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Income Protection for Accountants and their Clients


If you are an accountant who either works independently or for an employer and you want to purchase income protection insurance then chances are that you have many questions on how income protection insurance can help you and your clients. Listed below are a few questions that will help you understand the terms and conditions for income protection for accountants and their clients.

Why Should Accountants Opt for Income Insurance?

Accountants that are hired by companies should opt for income protection plans mainly because these plans ensure that the policy holder gets up to 75% of his income towards compensations when he is ill, injured and cannot earn a steady income. Since the insured amount is tax deductible, accountants who opt for income insurance can get tax benefits. Opting for the right insurance plan can ensure that you and your family live a stress free life that does not consist of worrying about financial uncertainties in the future.

Should Self Employed Accountants Opt for Income Insurance?
Self employed accountants who either freelance or have their own business can benefit significantly from opting for income insurance. Many insurers offer a business expenses cover that ensures that the policy holder receives compensation payments towards business expenses if he cannot work due to reasons such as temporary disability or illnesses. Self employed accountants are also eligible to receive 75% of their pre-tax salary as compensation payments. Some insurers offer a fixed annual compensation amount such as $60,000 for professionals such as accountants provided they meet certain criteria set by insurers.

What Are the Other Benefits Offered By Insurers in Australia?

Other than receiving up to 75% of your pre tax salary amount towards compensation, accountants are eligible to receive many more benefits such as a total and permanent disability cover and a death benefit. Some insurers also offer other perks to accountants and these benefits include surgery benefits. since different insurers offer different benefits and the type of policy purchased decides what benefits the policy holder receives, accountants who are interested in protecting their business should consider opting for agreed value contracts and comprehensive contracts that not only offer pre decided compensation payments but also maximum benefits.

How Can an Accountant’s Clients Benefit from Income Protection Insurance?
Accountants that opt for income protection plans with a business expenses cover can ensure that their clients do not suffer while they are unable to work. Some insurers offer a unique benefit that allows self employed professionals to manage their business from home while they enjoy compensation benefits. This unique income protection for accountants benefit allows the policy holder to spend 10 hours or lesser every week managing his business from his home and ensures that his clients or customers continue to get the help they need.


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