In terms of liability for losses caused to clients in connection with their services, accounting consultants and accountants are faced with specific requirements. Even though the legislation does not, unlike similar professions of auditors and tax consultants, oblige accounting consultants and accountants to have professional liability insurance for third party losses, the risks inherent in accountancy practice are similar.  So it makes sense to have accountancy liability risk covered. RENOMIA specialists can recommend an optimal insurance cover that reflects the client's unique situation.

Professional liability insurance covers:

• financial losses suffered by clients as a result of a breach of statutory duties under industry regulation and generally applicable laws and bylaws

• costs of legal representation

Main risks associated with accountancy practice: 

• damage to documents taken into care (e.g. accounting ledgers)

• loss of life, damage to health and property of third parties under general liability for losses in connection with accountancy practice

• losses suffered as a result of actions mandated by or for the benefit of parent, subsidiary or associated entities