Chartered Accountants ANZ

Insurance for Chartered Accountants ANZ (CA ANZ)

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Special Offer: 15 months for 121

Get 15 months cover for the price of 12 when you take out a new Professional Indemnity policy through Aon.1

Why do CA ANZ Members need insurance?

You’re used to working with numbers and calculations, but while you’re busy keeping your clients’ balance sheets in check, you also have your own math to balance. If you’re operating an accounting firm, you already know how much of an asset your business is to you, so having the right insurance for your own business should be a key part of your equation too.

Why Aon?

CA ANZ Insurance. Easy.


Easy to Understand

  • Easy to digest information about what insurances your business needs and buy online
  • Or it’s an easy call to one of our experienced, friendly brokers on 1300 836 028

Easy to Buy

  • Quick quotes available online
  • Purchase in just a few clicks
  • Options available to pay monthly

Easy to Manage

  • Adjust your policy anytime you require, with a quick call
  • Request certificates of insurance quickly and easily
  • Aon can assist you in filing complex claims

Why choose Aon for CA ANZ members Insurance?

We are proud to be in alliance with Chartered Accountants Australia and New Zealand (CA ANZ) since 2015 through their Member Benefits Programme. We have worked closely with CA ANZ to deliver a comprehensive suite of products flexible enough to provide you with solutions to best fit the needs of your personal life and business. You will also have the added advantage of direct access to a range of thought leadership material, risk management reports and tools via our new ‘connect’ platform exclusive to Aon clients.

When it comes to insurance for Chartered Accountants, there are a few options available to you. Aon is committed to making life easier for you with insurance that’s easy to understand, buy and manage, so you can get quotes and take out a policy online in just a few clicks. Or if you do need help, our team of friendly experienced brokers are a phone call away to help you understand what insurances you may or may not need, but more importantly, why; helping give you confidence that you’re making a better decision for you and your business.

What insurance do CA ANZ Members need?

Professional Indemnity
This is the most basic form of cover for accountants. Professional Indemnity may cover you in the event a client alleges your service or advice caused them financial loss. For example, if you make a mistake in calculating tax for your client, which leads to them being fined, your client may take legal action against you for the loss. Professional Indemnity Insurance in this instance would not only include cover for the legal fees to defend you in this case, but also financial compensation you’re required to pay.2
Public Liability
This may be a requirement for any business that deals with members of the public. It includes cover against claims where a client or a member of the public alleges your business activities caused them injury, or damage to their property. For example, if a client trips over a loose wire while visiting your office and suffers an injury.2

Public Liability through Aon is offered as part of a Business Insurance policy (see below).
Business Insurance
Business Insurance is a package insurance that allows you to bundle different coverages into one policy. There are 2 main components offered under Business Insurance – Public Liability cover and cover for your assets, including your physical business premises. If you have a physical office, this policy will let you choose from various coverages to help protect your office. Cover options include damage to building & contents, theft, money, business interruption and portable property, along with computer and machinery breakdown.2
Cyber Insurance
Cyber insurance includes cover for financial loss you suffer as a result of a cyber attack. This can include phishing, malware and ransomware.

In providing your service, you likely deal with some very commercially sensitive data, and this data may make you a very lucrative target for cyber criminals.2
Management Liability
This is cover designed to protect business owners where they’re accused of certain wrongdoings. This can include allegations of discrimination, and actions brought against directors by regulatory authorities.2

CA ANZ Professional Indemnity Insurance though Aon 

Choice of cover limits
Cover limits available from $500k to $10m. Chartered Accountants Australia & New Zealand advise that the minimum required limit for chartered accountants is $2 million.2

Cover for contractors’ breaches
Cover for claims arising as a result of a breach of professional duty committed by any consultant, contractor, subcontractor or agent of the insured (you) for breaches you are legally liable for.2 However, there is no cover for the consultant or contractor’s own liability arising out of the breach.

