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:

Commercial Property Insurance

  • If your accounting business is operating in a physical location or property, commercial property insurance is a must. This helps protect your business by providing cover damage to the equipment you use and destruction of property due to fire, theft, vandalism but not limited to.

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.

Cyber Insurance

  • If you have an accounting firm or offer accounting services, you may be storing employee and customer data that are confidential including credit or debit card numbers. If any of this information gets lost or stolen, this business insurance coverage can help pay the costs.

Other insurances you can obtain from Sparrow Insurance

You may also add up on your business insurance by adding more coverage with options like public liability insurance and what they can do for you:

Workers Compensation Insurance

  • This workers compensation insurance policy is one of the requirements in some states as it helps businesses provide coverage that is beneficial to your employees. This includes payment for medical treatments and disability, but not personal accident-related injuries.

Public Liability Insurance

Public liability insurance acts as a safety net in case there is an accident within your business property, like a client slipping on the floor and getting injured.

Why do you need to get insurance

Aside from the high risk involved in business, insurance helps you focus more on the growth of your business with peace of mind. Without forward planning in the event of a loss, your business could suffer heavily in cases of mishaps.

Here are some reasons why any accounting business should have insurance:

  • Make sure you are protected by getting insurance and not risk the whole company.
  • Insurance is one of the requirements in most states in order for a business to operate.
  • Legal and defence costs are expensive and might take a financial toll on your business. It is a necessity to have public liability coverage and professional indemnity policies

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. 

FAQs

Why is professional indemnity insurance important?

Professional indemnity insurance is there for you when you make mistakes which you will be sued or investigated for. Contact us to know more about our insurance solutions.

Why is it important for accountants to get professional indemnity insurance?

Professional indemnity insurance is a must coverage for accountants as they handle sensitive information, and one omission or error on their part can lead to liability claim. Professional indemnity insurance offers cover for that.

How much does professional indemnity insurance cost in Australia?

If you want to know how much our professional indemnity insurance costs, you may contact us a get a quote directly.