Professional Indemnity Insurance for Company for Business OÜ Accountants
An accountant’s work is directly related to financial reporting, tax returns, calculations, and compliance with statutory deadlines. Even with a professional team and internal control procedures in place, the risk of human or technical error cannot be completely eliminated.
This is precisely why Company for Business OÜ has professional indemnity insurance in connection with the provision of accounting services in Estonia. The insurer is If P&C Insurance AS.
The insurance policy is issued directly to our company, Company for Business OÜ, registration number 14589114, and the insured activity is specified as Raamatupidamine / Bookkeepers — accounting activity.
For our clients, this provides an additional layer of protection alongside the professional qualifications of our accountants, compliance with Estonian law, and internal quality control of accounting work.
Professional Indemnity Insurance for Company for Business OÜ Accountants
Under the current insurance policy:
Policyholder and insured person: Company for Business OÜ
Insurer: If P&C Insurance AS
Type of insurance: Professional Indemnity / professional liability
Insured activity: accounting services
Territorial scope: Estonia
Sum insured: up to EUR 32,000
Limit per insured event: up to EUR 32,000
Aggregate limit for the insurance period: up to EUR 32,000
Insurance period: indefinite
These parameters are expressly stated in the Company for Business OÜ professional indemnity insurance policy.
What is an accountant’s professional indemnity insurance?
Professional Indemnity Insurance is intended to protect against the financial consequences of professional liability arising from the provision of services.
The Company for Business OÜ policy defines the insured risk as the insured person’s liability established by law within the terms of the insurance contract.
For an accounting company, such protection is particularly relevant because its work involves processing clients’ financial information, bookkeeping, tax returns, VAT reporting, payroll, and the preparation of annual reports.
Company for Business OÜ provides accounting and tax services to Estonian companies, including monthly bookkeeping, tax reporting, VAT compliance, payroll, and the preparation of annual reports.
Insurance does not replace professional control and does not mean automatic compensation for every error. Each potential insured event is considered in accordance with the policy, the special terms and conditions of professional indemnity insurance, and the applicable exclusions.
Additional protection regarding tax interest and public-law fines
The Company for Business OÜ insurance policy includes a separate special condition.
According to the policy, If P&C Insurance AS reimburses, in the cases provided for by the contract, tax interest and/or a public-law fine imposed on the injured party as a result of an insured event. This special condition applies together with the other provisions of the contract and the established exclusions.
For clients of an accounting company, this element of coverage is of practical importance because errors in accounting or tax services may have not only direct financial consequences but may also lead to additional claims from public authorities.
At the same time, the possibility of payment of insurance compensation is always determined individually, based on the circumstances of the specific case and the terms of the insurance contract.
Legal assistance and expert assessment costs
If’s general liability insurance terms also provide for the possibility, within the sum insured, of covering reasonable expert assessment, legal assistance, and court costs if they are necessary to determine the existence of insured liability.
Such costs must be agreed with the insurer in advance. The general terms and conditions also establish the relevant limitations and exclusions.
Thus, professional indemnity insurance not only serves a compensatory function but may also assist in the settlement of claims related to the alleged professional liability of the accounting company.
Why is liability insurance important when choosing an accounting firm?
By outsourcing its accounting to an external specialist, a company effectively entrusts a significant part of its financial and tax infrastructure to that specialist.
The accountant is responsible for the correct processing of source documents, bookkeeping, preparation of declarations and reports, and compliance with applicable tax rules and prescribed deadlines.
Therefore, when choosing an accounting firm, it is worth considering not only the cost of the service but also the existence of mechanisms for managing professional risks.
The existence of professional indemnity insurance shows that the accounting company has established a procedure in advance for addressing potential damage, and if an insured event occurs, the corresponding claim is reviewed with the participation of an independent insurer.
For Company for Business OÜ, liability insurance is an additional element of the client protection system, not a substitute for the professional work of accountants.
The insurance is taken out in the name of Company for Business OÜ
An important point is that the policyholder and insured person under the policy is Company for Business OÜ, and the insured activity is the company’s accounting activity.
This is fundamentally different from a situation in which an individual specialist has a personal insurance policy. The client enters into an accounting services agreement with Company for Business OÜ, and the company’s professional liability is considered within the insurance contract concluded with If P&C Insurance AS.
What does the insurance not cover?
Like any professional indemnity insurance, the policy has limitations and exclusions.
For example, If’s general terms and conditions provide, among other things, exclusions for intentionally caused damage, circumstances of which the policyholder was already aware before entering into the contract, certain contractual penalties and interest, losses resulting from missed deadlines, and a number of other situations.
What happens in the event of a potential insured event?
If a client believes that they have suffered damage as a result of the professional activities of Company for Business OÜ, the circumstances must be analysed taking into account the accounting services agreement and the insurance coverage.
The insurance policy requires If P&C Insurance AS to be notified of an insured event without undue delay.
After that, the existence of an insured event, the extent of liability, and the possibility of payment of compensation are considered in accordance with the insurance terms and conditions.
Insurance as part of the Company for Business OÜ quality control system
Company for Business OÜ has provided accounting services to Estonian companies since 2018 and specialises, among other things, in working with foreign entrepreneurs and e-residents. The company provides bookkeeping, tax reporting, VAT, payroll, and annual report preparation services.
Professional indemnity insurance is an additional risk management tool within this work.
Our primary objective is not to use insurance to correct errors, but to organise accounting work in such a way that the risk of their occurrence is minimised. The insurance policy provides an additional layer of protection in a situation where the company’s professional liability nevertheless arises and the relevant event meets the insurance conditions.
Key information
Company for Business OÜ has valid professional indemnity insurance for its accounting activities from If P&C Insurance AS.
The sum insured is EUR 32,000, the territorial scope is Estonia, and the insured activity is accounting services.
For Company for Business OÜ clients, this is an additional level of financial protection and another element of a responsible approach to providing professional accounting services in Estonia.
Any insurance compensation depends on the circumstances of the specific case, the terms of the insurance contract, applicable limits, the deductible, and exclusions.
Ready to Work with a Fully Insured Accounting Partner?
Company for Business OÜ has provided accounting services to Estonian companies since 2018, specialising in working with foreign entrepreneurs and e-residents. Our professional indemnity insurance with If P&C Insurance AS gives you an additional layer of financial protection.