Table of Contents
Doc Summary
Professional Indemnity Insurance is one of the main covers accounting practices need to consider because it addresses claims arising from professional services and advice.
Registered tax agents and BAS agents must maintain Professional Indemnity Insurance, or be covered by an arrangement, that meets the Tax Practitioners Board’s requirements.
Professional association requirements may also apply to accountants in public practice.
What other insurance can be relevant? #
Depending on the practice, this can include:
- Cyber Insurance
- Public Liability Insurance
- Business Insurance
- Management Liability Insurance
- Crime or Fidelity cover
- Commercial Motor Insurance
- Workers Compensation where applicable
The insurance required depends on factors such as:
- Services provided
- Registrations
- Professional memberships
- Business structure
- Employees
- Client profile
- Information held
- Handling of client funds
- Office and equipment exposures
Professional Indemnity Insurance should not be assumed to address every business risk faced by an accounting practice.
Contact our team if you would like help reviewing insurance for an accounting practice.
General Advice Warning:
The information on this page is general in nature and does not
take your personal circumstances into account. You should consider
whether it is appropriate for you and seek professional advice
before making any decisions. For tailored advice, please contact
Webber Insurance Services.
