Please help me understand Professional Cover

taramurray
taramurray Registered Posts: 5 New contributor 🐸
in General accounting discussion
I am about to apply to go into practise. I have been told I need a Professional Cover.

Having read a similar post, I am now confused.

Does Professional Cover need to be a 'person' or, can I just insure myself?

I am sorry to sound so dim, i'm sure i'm not really :blush:

Thank you in advance for any help you can offer

Tara

Comments

  • shaxxa
    shaxxa Registered Posts: 82 Regular contributor ⭐
    You will need professional indemity insurance which you can purchase as a block from this website. If you are just starting out and your estimated income for the year is under £5000 than I think it's about £50. Obviously it increases if trading activity is higher.
    Professional cover is different where you will need another accountant who would be willing to act for you in case you are unable to work due to illness or incapacity for example.
    If you look under the MIP directory on this site, you may be able to find someone who would be willing to do this.
    Hope this is of help.


    Sharon
  • taramurray
    taramurray Registered Posts: 5 New contributor 🐸
    That's great, thank you Sharon.

    Is there anyone on these forums based near Bridgwater, Somerset who may be willing to offer me this? I promise to never be ill lol
  • Moobag
    Moobag Registered Posts: 59 Regular contributor ⭐
    Hi Tara

    I am based in Taunton, I could help if you haven't found anyone yet?

    Michelle

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