CIPFA insurance explained
CIPFA insurance protects members of the Chartered Institute of Public Finance and Accountancy, providing invaluable cover against members’ statutory and contractual obligations.
So why would you need it? If you run a company, you may think that nothing will ever go wrong – for example, you will never be sued or accused of negligence, or sued for injury caused on your premises. However, sadly some things are beyond our control and things can, and do, go wrong, even in the best of run and managed companies.
The key to professional indemnity insurance (PII) is minimising any financial loss should a third party claim arise. It can help your business survive if something goes wrong.
Have you ever asked yourself how or even – would – your company continue to exist if it was faced with a claim against it? Having the peace of mind and financial protection of a CIPFA insurance policy could help.
If you are thinking about buying CIPFA insurance, then using a specialist provider can help you towards finding the right product. A specialist provider can draw on their expertise within the PII sector, so that they can provide you with the necessary protection.
And buying your CIPFA insurance this way does not need not be difficult, nor time consuming, or costly.
When selecting your insurance, do note that, generally you will be liable to pay an excess on your policy.
And choose the right level of cover. Often, policies can have two or even more different levels of cover, so ensure that you get the right one.
Your insurance provider can assist you if you are unsure as to what is right for you.
Finally, before you sign on the dotted line, do double check that the policy gives you everything you need – look at the excesses; policy exclusions; sum insured; and how long the insurance must be in force for before you are entitled to make a claim.
CIPFA insurance can provide a financial safety net should your business be the subject of a claim against it, so never underestimate its importance.
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