Three important insurances for accountants

As an accountant, you’re most probably very well aware of the importance of having the right insurance to protect yourself, your business and your finances. However, you may be too busy looking after your clients’ problems and finances to make sure yours are protected in the best way possible should something crop up. Here we demystify three important insurances such as professional indemnity insurance for accountants, tax audit cover and public liability insurance, so you can make sure you are covered no matter the circumstance.

Professional indemnity insurance for accountants

Although you may be extra careful as an accountant when it comes to dishing out advice (following the books, crossing the t’s, dotting the I’s), mistakes can happen. It is just a fact of life, and it’s something you can’t afford to let happen if you’re not covered by professional indemnity insurance for accountants. Should you give out bad advice, whether it’s to do with financial matters, tax or otherwise, accountant’s PI insurance covers you in the event your client suffers a loss because of this. In other words, the losses or damages that you have been deemed liable for are paid out, meaning you don’t have to foot the bill. Not only does this cover you and your business’s reputation and financial situation, it gives you peace of mind.

Tax audit cover

As an accountant who deals with clients’ finances and tax every day, it seems rather ironic that you’d require tax audit cover. However, it could be beneficial to you and your business. If you were selected to be audited, tax audit cover would allow you to hire a professional to carry out the audit at no expense to you. That would mean you could focus on your current work, not lose any time and still keep up-to-date with your finances.

Public liability insurance

Just because you’re not out on a construction sitehandling extreme tools or dabbling in electricity, it doesn’t mean your workplace doesn’t pose risks to your clients or their property. You may think, "What’s the worst that could happen? A paper cut on the ‘sign here’ sticker?" Yet in actual fact, there are so many hazards around the workplace that could cause harm to a client or damage to their property. The wonky step into the foyer just waiting to be tripped upon, or the dodgy hot water unit sending boiling water to the bathroom tap could be culprits. No matter the area, hazards will crop up and it’s important that public liability insurance is in place in the case of an accident. Medical bills and other expenses or damages would be paid in an unfortunate occurrence.

Now that we’ve outlined three important insurances, such as professional indemnity insurance for accountants, it could be time to think about purchasing a policy You can get a quote online or call our office on 1300 GETCOVER (1300 492 862) to speak to our Contractor Cover real-life team.

Riley Jack is a writer across several reputed industrial web posts. He writes for many online journals and portals which are related to insurance and finance.