As an accountant, your clients trust you with their financial wellbeing. They rely on your advice and to always act in their best interests. That’s why insurance for accountants is so important.
With the wide range of advisory and professional services accountants offer, it’s vital that you have insurance in place to protect you and your business against any losses that could potentially occur from errors, omissions and negligent acts.
Let our expertise in insurance for accountants guide you in building an insurance program to protect your livelihood when the unexpected happens.
Professional indemnity insurance for accountants
Professional indemnity insurance for accountants is fundamental, and a requirement for membership of your professional associations. Professional indemnity insurance is a specialised area and should be arranged with an insurance broker with expertise in your area of business.
For many years MKW has provided tailored professional indemnity insurance for accountants. Our experience and expertise enables us to provide you with the support you require throughout the policy duration and the right advice.
In addition to professional indemnity cover, we can include cover for the following activities which are often uncommon with other providers:
- Migration agency services
- Business valuations
- Mortgage finance broking
- Insolvency
- Audit activities
- No part IVA exclusions
We also offer your practice unlimited reinstatements and payment for legal costs and expenses, as benefits in addition to the policy limit of indemnity.
We understand that all accountancy practices are different. In addition to professional indemnity insurance, there are other risks to your business we can help mitigate. Our expert team will work with you to understand your business prior to recommending a comprehensive insurance program. The following policies are an example of the kind of protection that you should consider:
- Management Liability
- WorkCover / Workers’ Compensation
- Cyber Risks
Just as your clients turn to you for your professional expertise, you should also seek insurance advice from an expert. To find out about our tailored risk management solutions for accountants, please contact us.
MKW Insurance Brokers: The Expert in Protecting Accounting Firms
As the accounting industry continues to grow, the importance of insurance protection becomes increasingly crucial. Accountants are faced with a variety of risks, such as lawsuits, data breaches, and professional errors and omissions. This is why it is essential to have a trusted insurance broker who understands the unique needs of accounting firms and can provide the necessary coverage. That is where MKW Insurance Brokers comes in.
MKW Insurance Brokers is a leading insurance broker that specializes in providing insurance solutions for the accounting industry. With years of experience and a deep understanding of the industry, MKW Insurance Brokers has the expertise to help accounting firms protect themselves from the many risks they face.
One of the key insurance coverage needs for accounting firms is professional liability insurance, also known as errors and omissions insurance. This insurance protects accounting firms from claims made by clients for losses resulting from professional errors or omissions. For example, if an accountant gives incorrect tax advice or makes a mistake in a financial statement, they could be held liable for any financial damages incurred by the client. Professional liability insurance provides the necessary coverage to help accounting firms defend against these types of claims and manage the financial impact.
Another important insurance coverage for accounting firms is cyber liability insurance. With the increasing reliance on technology in the accounting industry, there is a growing risk of data breaches and cyber attacks. Cyber liability insurance provides coverage for the costs associated with a breach, such as notification expenses, credit monitoring services, and legal fees. It also provides coverage for any financial losses resulting from a breach, such as the cost of restoring lost data or the cost of a public relations campaign to repair damage to the firm’s reputation.
In addition to professional liability and cyber liability insurance, accounting firms may also need general liability insurance, property insurance, and workers’ compensation insurance. General liability insurance provides coverage for third-party bodily injury and property damage claims, while property insurance provides coverage for the firm’s physical assets, such as office equipment and furniture. Workers’ compensation insurance provides coverage for medical expenses and lost wages for employees who are injured on the job.
In conclusion, accounting firms have a variety of insurance needs to help protect themselves from the many risks they face. MKW Insurance Brokers is the expert in providing insurance solutions for the accounting industry and has the expertise to help accounting firms choose the coverage that is right for them. With MKW Insurance Brokers, accounting firms can have peace of mind knowing that they are protected against the unexpected.
