Insurance for Accountants & Bookkeepers

The professional indemnity insurance for accountants & bookkeepers that upcover offers is of utmost importance for professionals in this field. It provides crucial protection against potential risks and liabilities that can arise during the course of consulting engagements. As an accountant or bookkeeper provides strategic advice, expertise, and recommendations to clients, there is always a possibility of errors, omissions, or professional negligence that could result in financial losses or harm to the client's business.

Having professional indemnity insurance for accountants & bookkeepers offers several benefits. Firstly, it provides financial security by covering the costs of legal expenses, compensation claims, or settlements in case of any alleged professional misconduct. Secondly, it helps safeguard the accountants or bookkeepers' professional reputation by demonstrating a commitment to accountability and client protection. Clients often require proof of insurance before engaging the services of an accountant or bookkeeper, as it instils confidence and reassurance that they are protected in the event of any adverse outcomes.

Furthermore, accountants & bookkeepers insurance plays a vital role in maintaining the sustainability and longevity of an accountant or bookkeeper's practice. It acts as a safety net, allowing accountants & bookkeepers to focus on delivering high-quality services without the constant worry of potential legal disputes or financial repercussions. Ultimately, accountants & bookkeepers insurance is a valuable investment that offers peace of mind, protects professional interests, and fosters a successful career.

Get an instant quote for insurance for accountants & bookkeepers today here

An accountant or bookkeeper can be sued for various reasons related to their professional services. Some common grounds for potential lawsuits against accountant or bookkeeper include:

Professional Negligence: An accountant or bookkeeper may face legal action for professional negligence if they fail to uphold the expected standard of care and competence in their services, resulting in financial losses, harm to a client's business, or missed opportunities.
Breach of Contract: Legal action can be taken against an accountant or bookkeeper for breaching the terms of a contract, such as not delivering agreed-upon services or failing to meet specified deadlines, leading the client to seek compensation for damages incurred.
‍Misrepresentation: If an accountant or bookkeeper provides false or misleading information, whether intentionally or unintentionally, causing harm or financial loss to the client, they may face legal consequences for misrepresentation.
Breach of Confidentiality: Accountants and bookkeepers often handle sensitive and confidential client information. If they disclose or misuse this information without proper authorization, it can result in legal claims by the client for breach of confidentiality.
‍Intellectual Property Infringement: Legal disputes and claims of intellectual property infringement may arise if an accountant or bookkeeper uses or appropriates copyrighted materials, trademarks, or proprietary information without permission.

As an accountant or bookkeeper you might get covered over multiple activities from the list below. Just need to state the percentage of each.

Accounting Service
Accountant - Tax Agent Service / Taxation and GST
Bookkeeping Service / Accounts preparation and Bookkeeping
Accountant - Insolvency, Receivership or Liquidations (Non - Public listed companies)
Accountant - Company Directorships/ Secretarial Positions
Accountant - Superannuation Fund Administration, Management and Trusteeship
Accountant - Business Valuation
Accountant - Accounting Software Training (i.e. MYOB)
Accountant - Management Consulting (excluding M&A)

upcover is an insurtech that works with the oldest insurance markets and global leaders in insurance innovation. All insurance products are underwritten by ProRisk. Our aim at upcover is to make it super easy for small businesses to buy insurance and be well-informed about their choices.