Professional Indemnity Insurance for Accountants
Professional indemnity insurance is recommended for all practicing Accountants and is generally required under law.
Professional Indemnity insurance offers vital financial protection for Accountants against probable losses occurring out of negligent acts, errors and omissions from a broad selection of advisory services including auditing, taxation, general consultancy, corporate finance and insolvency work.
Why do Accountants require professional indemnity insurance?
Accountants are constantly doing work for and giving advice to clients, which may include one or more of the following tasks:
- Accounts Preparation, Bookkeeping & Management Accounting
- Taxation
- Audit Publicly Listed Companies
- Audit Financial Institutions
- Audit Not For Profits/Charities
- Audit Private Companies
- Audit Self Managed Super Funds
- Business Valuations
- Company Secretarial/Registrar Services
- Executorships/Trusteeships
- Forensic Accounting
- IT Consultancy
- Insolvencies/Liquidations/Receiverships
- Management Consultancy (excluding M&A)
- Corporate Advisory - Publicly Listed Companies
- Corporate Advisory - Financial Institutions
- Migration Services
- Superannuation Funds Administration
- Financial Planning/Investment Advice
- Mortgage/Finance Broking
The Accountant needs to be very efficient and careful in performing his duties. In the event that the Accountant is negligent, Professional Indemnity Insurance will contribute towards both legal fees incurred in defending a claim and any damages payable.
Public Liability Insurance for Accountants
If you or any of your employees visit a customers premises your actions could cause an injury to another person. Similarly, if an accident happens whilst a member of the public comes to your place of business and they are injured you could be held liable. Public Liability Insurance protects you in the event that such accidents occur and a claim is subsequently made against you.
Public liability insurance also covers you if damage is caused to third party property while at the customers business. An example would be if an employee broke a valuable item while making a delivery at a customer's home. The claim to replace the item would be covered by public liability insurance.
Key exposures for Accountants:
- False investment advice
- Incorrect or untimely Tax Returns
- Fraud & mistrust between partners
- Accounting and bookkeeping errors
- Misleading analysis and interpretation of the numerical data.
- Conflict of interest
- Claims as a result of disciplinary action against the insured due to Returns not lodged in time
- Failure to identify fraud, improper business practices, or Accounting/Auditing standard breaches whilst conducting Audits
- Incorrect Tax or other Statutory return preparation
- Employee dishonesty - employees selling confidential information to other firms
- Invasion of privacy, libel, defamation, breach of confidentiality
Why purchase your Professional Indemnity Insurance through Express Insurance?
With Express Insurance, you can source a PI quote in seconds, and have the option of adding Public Liability Insurance. You can then proceed to buy the insurance and produce your Certificate of Insurance in minutes, or alternatively save the quote back to your email account for buying later.
And we save your details on Renewal of your insurance, making the process of renewing your PI Insurance even easier and quicker.
Throughout your experience with us our team of highly experienced PI specialists are a phone call away !
Please Note: Coverage under the policy will be subject to the particular circumstances relating to a claim and the full terms and conditions of the policy.
