Insurance solutions - tax consultancy
Conditions for concentrated work for clients are important for tax advisors. Eurovalley guarantees the optimal coverage of all the risks of tax advisory work.
Tax consultancy is characterized by complexity. In addition to taxation activities, it includes activities such as bookkeeping, payroll processing, inheritance management and more. As with many similar professions, tax consultancy is an area of services where the provider is exposed to the potential risk of claiming damages in connection with professional misconduct. The performance of this activity falls within the area of compulsory contractual insurance, where the law obliges every tax advisor to take out professional liability insurance.
The key is to properly set up your insurance policy to cover the specific scope of your specialty, in addition to the basic scope of insurance. Experienced Eurovalley specialists can be useful partners for this setup.
Professional liability insurance covers:
- financial damage caused to clients as a result of breach of legal obligations arising from professional regulations and general legal standards
- costs associated with legal representation
Key risks of tax advisory:
- damages arising from documents received in connection with the preparation of the tax return
- damage to life, health and property of third parties as a result of general liability for damages that may occur during the operation of the tax advisor's office
- damages caused by activities performed for parent companies, subsidiaries or other close entities
- Territorial coverage corresponding to clients' requirements with respect to their country of registration
- damage to things used in connection with the performance of tax consultancy (eg leased electronics)
- Professional responsibility
- Property insurance
- D&O liability insurance for members of statutory bodies
- Business interruption insurance
- fraud insurance