Assuming that your limits are set correctly, this is a job for a
Polar Authorized service center.
There is most likely a problem with the computer, depending on the age of the watch this will be taken care of under warranty. The link above explains the process.
If you replaced the battery yourself (never recommended) some contaminant could have gotten into the electronics, or the seal is no longer working allowing moisture into the unit. These are highly sensitive electronics and should only be handled through the service centers. The work they do is covered with a warranty and they replace seals and vaccuum pressure the watch to make water tight again, as well as run a diagnostic on the computer.
In the mean time if you don't want to send in you can set the Heart Rate limits - both low and high well above your actual limits and that will stop the beeping, as the beeping while you are working out is an out of limit/ zone alarm.
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