exclusions which could stop you making a claim on your cover;
  • the features and benefits of the insurance can differ depending on the providers. Therefore, always do check them on a like for like basis if comparing policies:
  • check that the sum insured is for an adequate amount;
  • look for retroactive cover which covers you for any claims that relate to an incident that occurred for a predefined period before the insurance started.

Finally, even the best run companies can still face the prospect of financial ruin should legal action be sought against it. By getting a CIPFA insurance quote, you are one step closer to taking away this worry.

CIPFA Insurance – protecting you

September 29, 2008 · Filed Under CIPFA Insurance · Comment 

Members of the Chartered Institute of Public Finance and Accountancy (CIPFA) can be protected if legal action is sought against them relating to their statutory and contractual obligations. CIPFA insurance provides a financial safety net, as well as providing legal help, should a claim be made against you.

Protecting your livelihood with CIFPA professional indemnity insurance should be considered by anyone who works within this profession as running a business isn’t just about bringing the money in and keeping your customers happy. Awards made by Courts to dissatisfied customers are on the rise and in today’s uncertain economic climate, you need to protect your financial livelihood as much as you can. You have to make certain that you have the necessary safeguards in place should something go wrong.

Professional indemnity insurance can help your company to overcome unexpected hurdles and minimise any financial loss – as well as the undoubted stress you will personally face – in the event of a claim against it. It will also help limit any damage to your reputation.

Protecting your livelihood against financial disaster caused by a claim against it does not need to be expensive and can help keep your business afloat should this happen. CIFPA professional indemnity insurance will help to ease any financial worries in such a situation by providing recompense.

Deciding where to purchase your CIFPA professional indemnity insurance does not need not be a difficult exercise, nor does it have to be time consuming.

When considering your professional indemnity insurance, using a specialist broker is a strong consideration. A specialist professional indemnity insurance broker will often have customised policy options available for your company’s needs, to enable you to get the coverage you require. CIPFA insurance brokers will draw on their expertise in the sector, enabling them to provide a policy that best suits your needs.

Things to note before you buy

To ensure that the cover is right for you, check:

  • Any policy excesses you would be liable for in the event of a claim;
  • Any policy exclusions which would render you ineligible to make a claim;
  • That the sum insured is adequate.

Having the peace of mind that you have CIFPA professional indemnity insurance cover in place can help you focus on the most important thing – your buiness.

The benefits of CIMA Professional Indemnity Insurance

September 28, 2008 · Filed Under CIMA Professional Indemnity Insurance · Comment 

Members of the Chartered Institute of Management Accountants  can protect their livelihood and reputation against claims sought against them with CIMA professional indemnity insurance. This protection is designed to provide financial assistance in the event of claims relating to statutory and contractual obligations.

Anyone who runs a business or provides a service will need to protect themselves against the unexpected. The Financial Services Authority sums up what professional indemnity insurance is: “a liability insurance that covers businesses in the event that a third party claims to have suffered a loss as a result of professional negligence”.

This means that the insurance can not only help protect you financially by providing financial help with legal and compensation costs, but can help keep your reputation intact too.

There are many variants of professional indemnity insurance and, often, a wide range of levels of cover within the specific policies too, so it is important that you choose the type of cover as well as the right level of protection in order to ensure that you have the policy that best suits your requirements.

Where to buy your cover?

Getting your CIMA professional indemnity insurance can be quick and easy if you go to a specialist provider.  A professional indemnity insurance broker will have the knowledge needed in order to match your needs with the right policy, which is particularly important as your trade is within a niche sector.

What to consider when making your purchase.

When it comes to purchasing your insurance, do note that as with most insurance policies, generally you will be liable to pay an excess on your policy. Confirm with your broker what this will be.

And look out for any exclusions within the cover that could mean that your policy was useless. Again, check with your broker if you are not sure.

Make sure that you have an adequate sum insured so that there are no shortfalls that you would be financially liable for in the case of legal action.

Finally, no matter how well run a business is, mistakes can happen that could result in legal action being made against you. By having CIMA professional indemnity insurance in place, you can have the peace of mind that your business would not suffer should the unthinkable happen.

How CIMA indemnity professional insurance can protect you?

September 27, 2008 · Filed Under CIMA Indemnity Professional Insurance · Comment 

No matter how conscientious you and your employees are and how many processes you put in place, sadly legal action may be made against your business where your customer suffers some form of loss because of perceived or genuine actions – or lack of actions – on your part. And that is where CIMA indemnity professional insurance can help to protect you.

