AAT professional indemnity insurance is compulsory for all members of the Association of Accounting Technicians. This insurance can help to protect you and your business for both your legal and contractual obligations.
Certainly, protecting your business against the unexpected can make sound sense. This insurance provides financial assistance in cases where a claim has been made against your business or an employee. This could be where your customer suffers some form of loss because of actions – or lack of actions – on the part of your business.
AAT professional indemnity insurance can provide protection where claims are sought against you for things as accidental breach of confidentiality; public liability; loss of data or documents; product liability; defamation; libel & slander; dishonesty; and, unintentional infringement of intellectual property rights. There are different levels of protection available that can provide the most basic of cover or more comprehensive – the choice is yours as to what you buy.
Keeping to the minimum any financial loss is the aim of this professional indemnity insurance so if you are considering this insurance, then you need to ensure that you buy it from someone who is experienced in this niche sector.
Using a specialist broker of AAT professional indemnity insurance is vital if you want to make sure that the policy covers all the bases. A mainstream indemnity insurance policy from a traditional insurer may not offer the complete coverage that you need.
A broker who specialises in insurance for the AAT sector should have unlimited expertise in finding the right insurance solution, so that they can provide a policy that best suits your needs.
Considerations
When picking your insurance, do note that as with most insurance cover, generally you will be liable to pay an excess on your policy.
Knowing how much insurance is important as under insurance is something to be avoided. It can also sometimes depend on the sector that you are working within, too. For example, some clients will want your company to have a minimum amount of indemnity insurance before they will allow you to carry out work or provide service to them.
Product benefits and benefits of professional indemnity insurances will often differ among the various providers, so if you are shopping around for your cover, ensure that you do compare these on a like-for-like basis.
Having the knowledge that you have AAT professional indemnity insurance cover in place can help you focus on your business, rather than worrying about it.