Insurance for professionals is now a fact of working life depending on someone’s specialist area. Accountants in general not only recognise that plans like indemnity cover can be a helpful tool or safety net for their business, but also have to have cover in place if they are to be accepted into organisations like the AAT. Getting an AAT insurance quote has therefore become standard practice for many accounting professionals.
The AAT rules relate to professional indemnity insurance, which is a type of cover geared towards legal costs, that is it will kick in and pay out in the event somebody faces a legal challenge, i.e. being sued. In normal circumstances it will pay out in the event that somebody faces legal action following an accusation they have made a mistake, omission, or committed an act of negligence in their work.
This is a kind of cover which is not only appropriate for accountants but which is also popular with all kinds of professional consultants and advisers. Other professions in which indemnity insurance is popular include architecture and private medicine.
To get an AAT insurance quote you simply have to contact the relevant provider, and there are many types of insurance company in the UK which provide this type of cover. They will ask a bit about your profession and qualifications, and will also perhaps enquire about how you agree work and contracts with clients. They will then provide a cost based on how much protection you want, as not every policy will pay out indefinitely towards legal bills.
Of course the higher the limit, the higher the premium might be, and it is worth bearing in mind that your total policy payout limit includes the cost of any compensation which might be awarded against you in the event you lose a legal case.
An AAT insurance quote can also be affected by a policy excess, which can be applied in just the same way as people who may volunteer to pay initial repair fees on a car insurance deal. The competitive nature of the market also means that although indemnity insurance is compulsory for AAT membership, it need not be overly expensive.
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?
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.
If you are a member of the Association of Accounting Technicians, then you’ll know that AAT professional indemnity insurance is mandatory. This insurance can insure you against both contractual and statutory obligations. So, if you are looking for an AAT insurance quote, the good news is that you do have some low cost options available which can protect yourself and your business.
Professional indemnity insurance – PII for short – can help your business to overcome unexpected hurdles and minimise any financial loss – as well as the undoubted worry you will face personally – in the event of a claim made against it.
Protecting your livelihood against financial disaster does not need to be costly and can help keep your business afloat should this happen. An AAT insurance quote can help to ease any financial worries in such a situation by providing financial assistance in the form of compensation and legal costs.
Shopping around for your AAT insurance quote does not need not be difficult, nor time consuming. In fact, finding the right cover can be simple when using a specialist broker. Often they can be able to offer bespoke insurance so that you get the level of protection your business needs.
What to consider
As with buying any financial products, you do need to check that you fully understand what you are buying and that is offers the right cover at a price that suits your budget. These tips should help:
- before you sign up, do check what the policy excess will be in the event of a claim;
- look out for any exclusions which could render a claim ineligible;
- check policy start and end dates. Ask about a “run-off” period which makes sure that you are properly covered. This if for cases for example, you are in the middle of changing insurers or shutting your business down. Claims can often be made quite a while after the incident. Arranging a “run-off” cover for a period of time after the cancellation of the existing policy or asking your new insurer to accept new claims for prior incidents is something to consider;
- policies can offer different levels of cover within them, so confirm that you have the correct amount of protection;
- policy terms and conditions do vary among the different insurers, so check the small print to confirm that the cover is right for you.
Finally, to protect yourself and your livelihood does not have to be a time consuming exercise. A specialist provider of an AAT insurance quote can find you the right cover for your business.