Sadly, errors and omissions can and do happen even to the best of directed businesses, and yours is no different. However, with the protection of CIMA insurance behind you, you can rest easy knowing that the cover will pay for the cost of defending you against any allegations made against your company, as well as damages, should the need ever arise.

Claims sought against you or an employee could include negligence; the loss of sensitive documents; unintentional infringement of intellectual property rights etc.

There are many types of professional indemnity insurance available and, often, a wide range of levels of cover too, which can help protect you and your business against the financial fallout of a claim.

Certainly, many businesses would face financial ruin if a claim was successfully filed against them for damages or negligence, especially in today’s uncertain economic climate.

Deciding where to purchase your CIMA indemnity professional insurance does not need not be difficult nor time consuming. Rather than going for a traditional insurer, you may well want to use a specialist provider. Specialist indemnity insurance providers will have years’ of experience within your niche offering, meaning that they can supply you with the right cover.

Buying it from someone who has experience within the CIMA insurance industry can help provide you with the cover needed, rather than settling for a one-size-fits-all type of policy that a mainstream insurer may offer.

Points to note when choosing your insurance.

When it comes to purchasing your insurance, do note that as with most insurance policies, generally you will be liable to pay an excess on your policy.

And check whether the option to have retroactive cover is available – this is where you are protected against claims that arise out of work that was carried before the start of the policy.

The sum insured is of great importance. Firstly, being under insured means you will have greater financial responsibility should a claim be made against you. And, secondly, some of your clients may insist that you have a minimum sum insured in order to provide them a service, so do check on both counts.

To sum it up, before you buy your CIMA indemnity professional insurance, do confirm the protection that you will be getting before you buy, to make sure that the policy is right for you. Things to look at include the sum insured; any excesses; plus any exclusions that could render the policy useless.

Remember, no matter how well run a business is, mistakes can happen that could result in a claim being sought against you. CIMA indemnity professional insurance can protect you and help provide financial recompense so that your business does not suffer financial hardship.

Why get a CIMA insurance quote?

September 26, 2008 · Filed Under CIPFA Insurance Quote · Comment 

Professional indemnity insurance can be legal requirement of some trade bodies and a  CIMA insurance quote is aimed at members of the Chartered Institute of Management Accountants. This policy provides protection for both statutory and contractual obligations. However, as with all insurances, you need to make sure that you choose the right policy with which to protect your company and do not accept the first one you see.

But first of all, what are its benefits?

Professional indemnity insurance provides your business with protection in respect of any legal liability which arises as a result of you or an employee conducting business with them.

Certainly, if you run a business, you may think that nothing will ever go wrong – for example, you will never be sued or accused of negligence. But sadly, especially with today’s blame culture, people are always too ready to sue if they feel that a product or service is not as expected. The good news is that there are insurance solutions available for businesses as well as contractors, and they can help if a claim is made against you financially, as well as helping keep your reputation intact.

Typically, getting a  CIMA insurance quote and then buying the policy can help defend a claim sought against you as well as cover you for any compensation you become liable for and any associated legal costs, whether you win or lose your case.

Public liability; unintended infringement of intellectual property rights; the loss of documents or data; accidental breach of confidentiality; product liability; libel & slander; defamation; and, dishonesty are all circumstances where you could find yourself facing legal action. However, a good quality indemnity insurance policy can help protect you against any financial fallout as a result of a claim against you.

You may believe that professional indemnity insurance is a costly, pointless overhead, and think that getting a CIMA insurance quote is a waste of time. However, you should remember that even the most respectable and well run of companies can face extensive claims against them. And with Court awards moving upwards sharply in recent years, it is worth seriously considering CIMA insurance.

So, where do you go if you want to buy CIMA insurance?

If you are thinking about buying CIMA insurance, then using the services of a specialist indemnity insurance broker can help you locate the right product so you get exactly what you need.

Remember, a CIMA insurance quote is quoting for a policy that protects members of the Chartered Institute of Management Accountants, providing cover against both statutory and contractual obligations. Should you face legal action, CIMA insurance can step in and help provide financial recompense so that your business does not suffer hardship.

