Interesting Point for Accountants

Most Accounting Practices today provide a full cycle of Financial Services and Client Management facilities. One of these is Business Advisory Services, a critically important service for anyone wishing to enter Business or already in Business.

Recent statistics compiled by the Insurance Council of Australia (ICA) has shown during the Newcastle Storms, Brisbane Storms / Floods, Various Fires and Bush Fires of recent times, only twenty one per cent (21%) of Businesses had Business Interruption, Consequential Loss, Loss of Profits, Weekly Benefits (refer to it as you like) Insurance cover.

Of those twenty one per cent (21%) only six to seven per cent (6% – 7%) had adequate Insurance which allowed those Businesses to return to normal trading conditions and continue in Business. The remainder fell by the wayside after twelve (12) months)

The question begs….

”What are Business Advisors telling their Clients about the critical need for this cover”?

OK, so you advise your Client to speak to an Insurance Broker. It might interest you to know that a great many Insurance Brokers lack experience and knowledge when it comes to Business Interruption Insurance.

Consider the implications if a smart Lawyer argued that the Accounting Practice owed a Duty of Care to the Client in addition to the Insurance Broker who advised the client to …”check with your Accountant as to what the Sums Insured should be….”

Who would bear the greatest proportion of the claim, the Broker or the Accountant. I wonder when the last time your Practice reviewed their Professional Indemnity limits.

At VeriSure we have a systematic and risk assessment evaluation process which allows us to achieve correct sums insured and through our experience ensures any Business is able to continue in business long term.

We are fiercely proud of our record over the past thirty (30) years where only one (1) of our Clients failed to get back into business after a Fire because of incorrect advice, despite our protests, from a Business Advisor. Evidence, we say, attests to our professionalism.

Action Plan :

VeriSure are Specialists Risk Advisors. Permit us to demonstrate our professional standards and show how we can assist your Practice provide necessary and critical services to your Valued Clients.  We welcome the opportunity to outline our Model to increase the Asset Value of your Practice.

Simply call Greg McDonald on 0419 317 222 or contact us and one of our Directors will be in touch with you.

Knowledge then Security