Business Insurance Specialists Pty Ltd is a leading provider of insurance solutions to Accountancy firms for both Professional indemnity insurance and Cyber insurance.
Accountancy firms are required to maintain Professional Indemnity insurance which provides protection for negligent acts, errors or omissions.
Professional Liability exposure can arise from the myriad of activities undertaken by Accounting firms and will vary depending on the nature and types of these services. These services include:
The types of claims that may occur to accountants include include:
As an insurance broker focused on providing quality insurance products to Accounting Firms, we appreciate the accounting insurance requirements that the major bodies place on firms under the professional standards scheme. Our Professional Indemnity insurance providers meet the full requirements of the following associations.
To assist management in reducing risk, we provide a seven point checklist of risks to review with your designated compliance or risk manager.
Our experiences indicate that Cyber risk is a real risk for accounting professionals. As this is a newer type of product to the market, this coverage can be misunderstood and over simplified.
Due to the nature of your business, and value of the information you hold, the cyber risk for accounting practices is considerable.
Business Insurance Specialists can provide solutions through quality Cyber insurance products whilst discussing the pros and cons of these various products and their different benefits in the market.
Luca Pacioli published in 1494 the classic text “Review of Arithmetic, Geometry, Ratio and Proportion” which included a chapter on Double Entry bookkeeping. Luca Pacioli is commonly known as the Father of Accounting for this work.
Luca was very good friends with Leonard da Vinci, to the point they played chess together. Luca was an accountant, teacher and mathematician who wrote several books. His writings also provided guidance on ethics, character, the virtue of working hard, and having focus in life. He was known as a man of integrity.
Bookkeepers are often the gatekeepers for the accountant, and greatly assist in preparing accounts. Though not compulsory to have Professional Indemnity insurance, we strongly recommend this be taken.
To assist, we have specifically provided a summary of price and insurance for Bookkeepers.
As a registered BAS Agent, your insurance requirements are provided by the Tax Practitioners Board and you are required to have Professional Indemnity insurance.
To assist, we provide a table with pricing and summary of insurance for BAS Agents.
As with BAS Agents, Tax Agents are required by the Tax Practioners board to have Professional Indemnity insurance.
To assist, for further information on insurance go to Tax Agents.
For an obligation free quote, please click below or contact Business Insurance Specialists today if you would like more information.