Insurance Solutions by Industry
Insurance Solutions for Accountants & Audit Firms in Cyprus
An accounting or audit practice is judged on figures that other people rely on. We help firms in Cyprus look at where that reliance creates exposure, before any cover is discussed.
The nature of the sector
Accounting and audit firms help clients meet deadlines and make financial decisions. An error in accounts, payroll, tax work or an audit may lead to financial loss. Firms also hold sensitive business, banking and employee data, making fraud and cyber incidents important concerns. Work often peaks around filing dates, so even a short disruption can be costly. The risks depend on the services offered, the size of the team and whether client money is ever handled.
6 Insurance Areas Worth Considering
Every business is different. These are six insurance areas commonly worth considering in this industry, depending on the activities and how the business operates.
Professional Indemnity
Relates to claims arising from errors or omissions in accounts, audits, tax work, payroll or other professional services.
Cyber Insurance
Relates to cyberattacks and loss or exposure of confidential financial, payroll, identity and banking data.
Crime & Fidelity Insurance
Relates to payment fraud, dishonest acts and misuse of money or systems by employees or third parties.
Employers’ Liability
Relates to workplace accidents where the practice employs professional, junior, temporary or support staff.
Property / Building & Contents Insurance
Relates to the building, if the business owns it, and to the equipment, furniture and other contents used every day in rented or owned premises.
Business Interruption
Relates to lost fee income and continuing costs if an insured incident interrupts work, especially near important filing dates.
Realistic examples
What could disrupt your business?
Error in accounting work
A significant mistake is made in work for a client, resulting in financial loss.
Important deadline missed
An important task or submission is not finished in time and creates a problem for the client.
Payment fraud
A convincing fake instruction causes money to be sent to the wrong account.
Client accident at the office
A client slips or is injured while visiting the office.
Cyberattack
A cyberattack blocks access to client files and accounting systems and interrupts the business.
Office fire
A fire damages the office, furniture and computers, and the business has to close temporarily.
These are illustrative examples to help explain risk. They are not statements about what any policy would or would not respond to — that always depends on the wording and the circumstances.
Our approach
Insurance starts with understanding your business.
We start with what the practice signs its name to: audit, assurance, tax advice, payroll, bookkeeping or company administration. Then we look at how client data is held, how payment instructions are verified and what a week lost in filing season would mean. Those answers set the areas worth examining.
This page is general information about the sector. It does not describe policy terms, conditions or exclusions, and it is not a recommendation.
- What the business does
- How it operates day to day
- Premises and equipment
- Employees and the people you rely on
- Customers, clients and visitors
- Professional responsibilities
- Operational dependencies
- Risks that could materially affect you
Vesta Needs Review
Not sure what your business needs?
Start with the Vesta Needs Review. Answer a few simple questions about your business and we will help identify the areas that may be worth reviewing.
Prefer to speak with us?
If you would rather talk it through, tell us a little about your business and we will come back to you. No lengthy forms at this stage.
Insights
