Insurance products for accountants and professional services
We specialise in insurance products for accountants, tax agents and bookkeepers, as well as accounting practices that offer financial planning advice and services.
There is no substitute for experience. Having provided services and professional indemnity insurance to accountants for more than ten years, you can be confident we understand the risks you face in your profession. AB Phillips has strong relationships with a number of insurers who offer professional indemnity insurance products specifically tailored to meet the risk exposure of an accountant or accounting practice.
Our professional indemnity insurance policies can also extend to include tax agents & bookkeepers. In addition we can also cover those difficult to place professions such as Financial Planning professionals.
We ensure we meet the criteria set by the accountants' professional bodies: IPA, CPA and ACCA.
Professional Indemnity Insurance (PI)
PI cover is essential for any professional service provider and reduces your risk exposure to claims made against you for:
You will be covered for:
- negligence; claims arising from you or your staff giving incorrect advice or making a mistake in your work
- any civil liability; claims arising because of your business activity for a client
- infringement of intellectual property rights; claims arising as a result of breach of copyright or trademark
- client documents; Claims for client documents that are lost, stolen or damaged in your care, including data
- your own losses from dishonesty; claims for losses as a result of dishonest conduct by a director, employee or self-employed freelancer contracted to you and under your supervision.
Tax Audit Insurance
Protection from unexpected tax and government audits. Our affordable tax audit insurance provides cover for:
- The widest range of ATO, federal and state investigations
- Accountancy fees incurred in responding to enquiries, questionnaires, audits, reviews and investigations of clients’ lodged returns, including those from previous years
- Private and public entities as well as Self Managed Super Funds
- High turnover entities, currently up to $50 million
- Multiple shareholders (need to be a 50% shareholder to be included under the head entity’s cover) ensuring protection for larger entities
- Specialist professional fees if tax and superannuation advice or a legal opinion is required
- All of a client’s commonly owned legal entities, directors and their families under one premium
- No excess to pay on legal or accountancy fees involved in an audit, including legal defence and appeals.