Accounting Insurance Australia

What Type of Insurance Cover Do Accountants Commonly Require?

Accounting insurance is an asset for those who work closely with numbers and finances. It is important that those in this profession meet certain requirements if they wish to practice; one of them is obtaining insurance coverage. One of the main types of policies they must have is Professional Indemnity. Since their job requires them to offer people professional advice, they must cover themselves in the event they say something erroneous or accidentally leave out information and it leads to damages and/or losses to the client.

The services that are typically covered under a Professional Indemnity policy include, but is not limited to:

– Taxation

– General consultancy

– Auditing

– Insolvency

– Finances in a corporate capacity

In case you are wondering what types of errors and omissions are covered, here is an idea:

– Offering data that is misleading

– Selling client info to other organisations

– Breaching confidentiality

– Accounting errors

– Giving incorrect tax advice

There are more situations that may occur, but this list provides you with a glimpse of the issues that would normally affect an Accounting Practice.

In addition to having a Professional Indemnity policy in place, accountants should also consider Public Liability coverage as well. This will protect them in the event that property damage or personal injury occurs as a result of their business. This is especially important to have if you plan to have clients visit you at a physical location or if you plan to meet with them at their homes. Having insurance means that you will be covered in the event they sustain an injury while in your office or you cause some damage to their property while you are consulting with them in their home.

Other Than Accountants, We Can Also Help With:

BAS Agents

If you are a registered BAS agent, there are regulations that were put in place by the Tax Practitioners Board in 2011. This states that you must have Professional Indemnity insurance if you plan to work in this profession. The only exception to this rule is if you are covered by a policy that was purchased by your employer. The amount of coverage you are required to have depends on the number of people you service each year.

Tax Agents

Just as it is with BAS agents, the Tax Practitioners Board requires those who are registered tax agents to purchase a Professional Indemnity policy. Again, there is an exception if you work for a company and are not self-employed since you would typically be covered under their policy. The coverage requirements differ depending upon the individual. Generally, the number of people you work with each year will determine the amount of coverage you are required to have. Basically, the more people you help with their taxes, the more coverage you would be required to have.

Bookkeepers

We offer Professional Indemnity for people who work as bookkeepers, even if they have not registered as a BAS agent. If you decide to get a policy that covers your job, this means that you can offer your advice and services without worrying about being liable for any errors or omissions on your part.

All of these professions are tied into accounting, so we can certainly assist if you are looking for a policy. What you will need specifically depends on certain factors. In order to see what we can do for you, it will be necessary for you to give us a call or you can request a free quote.

As you can tell, there are several different finance based professionals we work with. Our goal is to make sure that you are covered when you are out there taking care of finances for individuals as well as business. If you are working at a company that covers you, then there is really no need for you to get in touch. Our services are for those who work independently, own their businesses or contract through companies that require them to have their own policies in place. The idea is to make sure that you are covered either way.

There are many out there who are in need of Accounting Insurance coverage, and there is a huge chance that you may be one of them. If this sounds like something that would benefit you, it would be wise to talk to someone and discuss your options. We are here to help you figure things out and obtain coverage that will help keep you safe in all kinds of situations. When it comes to protecting accountants, we are the number one agency with a proven track record. Give us a call today for an obligation free quote!