Tax returns · filing · disciplinary law
Professional indemnity Insurance (PI insurance) for a Self-employed accountant
A mistake in a tax return or a missed filing only comes to light when the Belastingdienst or an insolvency practitioner takes a look. At that point it is No longer about your hourly rate.
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- 9.5 customer rating for a new policy
- AFM licence 12016589
- Personal 072 - 509 24 56, weekdays 9–17
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The calculator and the Quote form below are in Dutch. Prefer to do this in English? Email info@finassverzekert.Netherlands or call 072 - 509 24 56 and we will take it from there.
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A premium indication, not Personal advice. Prefer to talk it through? Call 072 - 509 24 56.
In brief
Professional indemnity Insurance (PI insurance) covers pure financial loss through a mistake in your professional work: a tax scheme applied incorrectly, a compilation report based on incorrect figures, a going-concern issue not flagged or a return that goes out too late. The loss rarely comes alone: alongside the direct detriment come interest, extra advisory costs and remedial work at the client.
One distinction governs almost every claim settlement in this profession: tax your client owed in any event is not a loss. If a deduction is rightly refused, the client has simply paid what was due. What is insured is the detriment that only arises through your mistake, such as a relief that is missed but would have applied if claimed in time, or tax interest over a period that would not have run without your default. Fines themselves are another matter: administrative and tax fines are excluded on virtually every policy, and a fine imposed on you personally is never insurable.
Also Watch the deadlines around the annual accounts. If annual accounts are not filed on time as required by Article 2:394 of the Dutch Civil Code, then in a later insolvency it is established under Article 2:248 of the Dutch Civil Code that the board performed its duties improperly. The director held liable then looks to the Adviser who was to arrange the filing. Record for each client who monitors which deadline.
This page deals with one Situation. The full overview is on Compare Professional indemnity insurance (PI insurance).
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Get coveredWhat to look out for
Four points that cause more discussion in a sole accountancy practice than the premium does.
An additional assessment is not the same as a loss
A client who receives an assessment experiences it as a loss. The insurer calculates differently: only the difference between the position with and without your mistake counts. So when a claim arises, first establish what would have happened without the mistake. That calculation determines the size of the claim and often whether there is any loss at all.
Deadlines: returns, filing, objections
A missed objection deadline is a mistake with No defence, because the date is fixed. Work with a system that assigns deadlines twice over and confirm to the client when you have filed something. Also record when a client supplied documents late; where the client is at fault as well, Article 6:101 of the Dutch Civil Code apportions the loss.
Disciplinary proceedings are not a claim for damages
A complaint to the disciplinary tribunal does not lead to compensation but to a sanction. Such proceedings therefore fall outside the standard cover, and the sanction or fine imposed is excluded in any event. Defense costs in disciplinary cases can sometimes be insured as a separate module; ask about this when you apply.
Fraud at the client and intent on your part
If fraud is discovered at a client, the allegation is that you should have seen it. That can be a covered professional error. Your own intent or willful recklessness never is: Article 7:952 of the Dutch Civil Code excludes that loss. A fine for failing to report an unusual transaction under the Wwft is also yours to bear.
What does your premium depend on?
- Annual turnover: the usual basis for a sole practice
- Type of assignments: compilation, tax advice or review engagements
- Client profile: small businesses or larger enterprises
- Sum assured: per claim and per Insurance year
- Retroactive date: how far back your earlier files run
- Excess per claim: weighs heavily in setting the premium
Insurers weigh these details differently. That's where your saving is.
What is covered
| Situation | AVB | PI insurance |
|---|---|---|
| You fail to apply a tax relief and your client loses it permanently | No | Yes |
| You fail to spot a going-concern problem and the client invests on your figures | No | Yes |
| Your compilation report rests on incorrect figures and a lender suffers a loss | No | Provided that |
| A client trips over a cable in your consulting room | Yes | No |
| Your laptop with client files is stolen and data is exposed | No | No |
| A client demands his fee back because he considers the report unusable | No | No |
A claim by a third party who is not your client is not included on every policy; read that provision before you sign.
Frequently asked questions
This is what people ask us most.
Is the fine my client receives insured?
That differs from policy to policy and it is one of the most important points to check in advance. Many Insurers exclude fines without limitation, even where the fine falls on the client through your default. Others distinguish between a fine imposed on you, always excluded, and a default fine the client suffers as a result of your mistake. Read the exclusion word for word.
The client supplied incorrect figures himself. Am I still guilty?
Not automatically. You may rely on what the client supplies, but you also have a duty to investigate and to warn if the documents are internally contradictory or raise questions. If it turns out that you ignored signals, liability arises, with the loss apportioned under Article 6:101 of the Dutch Civil Code. So document your questions and the answers.
I work as a subcontractor for a firm. Do I need my own policy?
Yes, unless the firm confirms you in writing as an insured under its policy, including for the period after the engagement ends. Without that confirmation you are an external Contractor and the firm can recover the loss from you. More and more clients also ask at the outset for evidence of insurance stating the insured capacity.
May I carry out statutory audits as a sole practitioner?
Statutory audit engagements may only be carried out from an audit firm holding a license under the Accountancy Organizations Supervision Act. Work for which the required license is missing is excluded on the professional indemnity insurance. If you limit yourself to compilation, advice and tax work, have that stated in exactly those terms in the description of your insured capacity.
Read more
Within Professional Liability Insurance
- Professional indemnity insurancethe main page
- Professional liability insurance for SME administration office
- Professional liability insurance for self-employed accountant
- Professional liability insurance for self-employed tax advisor
- Professional indemnity insurance (BAV) for an accounting practice without employees
- Professional liability insurance for tax consultancy firm
- Professional liability insurance for accounting firm
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