Professional Indemnity Insurance can respond to certain claims alleging that an accountant’s professional services, advice or failure to act caused financial loss.

Examples can include allegations involving:

• Tax advice
• Tax return preparation
• Accounting errors
• Bookkeeping errors
• Financial statements
• BAS preparation or lodgement
• Missed lodgement deadlines
• Audit work
• Business valuations
• Insolvency or restructuring services
• Financial analysis
• Confidentiality
• Work performed by employees or contractors for which the practice is responsible

Depending on the policy and claim, cover can include defence costs and insured liabilities.

Why do the declared services matter? #

The insurer needs to understand the professional activities undertaken by the practice.

Specialised activities can require additional underwriting, including:

• Audit
• Insolvency
• Business valuations
• Financial planning
• Investment advice
• Merger and acquisition work

Professional Indemnity Insurance does not automatically cover every complaint, fee dispute or business loss.

The claim must fall within the policy terms.

Tell us when the practice introduces a new professional service so the insurance implications can be reviewed.

Contact our team if you need help reviewing the services insured under your Professional Indemnity policy.