Question

What are the types of insurance products available for accountants, and what are the steps to obtain the insurance? Please be very detailed.  

Answer 1

Like any other profession, Accounting Insurance has importance in their business working cycle. One mishap can convert your company into huge losses. Therefore it's very much important to implement  correct insurance polices to protect the company from losses.

The types of accounting insurance are:

1. Property: Each and every business own fixed assets like furniture& fixtures, building, plant and machinery.So property insurance should be there to support and reimburse the assets in the time of huge loss.

2.Professional Liability:If any employee of the organization commits an error in the accounting process or any kind of misunderstanding happens, professional liability will provide monetary compensation.

3.Business Interruption: In case of natural calamity, outburst of political situations or some events causes interruption in your daily operations,your finance may get affected. This policy can cover your in such situations.

4.Cyber Liability: Every business should their employees records properly in the payroll system. Now suppose the data was leaked by breach of digital security. In this case this policy will help you compensate,