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Accountant Insurance

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Accountants insurance

Accountant commercial insurance NZ

Accountants insurance refers to a specialized form of business insurance that's specifically designed to address the unique risks and responsibilities faced by professionals in the accounting industry. This insurance can cover potential liabilities resulting from errors, omissions, or negligent actions that may arise when offering accounting services to clients.

Why is accountants insurance important? 

In the accounting profession, mistakes can have significant financial consequences. Whether it’s a simple calculation error or a misinterpretation of tax laws, even minor oversights can lead to considerable client losses. Accountants insurance acts as a safety net, ensuring that professionals and their firms aren’t financially devastated due to unexpected claims.

In New Zealand, the average cost of accountants insurance typically ranges between $100 – $200 per month. 

It’s crucial to have accountants coverage if your business:

  • Offers tax preparation services
  • Provides financial consultancy
  • Manages client funds
  • Engages in auditing tasks

What insurance covers are typically included in accounting insurance? 

Accountants Professional Indemnity

Accountants PI protects accountancy businesses from financial losses if they make mistakes or are accused of negligence while doing their job. 

Best For
  • Negligence claims 
  • Errors & Omissions 
  • Professional mistakes 

Public Liability

This policy covers common accountancy business risks including bodily injuries, customer property damage, and advertising injuries. It’s required for most commercial leases.

Best For
  • Business Accident Coverage
  • Third-party Damages
  • Legal Cost Protection

Statutory Liability

This cover is a type of protection that helps accountants cover costs if they accidentally break certain laws or regulations.

Best For
  • Unintentional breaches protection
  • Legal costs
  • Fines and penalties

Cyber Insurance

Insurance that helps protect accounting businesses from financial losses caused by cyber-related incidents, like data breaches and computer attacks.

Best For
  • Ransomware attacks
  • Phishing scams 
  • Cyber extortion 

Management Liability

Management liability insurance in NZ shields accountancy company leaders from legal and financial risks due to their managerial responsibilities.

Best For
  • Directors liability 
  • Employment disputes
  • Legal defence

Business Contents Insurance

Business contents insurance in NZ is for protecting all the important stuff inside an accounting business. If there’s a problem or accident, the insurance can help with the expenses.

Best For
  • Accidents 
  • Floods
  • Fires

How much does accountants insurance cost?

Accountants insurance premiums are calculated on several different factors including:

  • Types of cover
  • Turnover
  • Location 
  • Claims History 

Accountants insurance in NZ typically costs between $100 to $200 per month.

Who needs accountants insurance?

Any professional offering accounting services, whether as an individual practitioner or as part of a larger firm, should consider obtaining accountants insurance. This includes tax preparers, auditors, bookkeepers and financial consultants.

No, accountants insurance isn’t legally mandatory in New Zealand. However, certain professional associations may require their members to carry such insurance, and it’s a recommended best practice for protection.

Yes. “Retroactive coverage” is designed to protect against claims arising from past services. This is especially vital if you’re switching providers or obtaining insurance for the first time after being in practice.

How do I get an accountant insurance quote? 

We understand the unique needs of accountants in New Zealand. Leveraging our extensive industry knowledge and partnerships, we provide comprehensive accountants insurance quotes from the top insurers in the country and globally. Entrust us with your requirements, and we’ll ensure you receive the most competitive and tailored coverage options available.

To obtain an accountants insurance quote we may require you to provide some fundamental details about your business, such as:

  • The name of your business
  • The total number of employees
  • Predicted annual income
  • Years of experience in the industry

How do I get proof of accountants insurance?

You can usually get proof of accountants insurance same day when you purchase insurance through Gerrards.

Acquiring an accountant insurance certificate from traditional insurance brokers may require a few weeks, a delay that could create problems for policyholders who need instant insurance proof for an imminent contract or project.

To obtain insurance coverage promptly, contact one of our accountants insurance brokers. 

What does accountants insurance not cover?

Intentional Malfeasance

Insurance is designed to protect against unintentional errors or negligence. If a professional is found to be intentionally committing fraudulent acts or misrepresenting data, the policy will not cover these actions. This underscores the importance of ethical conduct in accounting.

Non-Accounting Activities

If an accountant ventures into consulting services outside the realm of accounting or offers advice on non-accounting matters, these won’t be covered. It’s essential to ensure any additional services are included in the policy or covered separately.

Known Claims Prior to Policy

Insurance is for unforeseen events. If you were aware of a potential claim before the policy’s initiation, the policy would not cover it. Full disclosure and understanding of this stipulation are crucial when obtaining a policy.

Other common questions about accountants insurance

Absolutely. Irrespective of experience, everyone is prone to making mistakes. For someone just starting, a single lawsuit can hinder career progression. Accountants insurance ensures that these early-stage professionals are protected.

Some policies offer global coverage, usually on the condition that the claim is filed within New Zealand. This is beneficial for accountants serving international clients or businesses.

Most policies consider employees while they’re working on behalf of the firm. However, it’s essential to clarify coverage details, especially if subcontractors or temporary staff are also part of your team.

Initiating a claim starts by informing us as soon as possible. From there, we will guide you through the required steps, from collecting evidence to liaising with legal counsel. Being prompt and transparent in communications is crucial for a smooth claims process.

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