{"id":17304,"date":"2019-05-30T11:28:51","date_gmt":"2019-05-30T10:28:51","guid":{"rendered":"https:\/\/www.policybee.co.uk\/blog\/?p=17304"},"modified":"2024-08-05T16:05:00","modified_gmt":"2024-08-05T15:05:00","slug":"accountants-public-liability-insurance","status":"publish","type":"post","link":"https:\/\/www.policybee.co.uk\/blog\/accountants-public-liability-insurance","title":{"rendered":"Public liability insurance for accountants – why you need it"},"content":{"rendered":"\n

<\/p>\n\n\n

\n
\"Public<\/figure>\n<\/div>\n\n\n

Numbers are fairly predictable. Treat them right and they\u2019ll do what you want them to. They\u2019re not known for going rogue without reason.<\/p>\n\n\n\n

Humans on the other hand… make mistakes and suffer mishaps with alarming regularity. They make bad judgements, cut corners, accidentally hurt themselves or others, and break inanimate objects on repeat.<\/p>\n\n\n\n

It doesn\u2019t seem to get any better\nwith age, either. Those childhood scraped knees segue seamlessly into broken\nbones and slipped discs. While the broken toy becomes an expensive laptop rendered\nuseless by spilled coffee.<\/p>\n\n\n\n

The thing is, these random things\nhappen. And much as they can leave you gnashing your teeth in frustration,\nsometimes there\u2019s just no stopping them.<\/p>\n\n\n\n

Or stopping them costing you money.<\/p>\n\n\n\n

Because if the harm happens to someone else and they say it\u2019s your fault, they can sue you for damages. And that’s not exactly unheard of in the UK\u2019s modern-day \u2018compensation culture\u2019. In fact, it\u2019s increasingly common.<\/p>\n\n\n\n

<\/p>\n\n\n\n

Fall guy<\/h2>\n\n\n\n

\u2018So? What\u2019s all this got to do with\nme?\u2019 you might be thinking.<\/p>\n\n\n\n

Well, everything if you:<\/p>\n\n\n\n

    \n
  1. Visit your clients at their premises<\/li>\n\n\n\n
  2. Have clients come to your office or home.<\/li>\n<\/ol>\n\n\n\n

    Because the same trips, slips, and silly accidents that plague everyday life can hit your business too.<\/p>\n\n\n\n

    And it\u2019s the same story whether a client falls down some stairs, slips on a rug, or gets their foot tangled up in a power cable. If it\u2019s on your premises and they\u2019re injured as a result, they can claim compensation.<\/p>\n\n\n\n

    The same applies if you cause any unintentional damage when you\u2019re out and about. If you visit clients at their business address, there\u2019s always the chance of an embarrassing incident. Like you knock their top-of-the-range iPad off the desk, smashing it.<\/p>\n\n\n\n

    Clients who\u2019ve taken a hit, either\nin person or to their property, are going to want payback. Someone who\u2019s got a\nbad back injury and can\u2019t now run their own business after falling awkwardly at\nyour offices will demand compensation. Quite likely \u00a3thousands.<\/p>\n\n\n\n

    The same goes if a client\u2019s possessions are damaged or broken because of something you did \u2013 no matter how much of an accident it was. They\u2019ll expect you to pay for repairs at the very least. Or more likely to replace the item altogether.<\/p>\n\n\n\n

    <\/p>\n\n\n\n

    Public liability insurance for accountants<\/strong><\/h2>\n\n\n\n

    If someone makes a claim, you\u2019ll have to deal with it regardless. And that\u2019s not only time-consuming but extremely tricky unless you happen to be a legal expert. So, you\u2019ll have to hire a lawyer \u2013 and we all know the kind of money that involves.<\/p>\n\n\n\n

    That\u2019s where public liability insurance<\/a> (PL) for accountants comes in. It picks up the tab for unpredictable events like these and takes care of all the hassle too. So it saves you both time and money.<\/p>\n\n\n\n

    First, it pays for a solicitor to\nrepresent your interests and fight your corner. It also covers any other legal\nexpenses like court costs. And in the meantime, you\u2019re free to keep running\nyour business rather than tearing your hair out trying to navigate the legal\nlandscape. <\/p>\n\n\n\n

    Second, public liability insurance for accountants covers whatever compensation you\u2019re obliged to pay. And let\u2019s not forget that such sums can run to many \u00a3thousands. So, it can be a business-saver in that respect.<\/p>\n\n\n\n

    And even while all that is going on, your PL insurance is working hard to preserve your reputation. Because if there\u2019s any question concerning your willingness to deal with a claim or ability to pay, word will quickly get round to your clients. And do you no favours whatsoever.<\/p>\n\n\n\n

    If you’re faced with a claim regarding a mistake you’ve made in your work<\/a> though, it’s accountants’ professional indemnity insurance<\/a> you’ll need.<\/p>\n\n\n\n

    <\/p>\n\n\n\n

    Numbers game<\/h2>\n\n\n\n

    Accountancy is all about keeping\nthe numbers under control. Public liability insurance for accountants can help do\nthe same for your bank balance if there\u2019s a claim against you.<\/p>\n\n\n\n

    It helps you stay professionally accountable in the face of life\u2019s more random moments. <\/p>\n\n\n\n

    You can get a quote and find out more about the different types of insurance for accountants<\/a>, or if you’d like some advice you can give us a call on 0345 222 5391<\/strong>.<\/p>\n\n\n\n

    Image used under license from Shutterstock<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

    Numbers are fairly predictable. Treat them right and they\u2019ll do what you want them to. They\u2019re not known for going rogue without reason. Humans on the other hand… make mistakes and suffer mishaps with alarming regularity. They make bad judgements, … Continue reading →<\/span><\/a><\/p>\n","protected":false},"author":12,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[130],"tags":[142,237,150],"class_list":["post-17304","post","type-post","status-publish","format-standard","hentry","category-public-liability-insurance","tag-accountants","tag-freelancers","tag-managing-risk"],"acf":[],"yoast_head":"\r\nPublic liability insurance for accountants<\/title>\r\n<meta name=\"description\" content=\"Public liability insurance for accountants offers calculated protection. 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