Professional Liability

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Accountants Professional Liability Insurance covers third-party liability against actual or alleged financial claims for errors, omissions, or breach of duty in the exercise of the provision of accounting services, including costs and expenses for defense, litigation, and investigation of claims.

According to the regulations of the Cyprus Association of Certified Public Accountants (SELK), its members must have professional liability insurance with a minimum of € 200,000 or the equivalent amount of 10% of the annual rights, whichever is greater for each claim.

With the thousands of numbers that pass through the mind of an accountant every day, margin of error, and the human factor, undoubtedly professional liability insurance is a useful protection tool for today’s professional accountants.

To Whom it applies:

  • Self-employed accountants
  • Accounting offices
  • Accounting companies

The Insurance Cover:

Indicatively, the following are covered:

  • Compensation for claims of third parties arising from the negligent exercise of the profession
  • Defense costs regardless of the validity of the category
  • Amounts of possible out-of-court settlement
  • Compensation for third party claims due to defamation/slander.
  • Copyright infringement / breach of duty / breach of confidentiality
  • Loss of documents
  • Court costs
  • Extended request notification period
  • Wrong professional advice
  • Failure to meet deadlines
  • Inadequate preparation of tax returns
  • Non-compliance with accounting regulations
  • Advertising
  • Personal data breach 

 It is very important to emphasize that Accountants Professional Liability Insurance covers defense costs regardless of the validity of the category”

Savvas Christoforou

Indicative claims Reasons:

  • Incorrect professional advice
  • Non-compliance with deadlines
  • Inadequate preparation of tax returns
  • Non-compliance with accounting regulations
  • Violation of personal data

Why with us?

  • Extensive experience in professional liability insurance
  • Specialized claims management, with sensitivity and discretion for your business relationships.
  • Willingness to build long-term relationships of trustworthiness with your customers.
  • Leading position in the insurance market
  • Personal service

The information above may vary from Insurance Company to Insurance Company. Depending on the Insurance plan we will propose, we will give you all the relevant information required by the legislation so you can make your decision. Ask us today for an offer and, we will choose the most suitable package for your needs and budget.

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