Why do Accountants need Insurance*?

Being a numbers person, we won’t need to convince you that getting multiple competitive quotes from some of Australia’s leading insurers is cost-efficient way to secure insurance cover for your accounting practice. 

Did you Know?

CPA (Certified Practising Accountants) and ICAA (Institute of Chartered Accountants Australia) require a minimum of $2million in professional indemnity cover 

 

We know, sometimes you just want a quick idea of how much your insurance is actually going to cost.  However, it’s important to note that the data included within this article was sourced from BizCover customer data during 2016/2017 and is intended as a guide only.  It may not reflect pricing for your particular business as individual underwriting criteria will apply.  Get a hassle-free quote for your business here.

Insurance for Accountants 

Professional Indemnity*

Even excel gurus can make mistakes, and these errors or omissions could result in financial losses for your clients. Professional Indemnity insurance will protect your business from losses arising out of acts, errors and omissions from a wide variety of services, including: 

Accounting and bookkeeping errors 

  • Failure to fully comply with audit undertaking 
  • Incorrect tax preparation 
  • Returns not lodged in time 
  • Negligence in rendering professional services 
  • Incorrect analysis and interpretation of the numerical data 

Oh, and did you know it is an industry requirement that your level of Professional Indemnity insurance complies with the requirements outlined by your professional association. For instance, CPA Australia and Charted Accountants Australia mandates that members maintain a minimum level of Professional Indemnity cover. 

And don’t forget our Price Promise – to show to you our commitment to providing the most competitive insurance prices we can!  

Business Insurance*

Business Insurance is an insurance package designed to provide cover for your business contents, stock, tools and commercial premises when an insured event occurs (such as fire, storm, theft or even accidental damage). A Business Insurance package can also cover your portable equipment, glass and for loss of revenue due to business interruption in specified circumstances.  In addition, cover is available for public liability, tax audit, employment practices and statutory liability risks.  

Consider the following: 

Is your office contents covered?  

Is any stock you hold covered?

Do you rely on electronic equipment/or specialist machinery to get your work done?  

Cyber Insurance*

Consider the client data you are storing and if there was a breach of confidentiality by your system being hacked. Cyber Liability insurance helps to protect you from claims and supports your profitability in the event of a cyber breach or attack. 

*As with any insurance, cover will be subject to the terms, conditions and exclusions contained in the policy document.  The information contained on this webpage is general only and should not be relied upon as advice.

Quick, easy to use website with a follow-up phone call the following day. Would recommend to others!

Christie G
Accounting & Taxation

It has been so clear doing the application, much better than other insurers, excellent!!

Sharon R
Accounting & Taxation

Thorough, simple, fast, done.

Nicholas C
Accounting & Taxation

No renewal blues because no stress/no worries!

Wayne O
Accounting & Taxation

User friendly, fast and efficient, guided screen by screen.

Mariam T
Accounting & Taxation

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