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Accountants Professional Indemnity Insurance
Professional Indemnity Insurance designed for accountants
What Is Professional Indemnity Insurance?
As an accountant, your clients rely on your expertise to help manage their finances, meet compliance obligations, and make informed business decisions. Even the most experienced professionals can face allegations of errors, omissions, or negligence that may result in financial loss for a client.
Why Do I Need Professional Indemnity Insurance?
Professional Indemnity Insurance is designed to protect accountants and accounting firms against claims arising from professional services provided in the course of their business. It can help cover legal defence costs, settlements, and damages associated with covered claims, allowing you to focus on supporting your clients with confidence.
Please refer to the Insurer’s Product Disclosure Statement (PDS) or Policy Wording when deciding if this product is right for you
What Professional Indemnity Insurance Can Cover
Depending on the policy, cover may include:
- Legal defence costs
- Compensation awarded to third parties
- Settlements negotiated outside of court
- Claims arising from professional negligence
- Errors and omissions in professional services
- Breaches of professional duty
- Defamation and misleading statements
- Costs associated with investigations by regulatory bodies
*Cover is subject to policy terms, conditions, exclusions, and limits.
Protect Your Reputation and Business
Your reputation is one of your most valuable assets. Professional Indemnity Insurance helps provide peace of mind by protecting your business against the financial impact of professional mistakes, allegations of negligence, and unexpected claims.
With the right cover in place, you can continue delivering professional services to your clients knowing your business is protected when challenges arise.
Who Is It Suitable For?
- Public accountants
- Tax agents
- BAS agents
- Bookkeepers
- Auditors
- Management consultants
- Advisory firms
- Accounting practices of all sizes
Price & Security
Offering competitive premiums and quality service, our insurance policies are available Australia wide and provide you with the security of Australia’s largest Insurers. We also offer a choice of flexible payment options.
Frequently Asked Questions
What is professional indemnity insurance?
Anyone can make a mistake – but if your business is found liable for
negligence, the costs can be financially devastating. Not only can it lead to
an expensive lawsuit, but your business’ hard-earned reputation may be
damaged as a result.
That’s why professional indemnity insurance matters – for help protecting
your assets and brand if your advice causes a client to take legal action
against you.
Who should consider it?
Professional indemnity insurance is mandatory in some industries, such as
medicine, accounting, law and financial advisers – with the requirements
differing from state to state.
But even in cases where it’s not required by law, it’s recommended for
anyone who is providing professional services or advice in exchange for a
fee – like, graphic designers, IT consultants and more. Regardless of your
legal obligation, it’s often a customer requirement that you have this cover
in place.
What can it cover?
Civil liability – Civil liability to a third party arising out of the conduct of their professional business.
Inquiry costs – The cost of defending an inquiry by a regulatory body into the professional conduct of the insured.
Defence costs – The costs involved in defending a claim triggered by the policy.
Fidelity cover – Direct financial loss of the business caused by the dishonest or fraudulent conduct of an employee which is first discovered during the period of insurance.
Advancement of costs and expenses – Additional costs and expenses incurred during a claim.
What usually isn't covered?
Exclusions, the excess you need topay and limits of liability can vary greatly depending on your insurer. Policies generally won’t include cover for:
– Commercial liabilities
– Liabilities which results from fraud and dishonesty
– Pollution
– Unpaid fees
Hear Directly from Our Clients
Don’t take our word for it, see what other business owners and clients have to say.
Keep Up To Date On News And Insights From The Blog
Providing you with great insurance products to protect what’s most important to you is a given. But we also believe in keeping you up to date with the day to day risks that businesses face. Check out our blog for the latest.
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