Why do Accountants and Tax Agents need it?
When you do the math, there is always a chance for a potential error to occur when it comes to doing the checks and balances. Don’t leave it up to chance! Make a calculated decision to let BizCover look after your Accounting and Tax Agent insurance.
Compare quotes from some of the most competitive insurance providers in the market, so you can start protecting your accounting practice today.
Did you Know?
A $1m Professional Indemnity cover only costs from $1.81 per day.
Insurance for Accountants and Tax Agents
Accountants and Tax Agents require professional indemnity insurance to comply with professional association requirements (e.g. NZICA, CPA), professional standards legislation, or to meet the requirements of clients and/or tender processes.
Even the best of us can have a bad day with the books. That’s why Professional Indemnity insurance is designed to protect you and your business from any losses which may arise from any errors and omissions which may happen across a wide variety of accounting and tax services. Some of the most common Accounting and Bookkeeping errors are outlined below.
Accounting and bookkeeping errors
- Incorrect tax advice / tax preparation
- Late lodgement of returns
- Negligence in rendering professional services
- Incorrect analysis and interpretation of the numerical data
- Failure to fully comply with audit undertaking
The professional business of Accountants and Tax Agents covers a broad range of activities.
- Accounts preparation / bookkeeping
- Business valuations
- Company secretarial
- Forensic accounting
- Mortgage/finance broking
- Management/business consulting
- Accounting software programs
Do clients visit your office for their calculations? Or do you provide an in-home service? If yes, then Public Liability Insurance is a vital type of insurance to protect your business against financial losses arising from claims of third party accidental damage to property or injury (not covered by the ACC) resulting from you going about your business.
When it comes to protecting your business assets, Business Insurance has a variety of covers available to safeguard the things that matter most. Consider your building (if you own it) and contents – could you afford to replace everything if a fire or storm were to destroy it all?
Could your business keep operating if your computing equipment was to breakdown or suffer accidental damage? The cost of repairs and data restoration can attract expensive fees, not to mention the down time while you are not able to operate and work with clients.
As an Accountant, you work and rely on sensitive client information to get the job done. In the increasingly growing cyber world, unfortunately comes the increase in cyberattacks and data breaches. Protect your business from hackers or an inadvertent error with Cyber Liability insurance, which provides coverage for expenses like data and recovery costs, fines and penalties, and PR and crisis management costs.
An accountant acted as a trustee for a happy couple’s family trust. The clients’ marriage broke down and the accountant was accused by the wife of acting in the husband’s interests in the distribution of the assets. Whilst nothing was ultimately proven, the accountant had significant legal costs in defending his actions and position as a trustee. The professional indemnity policy, under the Trustee’s Liability section, met the costs of appointing skilled legal talent and the costs associated with it.