No one understands Accounting
Insurance like Abacus

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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.

Why Is Accounting Insurance Necessary?

Accounting Insurance is a specialist type of business insurance cover that protects professional accountants from the risks that they face in their role.

Given the nature of the advice that you give, even the slightest mistake can result in a substantial financial loss for your client, which you may be liable for. That’s why Accounting Insurance is mandatory for compliance with regulatory accounting bodies across Australia. With the right Insurance in place, you can minimize the consequences on your business if something goes wrong.

As an accountant, you are trusted with the financial information (both business and personal) of clients. As such, you are bound by a legal and professional duty of care to your clients. In the event that you give inaccurate or incomplete information that results in a financial loss for your client, they may pursue a claim against you. Your insurance may cover the losses suffered by your client, as well as the legal costs of defending yourself against such claims.

You’re only human, so there’s always potential for something to go wrong. Let us protect you in the event that it does.

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

Who Needs Accountants Professional Indemnity Insurance?

Anyone who provides financial advice as part of their role faces a significant amount of risk. All Accounting firms, from freelance accountants to large city accounting firms, should be fully covered with an appropriate Accountants Insurance policy. In fact, in order to be part of certain organisations such as the CPA and ATMA, Professional Indemnity Insurance is obligatory.

Abacus specialises in providing Professional Indemnity Insurance specifically for small Australian accounting companies.

At Abacus, we know that risk Management is a key factor in the success of any business. Without a comprehensive risk management strategy in place, a business is unlikely to survive a major incident. Accounting firms in particular should have a comprehensive risk management strategy in place as it can protect the assets, finances and operations of your the firm. Furthermore, for Accountants in Australia, certain risk management tactics are necessary in order to satisfy legal compliance, corporate governance and due diligence.

Successful risk management will protect the reputation, credibility and financial standing of your accounting firm.

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.

You can count on Abacus.

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No one understands AccountingInsurance like Abacus