Understanding CIMA Insurance

September 25, 2008 · Filed Under CIMA Insurance · Comment 

Members of the Chartered Institute of Management Accountants know all too well why insurance is essential. Many CIMA members have found themselves facing claims against them for various mistakes and problems that have presented themselves on a job or after a job has been completed. CIMA insurance has helped them to right the mistakes that were made and without it they could have ended up losing their business as well as their reputation.

Why CIMA Insurance is Important

When you become a member of CIMA you will find that insurance is compulsory. It is not something that you can avoid or forget about. Without professional indemnity insurance you will be unable to work in the industry and many third parties will not allow you to work for them if you do not have the right insurance either.

When you realise the importance of CIMA insurance, you will see that even if it were not compulsory, it would still be essential to have. Even the most professional accountants who have been in the profession for years are not immune from accidents or mistakes. You could do a job for fifteen years before something finally goes wrong. The mistake would not even have to be your fault for you to have to pay for it. So being protected against the worst case scenario is definitely worthwhile!

CIMA insurance will help you to pay for claims made against you regarding negligence, injury/damages, breach of confidentiality and defamation to name just a few. If you work in the consultancy sector then it is your job to give the third party a business plan and advice on how to move ahead. If the company follows the plan but it doesn’t work out and they suffer a loss, it is possible that they will solely blame you. Even if the advice you gave was the best that anybody could give and in theory it should have worked, you cannot predict what will happen in business and unfortunately that does mean that you could get the blame for anything that goes wrong.

Overall CIMA insurance is designed to give you the protection that you need in the event of a claim being made against you. It is compulsory for good reason and there are varying levels of insurance that you can choose from so always know what you need before you actually apply.

AAT Professional Indemnity – What you Should Know

September 24, 2008 · Filed Under AAT Professional Indemnity Cover · Comment 

AAT professional indemnity is compulsory and extremely useful to all AAT members. Ensuring that you are protected financially in case a claim is made against you, professional indemnity insurance has helped thousands of accountants to right any mistakes or problems that have occurred.

What you need to remember is that even if the problem that occurs is not your fault, you could still be forced to pay out compensation to the third party. A number of things can go wrong and you do need to be aware of that when you start your career with AAT.

How Professional Indemnity Insurance Works

With AAT professional indemnity insurance, it covers you in the event of:

  • Negligence
  • Breach of Confidentiality
  • Injury/Damages
  • Defamation

The above are just a few of the situations where indemnity insurance can help. Professional indemnity insurance helps to ensure that if a claim is made against you, no matter what the outcome of the claim you will still be protected by your insurance policy.

It could be that you have accidentally lost a third party’s documents and that in turn has caused them to lose money. You would be responsible for paying back that money as well as providing compensation for the inconvenience caused. Another mistake that you could make includes damaging the third party’s property. If you go onto the premises of the company and you accidentally break something, you would be faced with a claim against you.

Obviously as an accountant, it is unlikely that you are going to cause damages when you visit a third party’s premises. However, as unlikely as it may be, accidents do happen and you could end up causing an injury. That is why it is always better to be protected just in case the unlikely were to happen.

As mentioned, AAT professional indemnity cover is mandatory. The very nature of your job puts you and the third party at risk. The third party could lose money because of your advice and you could potentially be out of business if a claim was made against you and you didn’t have insurance.

Overall AAT professional indemnity is essential and it really can help you. Nobody likes to think about what could go wrong in business, but if you were to be hit with a claim against you without any insurance, you could find yourself ruined financially. So it is always better to be prepared and be protected rather than not think about what could happen and risk losing everything.

Getting an ATT Insurance Quote

September 23, 2008 · Filed Under AAT Insurance Quote · Comment 

Becoming an ATT member can be exciting and it could be the start of a very rewarding career. However, once you are an ATT member there are several things that you need to do. The first is to ensure that you are covered by the right insurance policy. Professional indemnity insurance is mandatory for ATT members and so you will want to look for a good ATT insurance quote as soon as possible.

Getting a Good ATT Insurance Quote

In order to get a good ATT insurance quote, you first need to know the level of cover that you need. Generally all professional indemnity insurance policies will cover you for defamation, data/document loss, negligence, breach of confidentiality and injury/damages. However, there are varying levels of cover that you can benefit from and your ATT insurance quote will differ depending upon how much cover you would like.

