Importance Of Having An Accountant Liability Insurance Policy For Accounting Firms

Importance Of Having An Accountant Liability Insurance Policy For Accounting Firms

Accountants perform a lot of work relating to preparation of accounts and bookkeeping, taxation, audit, management accounting, tax consultancy, corporate advisory to public listed companies and financial institutions, investment planning and financial advisory to the clients.

They have access to various important legal and financial documents of the clients. They have to be very attentive and careful when conducting their duties. Accountants are responsible for many statutory duties of their clients like filing accurate tax returns, providing correct interpretation and maintain the correct audit practices to eliminate fraud. Getting an accountant liability insurance from a good company will safeguard interests of the accountant from the fines and legal costs.

The investment in accountant liability insurance will safeguard the interests of the accounting firm in case of false investment advice leading to financial loss to the clients, incorrect tax returns, bookkeeping and account errors of the staff, conflict of interest, negligence in audit and failure to identify and report improper business conduct, not following the accounting standards while conducting audit, faulty tax returns, negligence and dishonesty of the employees or employees selling confidential information of the client to third parties, defamation, libel and breach of confidentiality.

The accountants are required to take accountant liability insurance as a part of compliance and to safeguard themselves and their employees. The client usually holds the accountant liable in case of any claims and statutory discrepancies. The insurance saves the interest of the accounting firm in such circumstances. It takes care of all the legal charges and fines to be paid by the accountant.

It is very convenient and easy to get an accountant liability insurance from an insurance provider. You can fill the online application form of the company or get in touch with the sales representatives of the company through the numbers provided. The company will immediately process your application and confirm your policy. The process of renewal is also simple and can be done online. The policy is a tool to take care of your company and employees in case of unforeseen circumstances arising out of negligence or general lapses in duty.