Professional Indemnity Insurance for Chartered Accountants

Chartered Accountants are not just responsible for delivering accounting functions but are also considered gatekeepers to protect financial interests. They make every effort to showcase their expertise and professionalism in the decision-making process, however, if they fall short in delivering their duties,they become easy targets for lawsuits. This is when professional indemnity insurance for chartered accountants can come in handy.

Read more
Get ₹10 Lac Cover starting at ₹873*

Get right expert advice

Hassle free policy

Speedy Claims

Fast-track your search with instant quotes from top insurers

Protecting Your Expertise: Indemnity Insurance Tailored for Chartered Accountants

Step 1/2

Protecting Your Expertise: Indemnity Insurance Tailored for Chartered Accountants

secure-icon We don't spam
Get Updates on WhatsApp
Check Your Premium Now

Protecting Your Expertise: Indemnity Insurance Tailored for Chartered Accountants

Step 2/2
Fast-track your search with instant quotes from top insurers
Expert advice

Buy right

Instant policy

Quick & Hassle free

Dedicated team

Speedy Claims

Requirement of Professional Indemnity Insurance for Chartered Accountants

Professional indemnity insurance acts as a safety net for professionals like chartered accounts if their risk management strategies fail. If due to their professional advice or negligence, a client or any third-party faces a financial loss there are chances that the chartered account may have to face severe consequences. They might be held legally and financially responsible for the losses.

- Professional indemnity insurance for chartered accountants protects them and their business from third-party allegations and claims like acts of negligence, inaccurate advice, errors or omissions etc. committed that result in a financial loss.

- It covers costs, fees and defence expenses incurred during the investigation.

- It gives a sense of assurance to the clients or third parties that in case there is some issue, the professional would take measures to resolve the issue.

Coverage under Professional Indemnity Insurance for Chartered Accountants

Professional indemnity insurance for chartered accounts is designed especially for independent CAs or CA firms. These firms or individuals must practice and offer services in areas like chartered accountants, financial accountants, management consultants etc. and wish to secure their professional reputation and financial position.

Insuring clause

An insuring clause in an insurance agreement outlines the protections and coverage offered by the insurance company. Thus, this clause defines the scope of coverage and lists the risks and claims the insurer is liable to face when a claim arises.

Professional indemnity insurance for chartered accounts usually covers:

- Defamation

- Defence costs, legal costs

- Unintentional breach of intellectual property rights

- Unintentional breach of confidentiality

- Loss of documents or data

What is not Covered?

Exclusions in an insurance document are conditions under which the insurance company is not liable to pay the insured. Thus, the exclusion is everything that is not covered under the insurance policy. For better decision-making, one should compare the exclusions of different insurance policies. It helps understand the level of risk the insured will still have to face even after purchasing an insurance policy.

Some common exclusions under indemnity insurance for a chartered accountant may include:

- Violation of any law or any criminal act

- Fraudulent activity or dishonesty act

- Damage to the property or any bodily injury

- Fines and penalties

- War or terrorism risk

- Services provided during drunken state

Conclusion

Comprehensive professional indemnity insurance for chartered accountants aims to provide a financial shield against failure to perform professional services to their clients or alleged wrongful acts in delivering professional service.

Professional Indemnity Insurance Articles
Becoming a doctor in India is not just about prestige and earning respect. It also means taking on the important...Read more
31 Oct 2023 by Policybazaar 1371 Views
A doctor performs several risk-associated tasks. He needs to cure different kinds of diseases affecting patients...Read more
27 Apr 2023 by Policybazaar 3252 Views
Indemnity clauses are an essential component of contracts, helping to define the allocation of financial...Read more
25 Oct 2023 by Policybazaar 758 Views
Professionals such as lawyers, chartered accountants, doctors, engineers, etc. are susceptible to several kinds of...Read more
29 May 2023 by Policybazaar 1966 Views
Medical malpractice claims have been on the rise over the years. Several doctors have been sued on the grounds of...Read more
19 Apr 2023 by Policybazaar 822 Views
Choosing the right lawyer is crucial when dealing with the...Read more
03 Apr 2024 by Policybazaar 21 Views
The healthcare industry is a dynamic force constantly reshaping...Read more
29 Mar 2024 by Policybazaar 31 Views
In the complicated world of contracts, unforeseen circumstances...Read more
29 Mar 2024 by Policybazaar 39 Views
Financial planning for doctors requires a nuanced approach...Read more
29 Mar 2024 by Policybazaar 39 Views
Making mistakes is an inevitable part of any profession...Read more
19 Mar 2024 by Policybazaar 54 Views

Wait! Didn't find what you were looking for?

Our certified business insurance experts are just a call away.

SAVE BIG on indemnity insurance

We don't spam. Your privacy matters.

Your call has been scheduled successfully.

top