Perhaps you would like to include added legal expense cover. Or maybe you would like liability excess cover? When you apply for an insurance quote, usually you will notice that there is an excess that you need to pay before the insurance will help. This varies from insurer to insurer and so you should keep this in mind when looking for a quote. Generally the more excess needed, the lower the quote will be. If you require additional cover then obviously the quote will be higher.

You will have to specify the amount of cover that you are looking for when you apply for an ATT insurance quote. This means that before you apply you will need to have some idea of how much cover you will need. Keep in mind that compensation payouts can potentially be hundreds of thousands of pounds. However, generally the average payout will be up to £50,000. It all depends upon the mistake made and how badly it affected the third party. As you cannot predict the type of mistake or problem that could occur, you have to make as close a guess as possible as to how much cover you will need.

Overall when it comes to getting an ATT insurance quote you should ideally know what you are looking for. Will basic cover be enough for you or would you prefer to add any additional extras?

Benefitting from ATT Professional Indemnity Insurance

September 22, 2008 · Filed Under AAT Professional Indemnity Insurance · Comment 

It could be said that ATT professional indemnity insurance is every accountant’s best friend. Even if it were not compulsory it would still be essential as it protects you in case anything possible goes wrong while working with a client.

Being an accountant no matter whether you work in book-keeping, taxation or consultancy; your advice and work is extremely important to the people that you work for. What you do and say will really affect how the company is run and therefore you are partially responsible for how successful the business is. That is why professional indemnity insurance is mandatory for ATT members.

How Professional Indemnity Insurance Protects ATT Members

You may not think that anything could possibly go wrong when you are working for a client, but unfortunately it can! As uncommon as it may be, many accountants have still found themselves victim to a claim being made against them. Whether the mistake was their fault or not; the claim was still made and so they still had to prove whether or not they were innocent. Proving that can be expensive and for some it can really damage their finances and potentially put them out of business. That is why professional indemnity insurance is mandatory for ATT members. If anything goes wrong, your insurance will cover it.

So just what can go wrong? Well if you are working in consultancy for example, you would be responsible for telling the third party how to run their business. You could come up with a business plan that informs the company how to move ahead and earn more profits. If that business plan were to fail (which it could do as even the best laid plans can fail), then any financial losses that the company suffers would be blamed entirely on you. You would then be expected to pay back the losses and that could run into thousands and in extreme cases, millions of pounds!

If you work within the wages, salaries and national insurance sector and you lose documents and information regarding company employees then you could find yourself in serious trouble. Professional indemnity insurance will cover you in case of data/document loss.

Overall it is possible for a number of things to go wrong when you work for the ATT. That is why ATT professional indemnity insurance is compulsory. You cannot predict what will happen in business and as qualified as you may be, mistakes can still be made.

Understanding AAT Insurance

September 21, 2008 · Filed Under AAT Insurance · Comment 

When you become a member of the AAT, you may not realise that professional indemnity insurance is compulsory before you can actually begin working for yourself. AAT insurance is designed to protect you in case something goes wrong when you are dealing with your clients. Generally professional indemnity insurance will protect you against breach of confidentiality, loss of data/documents, negligence and defamation. With varying levels of cover available, it is vital that you choose the right level to suit your needs.

What could go wrong?

The reason AAT insurance is mandatory is because you are offering a professional service. Unlike many other professions, the advice and services that you provide can severely affect the clients business. If you were to give advice that went on to ruin the third party’s business, then obviously they would not be happy and you would end up potentially losing your business after having to pay out thousands of pounds worth of compensation.

Obviously being qualified with the AAT, it is not likely that you will make such drastic errors in judgement. However mistakes can still happen and that is why there is insurance out there to protect both you and the third party.

One problem which you may encounter is if you are in charge of a company’s tax returns. They would send you various documents that you would use to work out their return. If you were to lose those documents then it could seriously affect the tax return and land the company in a lot of trouble. So they could make a claim against you for loss of documents. Another thing that could potentially go wrong is if you provide accounting advice that the company follows and as a result they lose money. You would again be hit with a claim against you and if found guilty you would have to pay compensation to the company for their loss.

Overall AAT insurance protects the third party but it also protects your finances too. If a claim were to be made against you, the legal fees can be fairly high. It wouldn’t matter whether the fault was yours or whether you were found innocent of the claims made against you; it would still be costly proving it either way. So ATT insurance is compulsory for a number of reasons and even if it wasn’t, it would still be something that all accountants should have.

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