No one understands Accounting
Specialising in Professional Indemnity Insurance for Accountants, we know the specific risks that your Accounting business should be covered for.
As an accountant, you are legally responsible for providing correct and precise advice and services to your clients.
We know that you are a professional in your industry, and take steps to protect your clients and ensure you are always providing them with accurate and complete advice. However, it is not always possible to prevent mistakes. That’s where Abacus comes in.
Accountants Professional Indemnity Insurance
The Abacus Professional Indemnity policy complies with the requirements of various professional representative organisations including ATMA, CPA, CAANZ, IPA and TI.
Abacus Professional Indemnity insurance coverage is specifically developed for the needs of the smaller private accounting practice, not only in its policy features, but the support of the Abacus Claims Committee made up of Abacus Directors should Members be faced with the prospect of a claim.
Abacus Professional Indemnity insurance coverage is extensive. Some of the key policy features include:
- Unlimited Retroactive date
- Civil Liability Wording
- Meets the requirements of the professional accounting bodies
- Optional Cyber Liability Coverage of $250k
- Optional Public Liability Coverage of $250k
- Three Reinstatements
- Costs Exclusive Limit and Excess
- Cover for Loss of Third Party Documents
- Infringement of Intellectual Property
Why Choose Abacus Professional Indemnity Accounting Insurance?
When it comes to Accounting Insurance, not all policies offer the same cover. The seemingly insignificant differences between policies can however prove costly for your business in the event of a claim. It is therefore vital to ensure that you know what you get for the premium you pay.
At Abacus, we specialise in Professional Indemnity insurance, providing cover that meets the CPA Australia and CAANZ guidelines. Our cover includes losses that arise out of acts, errors and omissions from a wide variety of services that you provide, including:
- Accounting and bookkeeping errors
- Failure to fully comply with audit undertaking
- Incorrect tax advice / tax preparation
- Returns not lodged in time
- Negligence in rendering professional services
- Incorrect analysis and interpretation of the numerical data
Our Risk Management Services for Accountants
Unpredictable and unplanned events can have a serious negative impact on your business. These crisis situations can result in substantial losses of revenues and fees to your business, however the long term effect on brand and reputation can be much more devastating. In the event of a disaster your employees and management team may be left in a state of shock and confusion, which can be difficult to bounce back from.
Taking the following steps to risk management now can help your business’ ability to recover when you need it most.
- Incorporate Risk Management Tactics: Risk Management tactics should be incorporated into the daily routine of your employees, so that they are trained to look out for risks. In addition, when making strategic and operational decisions, employees should be fully trained to consider risks at every level.
- Have a Quality Control Process: Having a quality control processes in place within your accounting firm is crucial. It’s important to continuously emphasise your employees’ role in quality control, and the virtal role that they play in managing risk in the day-to-day operation of the firm.
- Business Continuity Planning: The key elements of prevention, preparedness, response and recovery are vital to Business Continuity Planning, which is a key element of your Business risk management strategy.
- Have Insurance In Place: Insurance is important to cover your business for risks that cannot be completely eliminated. The most relevant insurance for your firm will depend on your unique circumstances, however certain types of insurance are compulsory for Accountants in Australia.
In the event that an incident does occur, dealing with it in a quick and professional manner can test the rigour and planning of your entire business. For most businesses, a time like this is when it’s most important to have access to highly skilled specialists to ensure your recovery is as quick and undisruptive as possible. That’s where Abacus comes in.
At Abacus we work hard to add value to the businesses of every client we work with. We care about protecting the assets, finances and operations of your business and ensuring that your practices comply with legal and corporate governance. Speak to us today for more information.