Working as an accountant means you are likely to be aware of just how important it is for your clients to have the right insurances in place to protect themselves, their businesses, and their back pockets. It’s also just as important to ensure your own business is covered so that you don’t face the same problems. There are three important insurances for accountants you should be looking at to protect yourself. Find out below what insurance is most important.
Professional Indemnity Insurance for accountants
As an accountant you not only help your clients with the numbers side of their businesses, but you also give out advice about how to set up the business and impact other important financial decisions. Unfortunately not every bit of advice may be perfect and it’s a part of life that sometimes we make mistakes or circumstances change. If you were to give out the incorrect advice or provide advice which loses your client money – you could be held liable for the loss.
In this case Professional Indemnity Insurance for accountants is vital. This accountants insurance will step in to help pay the loss incurred and also help with any other associated costs. This will help cover your business reputation as well as your back pocket.
Public Liability Insurance for accountants
Sitting behind a desk at the computer all day doesn’t mean you don’t need Public Liability Insurance. Public Liability Insurance for accountants will help protect your bank balance should you cause damage to a client’s physical property, or cause injury or illness to a third party. You may think this is highly unlikely in your field of work, and of course the risks are lower than at a construction site, however the ramifications of a claim are just the same. If a client trips and hurts themselves on your property, or you happen to cause someone injury by dropping your briefcase on their foot, you could be held liable for the costs associate with the repair or recovery. Which can often be very expensive considering medical bills, specialist fees, lawyers’ fees, loss of income, or replacement and repair. It’s better to be safe than sorry.
General property
Protecting your stuff is imperative to your job. If your lap top or computer was stolen how would you operate your business? And chances are replacement will not be cheap! By getting an easy General Property insurance policy in place for your business you’ll have the peace of mind that you’re covered in case something does go wrong.
Of course there are other important insurances that you should also consider as part of a comprehensive accountants insurance package. For example Tax Audit Insurance, Personal Accident and Injury Insurance, and Life Insurance will also protect you from unexpected expenses.
Don’t get caught out under-insured and exposed to risk as an accountant. It’s easy to protect yourself with all of your insurance needs under one roof at Contractor Cover. Call us on 1300 GET COVER today, email at info@contractorcover.com.au or fill in our easy online quoter. All information provided above is of a general nature, if you need specific advice we recommend speaking to a broker.
