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Professional indemnity insurance for accountants is often mandatory in Australia. If you make a mistake, error or omission in your job — or are accused of making one — it can pay for legal and court fees, allowing you to defend yourself and your reputation, and if you do need to pay damages, it can cover you into the millions.
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Professional indemnity insurance is a form of insurance that covers professionals against claims of negligence arising from an alleged act, omission or breach of professional duty on their part.
A typical professional indemnity insurance policy will cover them for things such as:
What is covered by a professional indemnity insurance policy for accountants will vary from insurer to insurer, but when comparing policies, there are certain areas you should pay special attention to. These include, but are not limited to:
Because professional indemnity insurance for accountants is industry-specific, you would be wise to look for an insurer or broker who specialises in accountancy insurance, or at least knows the specific requirements of your industry in detail.
Find out about income protection for accountants
When taking out professional indemnity insurance, it is normally advisable to take out public liability insurance as well. This is standard practice for any business that has clients who visit their premises or who visit clients at their own homes or premises.
Public liability insurance covers accountants against claims of personal injury to others or property damage incurred during the course of normal business activities.
A public liability insurance policy will normally cover your business, including any subsidiary companies you might own and your employees, as long as they are acting within the scope of their duties at the time of any incident.
Like all insurance, it has certain exclusions and will not cover events such as unlawful activity on the part of the insured, deliberate acts to cause damage or injury or personal injuries or property damage suffered by the insured.
The cost will be influenced by the nature of your business and its size, which is measured by revenue or number of employees.
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