TaxPro provides specialist professional indemnity insurance for individuals and businesses working in tax and has been specifically designed to meet the professional indemnity requirements of members of the Chartered Institute of Taxation and the Association of Tax Technicians.
The insurance protects you against incidents where you are held liable for financial losses suffered as a result of the professional work and advice that you give. Perhaps more importantly it will also pay for the legal costs in defending you or your practice.
You will be covered for:
- Broad civil liability cover – if it’s not excluded, it’s covered
- Fidelity – we cover you for your own losses arising from the dishonesty of your employees or contractors (sub-limited to £250,000)
- Dishonesty – we cover your liabilities arising from the dishonesty of your employees or contractors
- Outstanding fees – we will pay your outstanding fees where we feel we can avoid a larger claim being made under the policy
- Sub-contractors fees – we will pay sub-contractors you are committed to paying where we feel we can avoid a larger claim being made under the policy
- Loss of documents – we provide rectification cover for important professional documents
Our product for tax professionals also specifically includes cover for pro-bono work, which you may not find elsewhere.
The policy will also be on a continuous basis which means that cover will continue until the policy is cancelled, whilst the payments are kept up to date. You will not receive a renewal policy schedule each year but will instead be sent a ‘duty of disclosure’ reminder, which will summarise your details and act as a prompt to remind you to inform us if anything has changed. You must ensure that you tell us of any changes to your business as described in your insurance policy as this may affect your cover.
There are two main products available: professional indemnity insurance for individuals or small firms who are members of the CIOT / ATT, with an annual turnover up to £5,000 and professional indemnity insurance, with the option to add office cover, for tax professional firms who are members of the CIOT / ATT.
Information about these products can be found below.