Frequently Asked Questions

AuditCover makes life simple though questions may still arise. Check out our FAQ section below for speedy solutions and feel free to contact us for further assistance.

Who is AuditCover?

AuditCover is an insurtech solution and new breed of insurance provider, delivering smart tax audit protection. We are also a regulated insurance brokerage (ABN: 63 638 872 634, AFS Licence Number: 535509).

How is AuditCover different?

We like to look at things differently and we question the status quo. We’re not bogged down in old ways of thinking and that helps when you are changing an industry. We believe that by taking a digital first approach, managing client data securely, and by building an insurance product that covers the taxpayer directly, we can make audit insurance a seamless process for everyone. That means no painful paperwork, no lengthy setup times and absolutely no leaky data. It means accounting firms can partner with a distribution platform that does all the work, so you don’t have to. It’s about simpler audit protection the whole way.

Who are we backed by?

AuditCover is venture backed by some of the best and most experienced names in the the industry. Some of them include Insurtech Gateway, HDI Global Specialty SE, Hunter Equity, and a long list of the best and brightest across insurance, accounting and technology.

Tell me more about HDI

Our insurer is HDI Global Specialty SE (ABN 58 129 395 544, AFS License No. 458776). Some things that make HDI special are:

  • Locally established and regulated Local claims authority, for better claims experiences
  • A+ credit rating (in the top tier of Australian insurers)
  • Top tier choice for insurance brokers in Australia.
  • Strong local presence across Australia and NZ

This policy is issued by Insurtech Gateway Australia Pty Ltd t/as Insurtech Agency (ABN 27 633 140 879, AFS License No. 525866), acting under a binding authority as agent for the insurer.

Why do we insure the taxpayer, not the tax agent?

It’s simple really! The taxpayer is the one that gets investigated. We stick to this approach to make things easy when accounting firms are referring clients. We steer clear of “master” or practice policies, as these usually mean more work and responsibility for the accounting firm and we prefer a more transparent partnership.

I’m a tax agent. What role do I play?

Tax agents refer to AuditCover for personalised client policies. This means there is no risk of arranging the insurance or giving unauthorised advice. The important thing to note is that you can still make a claim on behalf of your client and get paid by the insurer directly. Phew!

How long does is take to get set up?

Our approach makes getting set up a breeze with our usual set up complete and ready in 5 business days.

What is covered?

AuditCover provides cover for professional fees in connection with an audit of your tax return or compliance obligations. We encourage you to get in touch if you have any questions on coverage or refer to the Policy Wording for full details, terms, conditions, exclusions and definitions.

What is not covered?

Make sure to check out our Policy Wording for full details, terms, conditions, exclusions and definitions.

Who can take out a policy?

Any tax paying entity including: individuals, individuals + spouse, sole traders, private companies, partnerships, trusts and SMSFs

Are previously lodged tax returns also covered?

The AuditCover insurance product is a ‘claims-made’ policy, as opposed to an ‘occurrence-based’ policy. We designed it this way so that our clients can buy a policy and immediately achieve cover for previously lodged tax audits (from before your cover was in place). Please see the policy wording or get in touch for full details/ conditions.

How do I make a claim?

The easiest way to make a claim is via your online portal. Claims can be lodged by yourself or your professional service provider (usually your accountant). If you have any questions, Contact Us to discuss.

When is the right time to make a claim?

If you are unsure whether to notify us, then do it anyway. The minute you believe a claim may be made against you, get in touch. It may be cliché but better safe than sorry.

How is my client data protected?

AuditCover makes sure to protect your client data at every step of the way by ensuring we’re sticking to cloud-based sharing so that no data is ever vulnerable to being accessed by another party. This system protects not just your clients, but also your practice.