SPECIAL OFFER: GET 14 MONTHS COVER FOR THE PRICE OF 12
Note: If you only provide Bookkeeping and/or Tax/Bas Agent Services and/or SMSF Audits CLICK HERE to get a quote and buy online.
Professional indemnity insurance is recommended for all practicing Accountants and is generally required by 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
- 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
- Forensic Accounting
- IT Consultancy
- 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.
PI premiums are determined by your Turnover and PL Premiums by the number of staff under your employ. All insurers charge a minimum premium in both respects.
We believe we have negotiated highly competitive premiums for both classes of insurance, and will continue to monitor premium levels available in the market to ensure this remains the case.
Premiums vary between states as a result of differing stamp duty rates, however our minimum Total Premiums for Professional Indemnity ($1M cover) start from $752 (incl. GST).
From a compliance perspective and for your own protection you should have a minimum level of Professional Indemnity(PI) insurance. In the event that the services you provide for a client lead to a claim against that client they will generally look at claiming against the provider. PI insurance will protect you in the event that this occurs.
We have designed the Insurance application process so it only takes an average of 5 minutes to complete your application. In most cases your application will be instantly approved online, and you can print your Confirmation of Insurance to prove that you have the requisite cover in place... It's that easy!! All other documentation, such as your tax invoice, policy schedule and wording will be emailed directly to you for your records.
If the policy can't be issued immediately because we require further information, we will contact you generally on the same day.
Approximately one month prior to the renewal of your policy you will receive a renewal reminder email with a link that will allow you to review your previous years cover and renew the policy even quicker!
* We have minimized the number of referral situations so that most applications will be automatically accepted. However, if for example you have prior claims we will contact you to facilitate completion of your application personally with the Insurer.
Your Insurance policy is arranged by Express Insurance acting as an agent of Berkley Insurance Australia, a registered business name of Berkley Insurance Company (ABN 53 126 559 706) and part of the W.R.Berkley Corporation.
Berkley Insurance Australia underwrites a significant portfolio of general insurance business in Australia. They are fully authorised and regulated by the Australian Prudential Regulator Authority (APRA) which is the prudential regulator of the Australian financial services industry.
The financial strength rating of Berkley Insurance Australia is "A+ (Strong)" by Standard & Poor's.
For each IT Contractor Insurance policy completed online we make a donation to the Gutsy Group, our current featured Charity.
The Gutsy Group is a foundation dedicated to raising funds for research, so a betterment of cure can be found for sufferers of Inflammatory Bowel Disease (IBD). IBD describes two diseases, Ulcerative Colitis and crohn's disease, which cause inflammation of the bowel.
There are over 70,000 people suffering from IBD in Australia. They are mostly young people who show great determination and courage in fighting a condition that has no known cause or cure.
Sadly, many patients view the symptoms as undignified, anti-social, and something to hide. There is nothing glamorous about this disease.
IBD affects as many young Australians as other, more publicised conditions, such as Juvenile Diabetes (JD) and Multiple Sclerosis (MS). Fund-raising organisations for JD and MS are currently contributing substantial funds towards research. In comparison, IBD receives little recognition and research is grossly under funded.
The Gutsy Group is determined to make a difference. Raising funds to support vital research and give hope to these brave and "Gutsy" people is why The Gutsy Group was established.
We will work with you to ensure that claims are handled in a professional manner and that you get a fair outcome from the Insurer. The first step is to lodge your claim as outlined below.