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Why do Financial Service Businesses need Insurance?
You might be used to working with numbers day in day out, but as a financial services business, there are many ways in which unexpected incidents can jeopardise your own financial livelihood. Having appropriate insurance in place may help lessen the impact to your business should certain unexpected incidents bring about financial difficulty for your business.
Aon can help arrange several types of insurances specifically designed to cater to the risks faced by financial service businesses. Our team of brokers have taken the time to develop a thorough understanding of your industry and the appropriate cover required, so by arranging your insurance through Aon, you can feel confident your business is protected with industry-specific cover.
Cover designed for your occupation
Insurance we can arrange
Why Aon?
Don't just insure, be sure.
Industry expertise
Feel confident about your choice of insurance by talking with specialists in your industry.
Local support
All brokers based in Australia.
Global broker
Our global scale means we can negotiate competitive quality insurance products with insurers.
Client Education
We provide specialist resources on business insurance and risk management to help you stay on top of current and emerging risks in your industry.
Frequently Asked Questions
Do I need insurance as an Accountant?
As an accountant, you’re responsible for advising your clients on some pretty important matters, so if you make an error or provide incorrect advice, 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 may help reduce the impact to your own finances.
Why do Accountants need both Professional Indemnity and Public Liability insurance?
Professional Indemnity Insurance applies to claims where clients allege your advice or service caused them financial loss. Public Liability on the other hand covers you for claims where a client or members of the public alleges they suffered an injury or property damage as a result of your business activities.
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.
What if I retire or leave the profession?
Professional Indemnity insurance policies arranged by Aon are ‘Claims made and notified’ policies. This means that the policy only provides cover for claims made against you whilst the policy is in force (subject to policy terms and conditions). If the policy lapses, is not renewed or is cancelled, there is no cover available under the policy for claims made against you after that time.
If you plan to retire or leave the professional, you may need to arrange Run-Off cover. Run-off cover provides cover for claims made against you after your current Professional Indemnity policy expires. Run-off cover is NOT automatically provided; you must apply for run-off cover AND be accepted by your insurer in order to have run-off cover apply. If your policy is lapsed, not renewed or cancelled, and you have not applied for run-off cover, you may be uninsured for any claims made against you after your current policy expires, lapses or is cancelled.
For example if a client makes a claim against you in relation to an act, error or omission committed in past work, the policy you have in place at the time of the claim will respond, not the policy in place at the time the work was performed.
I operate my practice from home, do I need insurance?
If you operate your practice from home, Professional Indemnity is still relevant as the risk of clients alleging professional negligence on your part is still applicable. It's likely at some point, you will meet with clients in person, whether that's at their home, or out in public, so Public & Products Liability is also very relevant for you. Business Insurance can also help cover the cost of your office equipment such as mobile phone or laptop if they're stolen or damaged.
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 which is why as your advocate we are always on hand to help with any questions. Please do not hesitate to call us on 1800 020 339 or email [emailprotected]
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 circ*mstances have changed, for example you have moved into a 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 1800 020 339 during business hours.
How do I renew my policy?
Your renewal offer, schedule and tax invoice will be emailed to you approximately 30 days before your renewal date. Please ensure you 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, simply make payment by the date specified on the tax invoice.
What should I do if I have not received my certificate of currency or renewal offer/documents? (General)
Please contact our team and one of our brokers can help make sure you receive your required documentation.
What are your opening hours?
Our opening hours are 8.30am to 5.00pm Monday to Friday (AET, except public holidays). If you need to contact us out of hours you can email us at [emailprotected] and we will pick up your query on the next business day.
Can I pay for my policy monthly?
Yes you can, monthly payments can be arranged through a premium funding agreement with Hunter Premium Funding2 to help you spread the costs of your insurance across the year. Please note that the total overall cost is higher if you pay monthly. Contact us on 1800 020 339 or by email on [emailprotected].
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Or call us on 1300 836 028, email us on [emailprotected]
1Subject to full terms, conditions and limits of the policy. Please review the full policy wording for more information.
2 Hunter Premium Funding is a third party independent of Aon, however Aon will receive a commission if you pay for your policy through a premium funding agreement with them.
Aon Accountants Professional Indemnity Insurance Policy is arranged by Aon under a binder agreement on behalf of the insurer, Insurance Australia Limited ABN 11 000 016 722 AFSL 227681 trading as CGU Insurance. When acting under a binder we will be acting as agent of the insurer and not as your agent. Our binder arrangements with the insurer are such that we remain your agent in the handling of any claim. If you purchase this insurance, Aon will receive a commission that is a percentage of the premium. Further information can be found in our FSG or provided upon request.
