Insurance for professionals is now a fact of working life depending on someone’s specialist area. Accountants in general not only recognise that plans like indemnity cover can be a helpful tool or safety net for their business, but also have to have cover in place if they are to be accepted into organisations like the AAT. Getting an AAT insurance quote has therefore become standard practice for many accounting professionals.
The AAT rules relate to professional indemnity insurance, which is a type of cover geared towards legal costs, that is it will kick in and pay out in the event somebody faces a legal challenge, i.e. being sued. In normal circumstances it will pay out in the event that somebody faces legal action following an accusation they have made a mistake, omission, or committed an act of negligence in their work.
This is a kind of cover which is not only appropriate for accountants but which is also popular with all kinds of professional consultants and advisers. Other professions in which indemnity insurance is popular include architecture and private medicine.
To get an AAT insurance quote you simply have to contact the relevant provider, and there are many types of insurance company in the UK which provide this type of cover. They will ask a bit about your profession and qualifications, and will also perhaps enquire about how you agree work and contracts with clients. They will then provide a cost based on how much protection you want, as not every policy will pay out indefinitely towards legal bills.
Of course the higher the limit, the higher the premium might be, and it is worth bearing in mind that your total policy payout limit includes the cost of any compensation which might be awarded against you in the event you lose a legal case.
An AAT insurance quote can also be affected by a policy excess, which can be applied in just the same way as people who may volunteer to pay initial repair fees on a car insurance deal. The competitive nature of the market also means that although indemnity insurance is compulsory for AAT membership, it need not be overly expensive.