Tax consultants must have the right conditions for their work, so that they can dedicate themselves to serving their clients. RENOMIA will cover all risks associated with tax consultancy.
Running a tax consultancy practice is a complex is a business. It is not just taxes... but also accounting, payroll, inheritance procedure and others. As is the case with similar professional services, tax consulting exposes the consultant to potential liability risk associated with professional errors & omissions. Tax consulting falls under the so-called mandatory contractual insurance coverage - the law requires all tax consultants to have a professional liability insurance.
The insurance contract must be calibrated to cover, in addition to a scope of basic risks, also the specific risks of your specialization. Our experienced RENOMIA specialists can add great value to this process.
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 tax consulting practice:
damage to documents in care in connection with tax return filing
loss of life, damage to health and property of third parties under general liability for losses in connection with tax consulting practice
losses suffered as a result of actions mandated by or for the benefit of parent, subsidiary or associated entities
- territorial scope of coverage corresponding with the clients' requeriments, taking into account the country of their registration
- damage to things used in connection with tax consulting practice (e.g. leased electronic equipment)