Insurance for Tax Consultants
Tax consultants are usually accounting operations that specialise in the review, audit, and preparation of tax statements and returns. Accountants handle the financial compilation, bookkeeping, auditing, and preparation of financial statements and taxes as a service to either the general public or a specific firm or group of client firms.
Due to the varied areas of knowledge or expertise needed by a tax consultant, the background, education, certification, experience, and professionalism of the consultant are items to consider.
At Business Insurance Service, we understand not just the insurance industry, but the commercial sector too. Our brokers have years of experience and expertise in finding professionals from across all disciplines the right kind of Liability and Professional Indemnity insurance cover for professionals, giving both sole traders, SMEs, and large practices the protection they need.
What Insurance do Tax Consultants need?
Minimum recommended cover can usually be arranged on a Professional Indemnity (PI) combined policy to include Buildings, Computer Equipment & General Contents, Increased Expenditure, Employee Dishonesty, Public Liability, Employers’ Liability
Property exposure is minimal but may consist of papers and items necessary for the research necessary. All information should be kept in fireproof cabinets.
Premises liability exposure is greatest during the busy tax season. All customer areas must be well lit and free from obstacles. Floor covering must be in good condition. Finances should be discussed in a confidential environment. If employees work off site, there must be a procedure manual to describe expectations in dealing with clients.
Crime exposure is from Employee Dishonesty. The jobs of billing, ordering and disbursements must be kept separate. If employees work at clients’ locations, cover is needed for the taking of clients’ goods too.
Employers’ liability exposure is office related. The workstations must be ergonomically designed to prevent repetitive motion injuries. There is also a high stress factor. Companies should be responsive to employees’ needs and encourage holiday time and lunch breaks.
Professional liability exposure will vary, based on the customer base. Individual situations will have less at stake than corporate tax clients. Education and accreditation must be in accordance with the client base. Clients should be informed of credentials of workers prior to consulting. Training should be on-going to keep up with tax code changes.
What other risks does a Tax Consultant face?
Other exposure is for Book Debts, Computers and Deeds and Documents, particularly customers’ records. All items must be regularly backed up and the backups kept off site
Common Exposures for Financial Institutions
This document provides a summary of common exposures and potential areas that require insurance cover for financial institutions.
Why not discover more about Business Insurance Service? Or simply get in touch with our services today.
How can Business Insurance Service help Tax Consultants?
Whether you’re a sole trader or a small to large company, your insurance portfolio has to be up to date and provide you and your business with the right level of protection. Rather than trying to find liability or professional indemnity insurance by hunting through countless websites, let us or our website do it for you.
We’re members of the British Insurance Brokers Association (BIBA) and work with some of the largest and best-known insurance providers in the UK, including Lloyds of London for larger, more complex and high-risk customers. We’re fully regulated and committed to delivering a premium quality, trustworthy and reliable service to all our customers, regardless of size.
As preferred brokers working with some of the largest insurance providers in the UK, we have immediate access to a huge range of policies for various businesses, including vets and surgeries. We provide our customers with a bespoke or package service, creating insurance portfolios that are specifically tailored to your individual needs, and your budget.