Talk to us about Insurance For Accountants
In Accounting and Finance? Protect Your Expertise With Barrack Broking.
As an accountant, one of your biggest assets is your advice. You face unique risks, challenges and exposure when it comes to your professional advice. Whether it’s a professional error or a regulatory change, standard business insurance just won’t cut it.
At Barrack Broking, we’re specialist brokers, which means we understand the unique challenges of your industry. We’ll navigate the market to ensure you find an insurance policy that is tailored to your demands and doesn’t leave you vulnerable when you need it the most.
The liability for CPA’s, tax agents, financial planners, bookkeepers and accountants is hard to predict. That’s where we come in.
The Unique Risks For Accountants
Accountants face unique challenges due to the nature of their work. So, there are essential coverage elements that your insurance should cover to ensure that you’re adequately protected when you’re doing what you do best. Most insurance claims against accountants are due to the following scenarios:
Professional Indemnity Exposure
This provides you and your practice with coverage for any mistakes made in BAS, GST, or tax planning that have led to your clients’ financial losses or penalties from the ATO. Or, if you have incorrectly valued the business or its assets. Failure to act on any of the above, or when missing regulatory deadlines, and failing to advise on changes, your practice may face a claim.
You’ll likely be handling high volumes of sensitive client data (i.e. financial records, IDs and bank details). This leaves your practice vulnerable to ransomware, phishing attacks, system failures and business interruption, which may lead to data breach claims or regulatory fines as per Australian privacy laws.
This protects your practice when claims of employee disputes occur, such as unfair dismissal or harassment claims. Or, when your practice is being investigated by regulatory bodies like ASIC or the ATO, business interruption may occur.
You want to do your job without worrying about the pitfalls, errors or what could go wrong. An insurance policy that works for you is essential. But it’s hard to navigate when you don’t know exactly what kind of protection you need. Our team can help. Reach out to our team of experts today, and we’ll get you covered with a policy that you don’t need to question in no time.
What About General Business Insurance?
The truth is, general business insurance is optional when you have the appropriate cover for your profession. However, if you want the additional protection for your business, business insurance protects you from:
- Business interruption when your revenue takes a hit due to a physical damage event (i.e. an office fire).
- Damage and theft to the office content and equipment, such as computers, desks, etc.
So, this doesn’t protect your expertise or advice, but rather the physical aspect of your practice. That’s why ensuring you have an insurance policy that looks at your unique risks and challenges helps to effectively protect you from any misjudgements, mistakes or errors.
Why Choose Barrack Broking?
At Barrack Broking, we’re the experts. So, when you need to find an insurance policy that works for you and covers your unique risks, we’ll make sure to find you the best terms. We leverage our industry expertise and knowledge to navigate the market for you and negotiate the best conditions and pricing for your insurance policy.
Your risks as an accountant mean that you need a policy tailored to you. We’ll get you just that. We’re here from start to finish, so we won’t only find you an insurance policy that protects you and your practice, but we’ll be here if you need to make a claim, managing the entire process from start to finish.
Protect Your Expertise With Barrack Broking
You don’t want to leave getting insured until it’s too late. Get protected today, and we’ll ensure you’re protected against unique risks that could leave your practice vulnerable. The best part? You don’t need to do it alone. We’ll leverage our expertise to navigate the market for you, so you can focus on your work.
Get started with Barrack Broking today, and we’ll be there every step of the way.
