Accountants & Auditors business Insurance

Insurance for

Accountants & Auditors

Provides essential protection against financial liabilities stemming from errors, omissions, property damage, cyber threats, and other risks inherent to their profession.

Why do

Accountants & Auditors Need Insurance?

Accountants and auditors face risks when providing professional services, as handling sensitive financial information and offering advice can sometimes lead to legal disputes or financial losses. However, having the right insurance can reduce the financial impact of potential claims, ensuring protection for both you and your clients.

Cover Types for

Accountants & Auditors

Accounting and auditing businesses in Australia should have key insurance coverage to manage various risks. This includes professional indemnity insurance to protect against claims of negligence, public liability insurance for third-party injuries or property damage, and business property insurance to safeguard office assets. Additionally, cyber liability insurance is crucial for handling sensitive financial data, while workers’ compensation is mandatory if employees are involved. Business interruption insurance also helps cover lost income due to unexpected disruptions, ensuring financial protection and compliance with industry regulations.

Professional Indemnity Insurance

Professional Indemnity Insurance protects accountants from claims of professional negligence, errors, or omissions in the services they provide. It covers legal defense costs, settlements, or judgments resulting from client lawsuits.

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Public Liability Insurance

Public Liability Insurance provides coverage for third-party bodily injury, property damage, and related legal expenses. It protects accountants against claims arising from accidents, slips and falls, or property damage occurring on their premises or during the course of their work.

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Business Property Insurance

This coverage protects accountants’ business property, such as office buildings, equipment, furniture, and supplies, against damage or loss caused by fire, theft, vandalism, or natural disasters.

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Cyber Liability Insurance

Accountants handle sensitive financial data and personal information, making them targets for cyber attacks and data breaches. Cyber liability insurance helps cover costs associated with data breaches, including legal expenses, notification costs, credit monitoring, and potential lawsuits.

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Workers' Compensation Insurance

Legally required if you have employees in your firm, covering medical expenses and wages if they suffer work-related injuries or illnesses.

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Business Interruption Insurance

In the event of a disaster or unforeseen event that disrupts normal business operations, business interruption insurance helps cover lost revenue and ongoing expenses during the recovery period. It helps accountants bridge the gap while their business is unable to operate.

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Scenarios where

IT Professionals Need Insurance

Mary, a CPA running her own accounting firm, makes an oversight while preparing a small business client’s tax return, causing the client to owe more taxes. The client, facing financial losses, sues Mary for negligence.

In this case, Professional Indemnity Insurance is essential. It covers legal defense costs, settlements, or judgments from the client’s claim, protecting Mary from potentially crippling financial burdens.

John, a freelance accountant, runs his business online and stores clients’ sensitive financial data on his computer and cloud-based software. One day, a cyberattack results in a data breach, exposing his clients’ financial details, such as bank accounts and personal information. As a result, some clients sue John for failing to protect their data and causing financial harm.

In this case, Cyber Liability Insurance is vital. It covers costs related to data breaches, such as legal fees, forensic investigations, client notifications, and settlements. Without this coverage, John would face potentially devastating financial losses.

Peter, a sole proprietor, runs his auditing practice from a small office in a commercial building. When a fire from a neighbouring office damages the building, he is unable to access his office or continue his work. This interruption causes a loss of income, delays client projects, and forces him to relocate temporarily, incurring extra expenses.

In this case, Business Interruption Insurance is crucial. It covers lost income and ongoing expenses, helping Peter recover financially while his business is unable to operate due to the fire.

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Accountant & Auditor Business Insurance

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