Why Accountants Need Insurance

Accountants deal with other business’ and individual’s most confidential financial information on a daily-basis – from creating tax returns, bookkeeping, financial reporting, and more. How they manage such sensitive information is their responsibility, and any mix up or error on their behalf can cost them anywhere from thousands to hundreds of thousands depending on their clients. That’s why with insurance, accountants have a financial safety net they can fall back on if any unexpected issue arises.

Common Risks That Can be Protected With Insurance

  • Failure to fully comply with audits
  • Incorrect tax preparation
  • Incorrect analysis and interpretation of numerical data
  • Negligent professional service or products
  • Returns not lodged in time
  • Breached contracts/copyright
  • Lost documents
  • Incorrect or inaccurate advice

What Insurance Do Accountants Need?

Whether it’s a network hack or a small mistake in the management of a client’s tax, incidents happen to even the most careful accountants. So you need an insurance policy with the right excess price to cover any unforeseen event. Just some of the most common types of insurance that accountants should have include:
If you or your employees provide professional accounting services you may need Professional Indemnity Insurance protection.
Call Adoit today for a quote.

This insurance covers your legal costs and claims for disputes against your company in cases where a client has followed your professional advice and suffered personal injury or harm, loss or damage.

Public Liability Insurance protects you and your employees if they are injured while attending a clients’ premises and if a client attends your office and is injured you could be liable.

Tax audit insurance covers you for costs if you are selected by the Australian Tax Office for auditing.

Consider the data you’re storing for clients. You could pay a high price if a hacker attacked your system. It could result in a serious claim for breach of confidentiality or copyright.

Contact an Advisor

Why Choose Adroit?

As an accountant, you share specialised knowledge and expertise, and due to the nature of your service, you are exposed to the risk of liability claims. At Adroit, we have the knowledge, expertise and skill to help you lessen the risks of a claim and cover for any unforeseen event.
Call us at Adroit so one of our experts can help you determine the kind of accounting service cover you need.
We can supply an insurance solution tailored especially for you.

Get Quotes on Tailored Accounting Insurance Covers at Adroit Today

At Adroit, we exist to help our accountancy clients across Melbourne and Victoria take on tomorrow with confidence. With Adroit onside, you can focus more on helping your clients and less on the risks involved. Call us today for a quote or try online!