Accounting Insurance for Professionals

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Accounting Insurance Details

What Type of Insurance Cover Do Accountants Commonly Require?

Accounting Insurance is important for accountants that have an eye for detail and a knack with numbers.

Generally, accountants are required to comply with a number of professional standards and legislation which require them to hold a certain level of cover while practicing. More specifically, accountants must hold a Professional Indemnity Insurance policy to protect them against potential losses occurring out of negligent acts, errors and omissions as a result of the services provided.

Such services include:

  • Auditing
  • Taxation
  • General consultancy
  • Corporate finance
  • Insolvency work.

Having the right Accounting Insurance professional indemnity policy in place may provide cover for the following exposures:

  • Incorrect tax advice / preparation
  • Accounting / bookkeeping errors
  • Conflicts of interest
  • Business valuations
  • Failure to comply with audit undertaking
  • Confidentiality
  • Misleading analysis and interpretation of numerical data
  • Employee dishonesty (the selling or exchanging of confidential information to other organisations)

As a broker, we have access to a range of different insurers and will always provide you what is best for your individual requirements. These Professional Indemnity policies will meet the requirements of the following member groups:

As well professional indemnity insurance, accountants are advised to assess their requirements for Public Liability Insurance to protect their legal liability in the event of personal injury or damage to the property of others during the daily activities of your business.

This is particularly important if your business requires customers or the public visit your business premises or home, likewise if you visit their business premises or home. This type of cover may provide protection against any accidents that may occur whilst a member of the public is visiting your business premises, while also covering any damage caused to third party property.

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Other Than Accountants, We Can Also Help With:

Bookkeepers

We also provide Professional Indemnity Insurance for bookkeepers, which is a recommended policy even if you’re not registered as a BAS agent. Taking out a policy specific to bookkeeping will provide you with the piece of mind that your business and the advice you provide is protected when carrying out your services.

Further information and pricing for Bookkeeping Insurance.

BAS Agents

As a registered BAS Agent, you are required to comply with regulations set out by the Tax Practitioners Board (TPB) which came into effect on July 1 2011. There regulations state that as a BAS Agent, you are obliged to obtain your own Professional Indemnity Insurance policy if you are not covered by an employer policy. Based upon your annual turnover, the TPB also requires that you have a minimum amount of insurance cover.

Further information and pricing for BAS Agent Insurance.

Tax Agents

Similar to BAS Agents, the Tax Practitioners Board also requires registered Tax Agents to hold their own Professional Indemnity Insurance policy, if not covered by an employer’s policy. The minimum amount of insurance cover you must hold is also based upon your annual turnover.

Further information and pricing for Tax Agent Insurance.

To arrange an obligation free quote please click the button below or if you would like more information or have any questions, please call us on 1300 932 237.

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