Auditor Liability Insurance
Mandatory Professional Liability Insurance for Auditors/Audit Firms, Fully Compliant with Legal Requirements
Financial Loss Coverage
Third-Party Claims Reimbursement
Contractual and Regulatory Violations
What services are covered?
Why is it mandatory to purchase an auditor’s insurance policy?
Since 2019, based on a decision by the Government of Georgia, it has become mandatory for employers to provide professional liability insurance for auditors or audit firms.
Who is required to purchase this policy?
The insurance is mandatory for all auditors and audit firms that conduct auditing activities, financial inspections, reporting, tax services, or consultations.
What risks does the policy cover?
The mandatory auditor insurance policy covers the following risks:
- Errors during work: Compensation for financial loss caused by mistakes, negligence, or intentional actions during auditing activities.
- Third-party claims: Covers all claims, demands, and legal costs directed against you.
- Breach of contracts and regulations: Compensation for losses caused by violations of laws or regulations during auditing services.
What to do in case of an incident?
In the event of a claim, the necessary steps are as follows:
- Immediate notification: Inform the insurer (GPI Holding) immediately about any claim, complaint, or loss.
- Provide complete information:
- Date and location of the incident
- Names/addresses of affected parties and witnesses
- Extent and circumstances of the loss
- Copy of the policy
- Mitigate the damage: Take measures to prevent further damage or additional losses.
- Cooperate with the insurer: Be prepared to participate in legal proceedings if needed, assist in loss settlement, and follow the insurer’s recommendations.
- Document everything: Ensure all communications, documents, and claims are recorded in writing — this forms the basis of the insurance claim.
How to purchase the policy
To purchase a policy, contact us at +995 32 2 505 111, and our representative will offer terms tailored to your business.
