Insurance for Accountants
Being a numbers person, you probably already know how much of an asset your business is to you. Having the right insurance for your own business is a key part you should not miss.
There are numerous risks involved in the operation of your business and unfortunately, some incidents could have enough financial strain to bring your activities to a halt. Ensuring you have adequate insurance coverage can be complex. Having an insurance broker like Tudor Insurance by your side means we can help you find a policy that is customised to support your industry’s most common risks.
What insurance should you consider if you’re an accountant?
1. Professional Indemnity - Mistakes happen even to the most professional operators. Professional Indemnity insurance is an important form of protection that is designed to respond to claims against your business for losses as a result of actual or alleged negligent acts. Professional Indemnity claims can arise from a miscalculation, incorrect advice, returns not lodged in time, incorrect tax preparation, and more. It is also an industry requirement that your level of Professional Indemnity insurance complies with the requirements outlined by your professional association. For example, CPA and ICAA require a minimum of $2million in professional indemnity cover.
2. Cyber Insurance - As our reliance on all things digital rises, the threat of cyber-attacks has also increased exponentially. Considering the highly sensitive personal client data you are storing, cyber insurance is particularly crucial for accountants. If there was a breach of confidentiality by your system being hacked, cyber insurance would protect you from claims and support your profitability. Costs associated with defending a cyber claim would also be covered.
3. Business Insurance - A number of risks and responsibilities are associated with running a business, whether you’re a freelancer, sole trader, or enterprise. Business insurance can protect you against the financial damage of business risks giving you peace of mind to concentrate on growing your business. As your broker, we can put together a package tailored to cover key aspects of your business should things not go as planned including your income, assets, employees, and owners.
Acquiring the right insurance is the backbone of a strong growing business. While choosing insurance can be overwhelming, don’t let this discourage you from taking action altogether. Get in touch with the team at Tudor Insurance to receive personalised advice on what insurance suits your circumstances the best. We’ll ensure that you’re covered, not just insured.
Disclaimer: This article provides information rather than financial product or other advice. The content of this article does not take into account your objectives, financial situation, or needs. Please seek professional advice from your broker before acting on any information.
This article originally appeared on Tudor Insurance Blog and has been published here with permission.
Advisr does not provide advice and does not hold a financial service license (AFSL). All information above has been provided by Tudor Insurance Australia.