Professional Indemnity Insurance for Auditors

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What Is Professional Indemnity Insurance for Auditors?

Professional indemnity insurance for auditors is also known as:
 
This policy can help cover claims of:
 
  • Negligence
  • Misrepresentation
  • Inaccurate advice
  • Violation of good faith and fair dealing
professional indemnity insurance for auditors This means professional liability insurance helps protect you in the event of a mistake. So, say your auditor doesn’t follow the right duty of care while working on a client’s case. They make a mistake that causes your client to sue you. Without this legal liability coverage, you’ll have to pay out of pocket for the claim, which can cause significant financial losses for your business.
 
To learn more about professional indemnity insurance for auditors, get a quote from us today. We can also help you learn more about other important business insurance coverages, like general liability, commercial property or workers’ compensation insurance. We’re an insurance company you can trust. In fact, business owners have counted on us for over 200 years to get the right coverage.
 

What Are the Liabilities of an Auditor?

Auditors spend most of their time reviewing finances and evaluating numbers. But what happens if they make a mistake? Professional liability insurance can help cover you for scenarios like:
 
  • Making a calculation error on an audit, causing a client to have to pay higher penalties. When your client finds out about the error, they sue your firm.
  • Entering data wrong in an audit, causing your client to face incorrect financial penalties. As a result, your client sues your firm.
  • Misunderstanding the accounting standards at your firm and rounding data up when they shouldn’t have. This causes numbers to be skewed and your client to have to pay a penalty. After your client realizes this happened, they file a claim against your business.
It’s also important to note that auditors are responsible for known users and foreseeable users of the financial statements they produce. So, if your client’s business uses the financial statements your auditor produces to try and get a loan from a bank, your auditor is still responsible for that information.
 
You’ll also want to make sure that the auditors at your business practice due care. This is a legal term that refers to you and your team making an effort not to cause harm to your clients. It refers to the level of judgment, care, prudence and determination that your client’s would expect in the services you provide.1
 

What Other Kinds of Insurance Do Auditors Need?

While professional liability insurance can help protect your firm from claims of errors or omissions in your professional services, it doesn’t help cover claims of:
 
  • Property damage
  • Bodily injury
  • Advertising injuries
To get coverage for additional risks like these, you’ll want policies like:
 
You can also bundle these coverages in a Business Owners’ Policy (BOP). These combine business property and liability insurance together. You can then add additional coverages, like your cyber liability insurance or workers’ comp policy. This option for coverage can help you save money and be easier to manage. To learn more, get a quote today.
 

What Is the Cost of Professional Indemnity Insurance for Auditors?

The cost of professional indemnity insurance for auditors can vary. Some factors that influence the cost of your insurance include your business’:
 
  • Location
  • Deductible amount
  • Type
  • Coverage limit of indemnity insurance
  • Number of employees
  • Years in service
  • Claims history
For instance, if you have a history of claims, you may pay more for coverage than a business without one. You’ll also pay more for coverage if you have a higher limit.
 

Get Insurance Quotes for Professional Indemnity Insurance for Auditors

The best way to find the right coverage for your small business is to get multiple insurance quotes from different companies. You can then compare them for the most competitive price. To get started, get a quote from us today. We’re an insurance company you can trust and have helped business owners get the coverage they need at the right price for over 200 years.
 
 
The Hartford shall not be liable for any damages in connection with the use of any information provided on this page. Please consult with your insurance agent/broker or insurance company to determine specific coverage needs as this information is intended to be educational in nature.
 
The information contained on this page should not be construed as specific legal, HR, financial, or insurance advice and is not a guarantee of coverage. In the event of a loss or claim, coverage determinations will be subject to the policy language, and any potential claim payment will be determined following a claim investigation.
 
Certain coverages vary by state and may not be available to all businesses. All Hartford coverages and services described on this page may be offered by one or more of the property and casualty insurance company subsidiaries of The Hartford Financial Services Group, Inc. In TX, this insurance is written by Sentinel Insurance Company, Ltd., Hartford Casualty Insurance Company, Hartford Lloyd’s Insurance Company, Property and Casualty Insurance Company of Hartford, Hartford Underwriters Insurance Company, Twin City Fire Insurance Company, Hartford Accident and Indemnity Company and Hartford Fire Insurance Company. In Arizona, New Hampshire, Washington and California, the insurance is underwritten by Hartford Accident and Indemnity Company, Hartford Casualty Insurance Company, Hartford Fire Insurance Company, Hartford Insurance Company of Illinois, Hartford Insurance Company of the Midwest, Hartford Lloyd’s Insurance Company, Hartford Underwriters Insurance Company, Maxum Casualty Insurance Company, Maxum Indemnity Company, Navigators Insurance Company, Navigators Specialty Insurance Company, Pacific Insurance Company, Property and Casualty Insurance Company of Hartford, Sentinel Insurance Company, Ltd., Trumbull Insurance Company and Twin City Fire Insurance Company. The Hartford® is The Hartford Financial Services Group, Inc. and its subsidiaries, including Hartford Fire Insurance Company.
 
The Hartford® is The Hartford Financial Services Group, Inc. and its property and casualty subsidiaries, including Hartford Fire Insurance Company. Its headquarters is in Hartford, CT.
 
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