Choosing the Right Business Insurance for Accountants

Security that comes in a package

Insurance for Accountants​

As an accountant, you would be handling the financial statements of your clients. With this type of profession, a lot of risks are involved. If you’re an accountant, business insurance is your gateway to minimise the risk involved and the financial burden a lawsuit may have on you. This insurance includes a vast coverage which Sparrow Insurance offers.

What Business Insurance Do Accountants Need?

If you are one of the financial service professionals, like tax preparers, CPAs, and even bookkeepers who work with sensitive financial information, this only means that you face unique and higher types of risks.

This is why it is important to put even higher security against losses by making sure you have the right business insurance, professional indemnity, or public liability coverage. General insurance for accountants are recommended to have the following:

Public Liability Insurance

As an Accountant, you are liable for any third-party injury or damage arising from conducting your business even in your client’s home. This can be incidents like slips and falls.

Professional Indemnity Insurance

An important policy to have in your insurance coverage is professional indemnity insurance. It covers expenses resulting from legal costs incurred in your defence. Professional indemnity insurance policy also includes cover for any damages or costs if you have been alleged to have provided inadequate advice and service.

Other insurances you can obtain from Sparrow Insurance

Risks for Accountants are not only related to practice but to business operations as well. Get covered by other business insurance on top of the above-mentioned policies. These policies below are a recommendation only and are subject to a review of your specific requirements

Management Liability

Is specifically for private companies and covers claims of wrongful management, employment practices breaches (wrongful dismissal or discrimination actions), crime (theft by employees or third parties), tax audit and statutory fines and penalties.

Business Insurance

This protects your business, covering equipment and property damage from accidents, losses due to theft, fire, glass but not limited to. You may also want to consider Business interruption, for the potential loss of income, under certain sections of the business policy.

Tax Audit Insurance

Whether you run a small or large business or work as a contractor. This insurance will cover your business for tax auditing by the ATO.

Cyber Insurance

If you maintain a website or a digital record of your customers’ personal information, especially online, you are at risk of a data breach. This policy covers you from data theft.

Workers Compensation

Workers’ compensation is a mandatory requirement for all businesses to cover their staff and contractors in the event of an accident.

Personal Accident and Illness Insurance

This insurance is for every individual business owner or contractor, as accidents and sickness do happen to business owners and contractors, this may assist your business to enable you to employ staff to cover you the business owner while you are unable to work to work.

Contact Us

Here at Sparrow Insurance, our insurers offer insurance solutions for our business owners in Australia. You can easily obtain a policy fit for your business. Get a quote from us by calling us directly or visiting our website. Give yourself peace of mind. Get insurance cover today.