Business Insurance For Accountants

Compare business insurance quotes with Savvy to find the best policy for your accounting firm. 

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, updated on July 17th, 2023       

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We’ve partnered with BizCover to bring you a range of business insurance policies to help you compare them side by side.

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.  

What types of insurance should I buy for my accountancy business?

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 

  1. Cover for your legal defence costs 
  2. Payment of compensation if there’s a successful claim against you 
  3. Payment of court-awarded damages to the litigant 
  4. Cover for the cost of disciplinary proceedings or investigations 

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 

  1. Data breaches including theft of client information 
  2. The cost of forensic investigation into the cause of the breach 
  3. Data recovery costs 
  4. Cyber extortion and denial of service threats 
  5. Crisis management costs 
  6. Advertising and communicating with customers 
  7. Legal costs including any fines and penalties imposed  

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:  

  1. Third-party personal injury claims 
  2. Damage to a third party’s property 
  3. Legal fees to defend yourself 

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: 

  1. Fire, storms, theft, vandalism and collision which cause damage to your business assets 
  2. Specialist cover for electronic and other portable equipment such as laptops and EFTPOS terminals 
  3. Limited business interruption insurance

What isn’t covered under business insurance for accountants?

The most common exclusions for these types of insurance include: 

  1. Injury to yourself or your employees 
  2. Flood damage 
  3. Unlawful activity or criminal negligence 
  4. Reckless behaviour or intentional damage 
  5. Anything to do with asbestos 
  6. The effects of pollution caused by your business activity 
  7. Damage to computer hardware 
  8. The upgrading of a system not related to the cybercrime  
  9. Power outages or failure of satellite or telecommunication services 
  10. Prior known circumstances or risks 
  11. Commercial vehicles (must be covered by a separate policy)

How much does a business insurance policy for an accountant cost? 

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 state you’re in  
  • Whether you live in a rural or urban area 
  • Whether you’re a sole trader, in a partnership or running a business with employees 
  • Your business size and turnover  
  • The number of your employees (if any) 
  • Your insurance history, and whether you’ve made a recent claim 

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. 

Why do I need business insurance?

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. 

Types of business insurance

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Frequently asked questions about business insurance for accountants

Are accounting contractors covered by professional indemnity insurance?

No – unless the contractor does more than 90% of their work for your company, they probably won’t be automatically covered by your professional indemnity insurance. To be sure, you should contact your insurance company and, if necessary, have your accounting contractor named on your policy so they’re fully covered.  

What information will I need to make a claim on my insurance?

The information you should have to hand when you contact your insurance company to make a claim will include: 

  • The name of the policyholder 
  • Your policy number and start date (which can be found on your Certificate of Currency) 
  • A detailed description of the incident which took place, including specific dates and times 
  • Contact details of any other parties involved or witnesses to the event 
  • Details of any police report number you may have made if a crime took place 
  • Details of the value of your property lost if you’re claiming for property damage or loss 
  • Your bank details for settling the claim 
What are the payout limits for mobile electronic equipment?

If you have a general business insurance policy that includes portable goods, there may well be limits of $2,000 per insured item, which may not be sufficient if you have a $5,000 laptop for your accountancy work. For this reason, it’s important to read the fine print carefully and check the individual item limits for portable goods. It’s also worth checking if your portable items insurance applies interstate. For example, if your business is based in Perth but you are flying to Sydney to see a major client, make sure your insurance applies to every state in Australia. 

How often will I pay my insurance premiums for my accountancy business? 

You will be able to choose how often you pay your insurance premiums. You can either pay upfront for the year or in monthly instalments. Paying your insurance premium annually is usually 5% to 10% cheaper than paying monthly, so if you’re in the position to pay your insurance annually, it may be worth doing so to get the cheapest insurance

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