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. Like all small businesses, there are risks in the operation of your business. Some incidents could have enough financial strain to completely bring your practice to a stop. Insurance that is customised for the common risks in your industry should be a key consideration when deciding how to protect your business.

Don't just insure, be sure

Business insurance can be complicated. What you think you’re paying for isn’t always what you get. As a broker and Chartered Accountants insurance specialist, Aon helps you find a policy customised for the common risk of your industry so you’re more confident that you’ve found the right type of insurance for your business. 
 

Why Aon for Chartered Accountants insurance?

Don't just insure, be sure.


Right type of cover

  • Aon arranges Insurance tailored to protect against common risks in the Chartered Accountants sector
  • We help you to understand how your policy protects against the common risks as a Chartered Accountant
  • Competitive premiums thanks to Aon’s scale and influence.

Specialist support

  • A team of experienced Chartered Accountant insurance specialists to help you at every step
  • We help you make claims and advocate on your behalf Australian based teams
  • Australian based teams.

Easy to manage

  • Quotes online or over the phone on 1300 836 028
  • Options to take out premium funding loans to pay monthly. Fees and charges will apply 
  • Adjust your policy any time. Terms and conditions may apply
  • Easy renewal management
  • Online requests for certificates of insurance.

You can rely on Aon’s expertise in Chartered Accountants 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 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.

Business insurance can be complicated. What you think you’re paying for isn’t always what you get. At Aon, we want you to feel confident you’ve made a smart decision for your business insurance needs.

As SME specialists for Chartered Accountants insurance, we understand the risks that businesses like yours face and how to insure against them. We know insurance policies and understand that the detail of your policy wording is critical to providing the type of cover your small business needs. That’s why we help you by arranging policies customised for the common risks of your industry.

Our team of Australian-based SME insurance experts are here to support you and your business every step of the way. We’ll give you access to the relevant information required to help you understand the cover options available to you so you can feel more informed about your choice of insurance.

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 If you are a member of CA ANZ, you get 15 months cover for the price of 12 when you take out a new professional indemnity policy through Aon.1
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 If you are a member of CA ANZ, you get a $100 discount on business insurance.3
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 If you are a member of CA ANZ, you get a $100 discount on cyber insurance.3
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

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 where costs are included in additional to this limit.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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1 This offer is only available to new customers who take out a Professional Indemnity policy before 20 September 2021, subject to certain eligibility criteria, and in respect of the professional indemnity policy offered by Insurance Australia Limited ABN 11 000 016 722 AFSL 227681 trading as CGU Insurance as the insurer. Offer ends 20 September 2021.

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

3 This offer is only available to new customers who take out a Business insurance or Cyber insurance policy. The discount is on the service fee and the premium remains payable. Offer only available to members with organisations based in Australia.

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, Insurance Australia Limited ABN 11 000 016 722 AFSL 227681 trading as CGU Insurance. If you purchase this insurance, Aon will receive a commission that is a percentage of the premium. Further information can be provided upon request.