Why do Accountants need Insurance*?

Being a numbers person, we won’t need to convince you that getting multiple competitive quotes from leading insurers is the quickest and most cost-efficient way to secure the right 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

Professional Indemnity*

Even the most experienced Accountants can make mistakes.  Any professional errors or omissions have the potential to cause a financial loss to your client or third party.  Professional Indemnity insurance will protect your business from claims against losses as a result of actual or alleged negligent acts or omissions in the delivery of your professional service or advice.

Professional Indemnity Insurance will also assist with the legal costs associated with responding to or managing claims which are covered by the policy. It is an important form of protection including for:

  • Accounting and bookkeeping errors
  • Failure to adequately complete audit requirements
  • Incorrect preparation of tax returns and delays in submission
  • Incorrect analysis and interpretation of numerical data

You should consider any requirements imposed on you by your Professional Association prior to deciding if the policies available on our platform are right for your business.

Don’t forget our Price Promise –  we always strive to provide the lowest policy premiums for your PI insurance

Business Insurance*

If any of the following circumstances relate to your business then you should consider Business Insurance to help ensure you are adequately protected:

If you own an office are you covered for building and contents?

If you rent an office are you covered for contents or stock?
Do you rely on computing equipment/servers to get your work done? If they were to breakdown could you cover the cost of repairs, restoration of electronic data, and even any additional cost of completing your work?

These situations are just a sample of what a Business Insurance policy can cover.

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.

3 questions to ask yourself when buying insurance

  1. Does the cover comply with current legislation and professional association requirements – e.g. legal and defence cost coverage in addition to the policy limit. Whilst the TPB (Tax Practitioners Board) may only require you to hold $250k (depending on revenue) if you are part of CPA (Chartered Practicing Accountants) or ICAA (Institute of Chartered Accountants Australia) you require a minimum of $2million in cover.
  2. Is the policy inclusive of costs or exclusive of costs? With a ‘costs inclusive’ policy, legal costs and damages are insured as one sum insured – ‘costs exclusive’ means that the two are insured separately.
  3. Check that the policy covers all your areas of work. Some policies have restrictions and may not cover all your activities (if they are not standard). For example, investment advice or financial planning.

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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