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Account For All Risks With Accountancy Insurance

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Accounting professionals are accustomed to paying attention to the finer details of their client's accountancy issues; when it comes to calculating the risks present in their accountancy practice, though, the numbers don't always add up.

Accountancy insurance specialises in the unique risks that present themselves to accounting professionals. Commercial insurance brokers can provide an end-to-end solution specifically designed to protect accountants.

Accountancy insurance explained

Rather than merely one standalone insurance policy, the term accountancy insurance refers to the comprehensive offering of insurance covers available to protect those in accounting.

If you're running an accounting firm, you're very likely aware of your obligations to hold professional indemnity insurance under the CA ANZ Professional Standards Scheme. More than satisfying your legal obligations around professional indemnity insurance, accounting firms face other commercial insurance risks.

Read on to learn more about the protection you might need as an industry professional.

Management liability insurance

Every business, whether in accounting or not, faces risks and exposures across the areas of people, finance, regulations and stakeholders. If you're the director or manager of an accounting firm, management liability insurance helps to protect you and your firm against claims of wrongdoing or mismanagement.

There are many different liabilities that can be protected under the management liability umbrella, including:

Directors and Officers Liability (D&O) cover
D&O cover is for claims brought against present or past (and even future) directors for breaches of their duties.

Statutory liability
Cover for any penalties or fines incurred in the event of a statutory breach.

Employment practices liability
If claims are made against you regarding wrongful dismissal, harassment, discrimination or other breaches of the employment practices act, employment practices liability cover may provide coverage.

Tax Audit Insurance
Tax audit insurance is an effective mechanism to alleviate the financial impact of audit activity for accountants and their clients. Tax audit cover helps cover the professional fees incurred by your firm when you assist your clients in responding to an official audit.

There are substantial costs that can arise when the ATO or other government agency conducts an investigation, review, inquiry or examination of financial compliance obligations or lodged returns. Tax audit cover is one of the best solutions to help cover the risk of providing services to clients undergoing an audit.

Management Liability Insurance

Management Liability insurance is designed to provide protection to both the business and its directors or officers for claims of wrongful acts in the management of the business.

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Business Insurance

A business insurance pack can provide cover for your business premises and contents, against loss, damage, theft or financial loss from an insured interruption to the business.

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Business Package

Purchase up to six products under one Business Insurance Package.

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Tax Audit Insurance
Tax audit insurance is an effective mechanism to alleviate the financial impact of audit activity for accountants and their clients. Tax audit cover helps cover the professional fees incurred by your firm when you assist your clients in responding to an official audit.

There are substantial costs that can arise when the ATO or other government agency conducts an investigation, review, inquiry or examination of financial compliance obligations or lodged returns. Tax audit cover is one of the best solutions to help cover the risk of providing services to clients undergoing an audit.

Cyber Insurance
Cyber security has never been more critical for Australian businesses than in today's current climate. Cyber insurance can help accounting firms in Australia protect themselves against the serious risks they subject themselves to when using technology.

There is a myriad of cyber liabilities — a cyber attack, for example, places your business intelligence and sensitive client information at serious risk. More and more, Australian accountants are relying on cyber insurance to protect their businesses against cyber extortion, online misuse of intellectual property, business interruption and privacy protection.

Accessing the right accountancy insurance for your practice

At Hunter Broking Group, our role is not just to source your accountancy practice a relevant policy — as experienced, Brisbane-based insurance brokers, we provide advisory services to build a framework to manage and protect the full range of your business liabilities.

Contact our office to discover more about implementing adequate protection for your accountancy practice.

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General Advice Warning: This advice is general and does not take into account your objectives, financial situation or needs. You should consider whether the advice is appropriate for you and your personal circumstances. Before you make any decision about whether to acquire a certain product, you should obtain and read the relevant product disclosure statement.

All information above has been provided by the author.

Hunter Broking Group, ABN 97 622 090 715, AFSL 344648

This article originally appeared on Hunter Broking Group Media and has been published here with permission.