Insurance for Accountants and Tax Agents

Business Insurance*

When it comes to protecting your business assets, Business Insurance has a variety of covers available to safeguard the things that matter most. Consider your building (if you own it) and contents – could you afford to replace everything if a fire or storm were to destroy it all?

Could your business keep operating if your computing equipment was to breakdown or suffer accidental damage? The cost of repairs and data restoration can attract expensive fees, not to mention the down time while you are not able to operate and work with clients.

Cyber Insurance*

As an Accountant, you work and rely on sensitive client information to get the job done. In the increasingly growing cyber world, unfortunately comes the increase in cyberattacks and data breaches. Protect your business from hackers or an inadvertent error with Cyber Liability insurance, which provides coverage for expenses like data and recovery costs, fines and penalties, and PR and crisis management costs.

What is covered?

Cyberattacks, hacks, and data breaches are all too common for small businesses. Cyber Liability typically helps protect you from:

• Investigation costs from an attack and data recovery
• Expenses related to business interruptions
• Fines and penalties
• Extortion costs
• PR and crisis management expenses

What does insurance for Accountants & Tax Agents cost?

Every small business is different, and the same is true for accountants and tax agents. Many of the factors that make you and your business unique are used to help calculate your accountancy insurance, such as Professional Indemnity, Public Liability, and any other policies you decide to buy. Some of these factors include:

• The size of your business – What is your annual revenue or turnover? More or larger contracts could mean more risk and higher premiums.
• Where you are located – The geographic area you work in or where your offices are located can impact how much you pay for insurance.
• Who is being covered – Are all members of staff (including yourself) qualified to do their jobs?
• Your previous claims history – A history of past insurance claims may mean that you’ll pay more for a new policy or renewal.
• The amount of cover you need – More cover generally means higher premiums.

As every accountant and tax agent will answer these and other questions differently, it’s often easiest to compare quotes from multiple insurers in order to understand how much you can expect to pay for accountancy insurance.