Compare business insurance quotes with Savvy to find the best policy for your accounting firm.
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Accountants and bookkeepers are known for their attention to detail, so it’s no surprise you’re looking to compare quotes to find the best business insurance deal. Having great business insurance is vital to protect every aspect of your business.
You can compare quotes for all types of business insurance including professional indemnity insurance here with Savvy. Just answer a few simple questions about your business and the insurance you need and you’ll have a wide range of offers to consider instantly from some of Australia’s most respected insurers. Compare with us to help you get the best-value insurance for your accountancy business today.
Some of the main types of insurance accountants should consider are:
Professional indemnity insurance
The greatest risks faced by accountants and bookkeepers relate to legal liability. Whether a client claims you didn’t suggest the correct tax deductions for them or a company claims you didn’t warn them in time that they were trading insolvent, there is always a risk someone will hit you with a professional liability lawsuit. For this reason, professional indemnity insurance is a must for all accountants.
Professional indemnity insurance covers you against claims that the accountancy service you provided was negligent or fell short of expected professional standards. It’s a very important type of insurance to have for accountants and is a compulsory part of your membership in most professional associations. Cover is available starting from $250,000, but can extend up to $10 million or more.
What it covers
Cyber liability insurance
Cyber liability insurance can protect your client’s secrets from many forms of cybercrime. It is another form of insurance which is vital for accountants and many other groups, such as IT professionals, in an age when there are so many cyber criminals actively trying to get hold of your clients’ data.
What it covers
Public liability insurance
Public liability insurance is essential for any accountant who has contact with other people, such as in an office space they own or lease. It will cover you against claims that your business activity caused injury to a member of the public or damaged their property. This insurance can offer between $5 million and $20 million worth of coverage.
What it covers:
General business insurance
General business insurance may also be worthwhile if you have portable equipment such as computers and servers to protect as part of your accountancy business.
What it covers:
What isn’t covered under business insurance for accountants?
The most common exclusions for these types of insurance include:
There is no set cost for an insurance policy, as each applicant is different and faces unique risks. Many factors influence the cost of business insurance, including the following:
The main factor which will affect the cost of your insurance is the industry you’re in. All businesses in Australia are classified according to the risk their industry poses, and are allocated a risk ratio. These ratios are used by insurers to calculate the comparative risk of any one business compared to another. Fortunately, accountants fall into a low-risk category so the cost of your professional indemnity insurance should be cheaper than in some higher-risk areas.
You can find out how much insurance will cost for your business by comparing quotes right here with Savvy. Whether you need insurance for yourself as a sole trader or for your accountancy business with many employees, you’ll be able to find a policy that is perfect for your business needs here.
You need business insurance to protect yourself in case you’re blamed and/or found liable when others get into financial trouble. Accountants can be an easy target for a lawsuit when a company runs into financial difficulties and is looking to offload the blame for a financial disaster.
You also need protection against unscrupulous cyber criminals. Consider what would happen if hackers broke into your computer and stole your client’s sensitive financial information. All the years of building up your business reputation could potentially be destroyed if you don’t have adequate professional indemnity and cyber protection. It’s there to ensure your business income continues no matter what threats you face.
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Disclaimer:
Savvy is partnered with BizCover Pty Ltd (ABN 68 127 707 975, AFSL 501769) to provide readers with a variety of business insurance policies to compare. Savvy earns a commission from BizCover each time a customer buys a business insurance policy via our website. We don’t arrange for products to be purchased from these brands directly, as all purchases are conducted via BizCover.
Savvy does not compare all business insurance policies or providers currently operating in the market. Any advice presented above or on other pages is general in nature and doesn’t consider your personal or business objectives, needs or finances. It’s always important to consider whether advice is suitable for you before purchasing an insurance policy.
For any further information on the variety of insurers compared by BizCover or how their business works, you can read their Financial Services Guide.
Quantum Savvy Pty Ltd (ABN 78 660 493 194) trades as Savvy and operates as an Authorised Credit Representative 541339 of Australian Credit Licence 414426 (AFAS Group Pty Ltd, ABN 12 134 138 686). We are one of Australia’s leading financial comparison sites and have been helping Australians make savvy decisions when it comes to their money for over a decade.
We’re partnered with lenders, insurers and other financial institutions who compensate us for business initiated through our website. We earn a commission each time a customer chooses or buys a product advertised on our site, which you can find out more about here, as well as in our credit guide for asset finance. It’s also crucial to read the terms and conditions, Product Disclosure Statement (PDS) or credit guide of our partners before signing up for your chosen product. However, the compensation we receive doesn’t impact the content written and published on our website, as our writing team exercises full editorial independence.
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© Copyright 2024 Quantum Savvy Pty Ltd T/as Savvy. All Rights Reserved.
Quantum Savvy Pty Ltd (ABN 78 660 493 194) trades as Savvy and operates as an Authorised Credit Representative 541339 of Australian Credit Licence 414426 (AFAS Group Pty Ltd, ABN 12 134 138 686). We are one of Australia’s leading financial comparison sites and have been helping Australians make savvy decisions when it comes to their money for over a decade.
We’re partnered with lenders, insurers and other financial institutions who compensate us for business initiated through our website. We earn a commission each time a customer chooses or buys a product advertised on our site, which you can find out more about here, as well as in our credit guide for asset finance. It’s also crucial to read the terms and conditions, Product Disclosure Statement (PDS) or credit guide of our partners before signing up for your chosen product. However, the compensation we receive doesn’t impact the content written and published on our website, as our writing team exercises full editorial independence.
For more information about us and how we conduct our business, you can read our privacy policy and terms of use.
