Practicing as a certified public accountant entails professional responsibilities that require adequate protection. The Allianz Professional Liability Insurance, available through Allianz and brokered by R2 Seguros, was designed to meet the legal requirements of professional firms of certified public accountants and multidisciplinary firms, providing financial protection against claims for damages caused in the course of their practice.
A claim arising from an error, omission, or professional negligence can result in high costs and jeopardize a firm’s financial stability. Allianz Professional Liability Insurance covers legally required compensation payments, allowing you to conduct your business with greater security and confidence.
In addition to complying with current legislation, this solution offers coverage tailored to the needs of professional firms, providing peace of mind to their members and clients.
Who is Allianz Professional Liability Insurance intended for?
Allianz Professional Liability Insurance is designed for entities that are required by law to purchase professional liability insurance.
This insurance is recommended for:
- Professional associations of certified public accountants;
- Multidisciplinary firms whose corporate purpose includes the practice of the profession of certified public accountant;
- Companies incorporated under national law or European Union law for the purpose of jointly carrying out a professional activity.
This solution enables compliance with legal obligations and protects the company against claims arising from the provision of professional services.
Why is this insurance required?
Portuguese law requires that professional firms of certified public accountants and the multidisciplinary firms covered by this provision have professional liability insurance.
Allianz Professional Liability Insurance meets the requirements set forth in applicable law, providing financial protection against property damage caused to clients or third parties as a result of acts or omissions committed in the course of professional practice.
In this way, the company ensures compliance with its legal obligations and strengthens its customers' trust.
What does Allianz Professional Liability Insurance cover?
The insurance guarantees payment of any compensation legally required of the firm for financial losses caused to clients or third parties while the certified accountant is performing his or her professional duties.
Among the main coverage options, the following stand out:
- Professional liability;
- Compensation for property damage caused to customers;
- Protection against third-party claims;
- Coverage for acts committed in the course of professional practice.
In addition, supplementary coverage for non-contractual civil liability related to the property where the business is conducted may be purchased.
What is not included?
As with any insurance policy, there are exclusions set forth in the policy terms and conditions.
Among the main ones are:
- Acts committed outside the scope of one's professional activities;
- Criminal liability;
- Financial guarantees of any kind;
- Damages caused to the company's partners, managers, or legal representatives;
- Situations that should be covered by another type of mandatory insurance.
In the case of supplemental coverage, certain damages caused to employees or property entrusted to the insured are also excluded, in accordance with the policy terms.
What is the minimum required capital?
Allianz Professional Liability Insurance provides for a mandatory minimum coverage of €100,000 per year, per firm, enabling compliance with the legal requirements applicable to professional firms of certified public accountants.
Whenever necessary, additional capital may be raised, depending on the scope of the company’s operations and its revenue.
How much does Allianz Professional Liability Insurance cost?
The cost of insurance varies depending on the company's revenue and the desired coverage amount.
Allianz offers a variety of options to meet the needs of each professional firm, allowing the solution to be tailored to the level of risk and the scope of the business.
To get a quote tailored to your company, we recommend requesting a personalized quote from R2 Seguros.
Check out all the information HERE!
In case of claim
If a situation arises that could give rise to a complaint, you must report it as soon as possible, providing all relevant information necessary for the review of the case.
Prompt reporting helps speed up the claim process claim ensures efficient follow-up throughout the entire process.
Why purchase insurance through R2 Seguros?
When you purchase Allianz Professional Liability Insurance through R2 Seguros, you’ll benefit from the support of a team that specializes in professional liability insurance.
Our customers can count on:
- Expert advice;
- Assistance with purchasing the policy;
- Analysis of society's needs;
- Personalized support in the event of claim;
- Periodic review of the coverage purchased.
At R2 Seguros, we help professional firms and multidisciplinary firms meet their legal obligations, protecting their business and ensuring greater security in the practice of their profession.
