Professional Liability insurance is also known as Professional Indemnity insurance or errors and omissions insurance. It is a policy that protects industry professionals such as Accountants from claims that arise from faulty work product.
Professional Liability insurance is also known as Professional Indemnity insurance or errors and omissions insurance. It is a policy that protects industry professionals such as Accountants from claims that arise from faulty work product.
When a client believes that the service provided to him has caused them some type of loss such as financial loss, or has been performed incorrectly the client tends to pursue legal action and sue the provider.
In the event of legal action against the accountant, Professional Liability insurance will cover the amount you may be legally required to pay as compensatory damages. If the charges are dropped, this policy will provide coverage for defence costs.
The short answer is yes.
No matter how careful, or how much experience you have in this industry we are all prone to error, or being falsely accused.
If a client thinks that the work provided is faulty in any way they are quick to assume legal action. With proper protection in place, you can easily overcome any hindrances that come to your business.
Note: Coverages can be adjusted based on individual needs.
Ai’s Professional Liability brokers will help tailor an insurance policy just for you in an affordable and effective way.