Cover for SMSF advice
Accountants who hold a limited AFSL, are automatically covered for some limited SMSF activity.2

Cover for wrongful employment practices
Cover for claims from staff alleging  an employment practices breach, such as a breach of employment contract, unfair dismissal or discrimination, with a sub-limit of $300k.2

Complimentary legal advice
You can access a total of 2 hours of complimentary legal advice from a legal expert on matters relating to the risk insured by the policy (1 hour per claim).2

Run-off cover
If your firm  ceases to operate, you can apply for 7 years’ complimentary run-off cover for the firm, which can help to cover the costs for claims relating to incidents that occurred while your firm was operating.2

Cost exclusive
Excluding Fidelity Coverage, you don’t need to pay any excess towards the costs associated with a legal defence; only the excess towards the settlement of a claim.2

FAQs

Frequently Asked Questions
Here are some questions commonly asked by Accountants.
Do I need insurance as an accountant?
Insurance isn’t just for visibly ‘risky’ professions. As an accountant, you’re responsible for advising your clients on some pretty important matters, so if you overlook some minor figures, or make a small mistake in your calculations, the financial loss to your clients could be significant, which puts you at risk of having legal action taken against you. Having the right insurance in place can help reduce the impact to your own profit and loss statement if you experience events such as indemnity claims and cyber attacks.
I operate my business from home, do I still need insurance?
Operating your accounting business from home does not make you immune to risk. At a minimum you still need Professional Indemnity Insurance in the event you have a claim brought against you due to a service or advice you provide. Cyber Insurance is also worth considering, given you’re probably using the internet to perform some parts of your work. If you meet with clients in person (whether that’s at their home or in a public place), you may also need Pubic Liability. You may also need Business Insurance to cover the electronic devices you use for your business, as these may not necessarily be covered under your personal Home Insurance. We recommend you consult with a broker to help you determine the different insurance covers you might need based on your situation.
Do I need Management Liability Insurance?
If you’re managing a business, you’re responsible for making some very big decisions, and a management liability policy can help protect against the risks and exposures involved in doing so.  If your business is a company, it also includes cover for directors & officers’ personal and corporate liabilities.
Explore more FAQ's
Why might I need Cyber Insurance?
Your high-value client base, the commercially sensitive information you hold about them and the raft of cloud based and online technologies you use all make you susceptible to cyber crime. For cyber criminals, attacking your system wouldn’t require much effort on their part, but the ramifications for you (and your clients) could be far-reaching. Cyber Insurance can therefore help safeguard your business’s viability if you do fall victim to an attack, and help make sure you’re not left with substantial out of pocket costs to rectify your IT systems and get your business back up and running.

Do I need both Professional Indemnity and Public Liability?
Professional Indemnity Insurance applies to claims where clients allege your advice or service caused them financial loss. Public Liability on the other hand helps cover you for claims where a client or members of the public allege they suffered an injury or property damage as a result of your business activities.

How do I make a claim?
You will find details of how to make a claim in the policy wording you receive from us. However, we also appreciate that having to make a claim can be a stressful time. That's why as your advocate we are always on hand to help with any questions. Please do not hesitate to call us on 1300 836 028 during business hours.

What if I need to make a change to my policy?
It is important to keep your policy up to date with the changing shape of your business but also to keep your business and personal information up to date in the event of a claim.

Should your business circumstances have changed, for example you have moved into new premises or you have changed the services that you offer and you are not sure if your existing insurance covers it anymore then you can always call one of our experienced friendly brokers to discuss on 1300 836 028.

How do I renew my policy?
Your renewal offer, schedule and tax invoice will be sent to you via your elected email address approximately 30 days before your renewal date. It is important at this stage to review the details of our offer carefully (remember pricing and coverage levels may have changed so it is important to review). If you are happy with the offer and wish to accept, it is important that you pay for your renewal by the date specified on the tax invoice. Thank you for looking into renewing your policy through Aon. It is greatly valued that you are pleased with the level of service and coverage you receive.

What should I do if I have not received my certificate of currency or renewal offer/documents?
Please accept our apologies. At Aon we strive to deliver best in class service, so we are sorry to hear you have not received your documents. Please contact us on 1300 836 028 or au.ca@aon.com and we will look to send your documents as soon as possible.

Contact


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8:30am - 7:00pm AET
Mon - Fri (except public holidays) 

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1This offer is only available to new customers who take out a Professional Indemnity policy before 31st March 2021, subject to certain eligibility criteria, and in respect of the professional indemnity policy offered by Chubb Insurance Australia Limited (Chubb Insurance) as the insurer. Offer ends 31st March 2021.

2 Subject to the full terms, conditions and limits of the policy. Please review the full policy wording for more information.


The Professional Indemnity Insurance for members of Chartered Accountants Australia and New Zealand is arranged by Aon Risk Services Australia Limited ABN 17 000 434 720 AFSL 241141 as agent for the insurer, Chubb Insurance Australia Limited ABN 23001642020 AFSL 239687. If you purchase this insurance, Aon will receive a commission that is a percentage of the premium. Further information can be provided upon request.