While it’s fair to say that arranging professional insurance is not always necessarily quite as fast and straightforward as arranging something like a car cover quote, it need not be problematic or expensive. Certain types of professions have to abide by industry rules and regulations, and the Chartered Institute of Public Finance and Accountancy requires that members have got professional indemnity insurance. A CIPFA insurance quote can be obtained from a wide number of specialist insurance providers who can make life easier when it comes to this specialist kind of cover.
Indemnity insurance is seen as important not just by accountants, but by a wide number of professional advisory services. If something goes wrong and a client loses money because of a consultant’s mistake, they may be minded to take legal action. Worse still, an external adviser like an accountant may be blamed for a problem, and wrongly face a claim for compensation. Even these unfounded accusations will have to be formally defended if they are filed through the court process.
Indemnity insurance will pay for the cost of defending a legal action which is launched against an accountancy individual or company. In short it pays for solicitor’s fees and will even cover the cost of any compensation which might be awarded in favour of an applicant. Indemnity insurance is also seen by certain clients as essential, as some types of firm or local authority may not be prepared to deal with an adviser like an accountant unless they have their own indemnity insurance in place.
Indemnity insurance will normally pay out if the legal case launched against the policyholder relates to an accusation they have made a mistake, error, omission or act of negligence in their business. Other circumstances which are nearly always covered as part of a deal include allegations that someone has breached confidentiality or copyright, or that they have perhaps lost an important client’s data or documents.
All policies have cover limit, which is essentially a top amount past which an insurance company will not pay out any further for legal protection or compensation. Bodies like the CIPFA have their own requirements about what the minimum level should be, although some firms may want a higher level of protection than the minimum which is laid down by industry rules.
A CIPFA insurance quote will be related to the policy limit and to the firm or accountant in question, as all insurance in this sector is based on calculating risk, just as cover in the car insurance industry is, for example.
Cover professionals like brokers can be one of the best ways of getting a CIPFA insurance quote, as they may have access to deals and details which do not normally come up from general public enquiries. They can also advise an applicant on the potential need and cost of additional options like public liability insurance and employers liability cover.
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.
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.
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.
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, then there are some low cost solutions available to you when seeking a CIPFA insurance quote.
Sadly even in the best of managed businesses, things that are beyond your control can and do go wrong. Suddenly, you and your business may face financial ruin due to negligence or maybe the misconduct of an employee or due to a hundred other reasons. This is where professional indemnity insurance can step in and take away the worry.
And the good news is that in most cases, even the self employed can benefit from the financial protection offered by a professional indemnity insurance policy.
It is a terrifying thought, but many businesses would go under when faced with a claim against them for damages or negligence. A CIPFA insurance quote policy could help take away the stress and provide financial assistance in the face of a third party claim with legal and compensation costs.
And selecting where you buy your CIPFA insurance quote need not be difficult.
Of course this is an important insurance and you need to choose your insurance with care, and that is why many business people choose to use a specialist provider of the cover. This is because a professional indemnity insurance provider will ultimately have years’ of experience within this somewhat niche sector, enabling them to match you with the right cover.
Important pointers to think about when looking to purchase the cover or get a CIPFA insurance quote include:
- What is the excess? Do note that as with most insurance policies, generally you will be liable to pay an excess when a claim is made;
- Underinsurance can be a problem if you do not choose the correct amount of insurance that you need wisely;
- Check the policy start and end date. Ask if there is a “run-off” period. This is suitable in cases where there may be a long delay between an event and the subsequent claim. If you are in the middle of changing insurers, for example, or shutting your business, arrange a “run-off” cover for a period of time after the cancellation of the existing policy;
- Do confirm the exact coverage that you will be getting before you buy, to ensure that the policy is right for you. Don’t forget to look at any exclusions.
Finally, a CIPFA insurance quote should be considered by anyone who runs a business as the benefits that this insurance can offer in the face of a claim can be enormous.