The new product, Arc Tax Assistance, provides cover for accountancy costs resulting from HMRC enquiries into a business or individual’s tax returns.
For larger accountancy practices, it offers a range of risk-sharing options to develop cover for captive and self-insurance models.
Options are available for regulated accountants to provide insurance to their business and personal customers, and for non-regulated accountants to cover the costs they incur in providing a service to handle enquiries into their customers’ submissions.
As part of the launch, Richard Hainsworth will join the company as head of tax assistance. He will be responsible for growth and operational development of the new products.
Hainsworth said: “Arc Legal has a strong reputation of providing innovative products and services in the legal expenses insurance market, and our Tax Assistance offering will continue in this vein.”
Richard Finan, director of Arc Legal, added: “In launching Tax Assistance, we set out with the aim of streamlining the process for accountants.”
“Reducing policy administration to its most efficient level saves the accountant both time and money. The provision of both off-the-shelf product options and risk-sharing options for larger practices means we can offer a truly flexible product offering for all practice types.”