Professional indemnity, cyber liability, and management liability for Queensland accounting practices who understand that a PI claim doesn't require you to actually be negligent.
These are the exposures that regularly catch Accountants & Accounting Practices off guard — often because they weren't on anyone's radar until a claim was already underway.
A client who suffers a financial loss — real or perceived — may attribute it to your advice or an error in your work. PI claims against accountants arise from tax advice, financial statement preparation, business valuations, and a wide range of general accounting services.
When a client faces an ATO audit outcome or penalty they didn't expect, it's not uncommon for that frustration to find its way into a formal complaint or claim against the accountant who prepared the relevant return or gave the relevant advice — regardless of whether the work was correct.
Accounting practices hold highly sensitive financial data: tax file numbers, bank details, business financials, personal income records. A ransomware attack or data breach affecting client records is both a regulatory and a claims exposure — and standard business insurance provides almost no response.
PI claims are made on a claims-made basis — the policy in force when the claim is lodged responds, not the policy in force when the work was done. Without run-off cover after retirement, sale, or practice closure, you can be personally exposed for years of prior work.
As a practice grows, so does the exposure to employment-related claims: unfair dismissal, discrimination, harassment allegations. Management liability provides protection where standard PI doesn't extend.
A complaint to CPA Australia, CA ANZ, or a regulatory body can result in investigation costs and reputational damage before any formal claim is made. Some PI policies include coverage for disciplinary proceedings and investigation costs — others don't.
The insurance products most relevant for Accountants & Accounting Practices — placed through insurers we deal with regularly.
Covers claims arising from errors, omissions, or alleged negligence in the professional services your practice provides. Includes defence costs and damages, with limits sized to your client base and fee income.
Standalone cyber cover for accounting practices. Responds to ransomware, data breaches, system outages, and regulatory notification costs — none of which are covered under standard business packs.
Protects directors, partners, and managers of accounting practices from personal exposure arising from decisions made in the running of the business — employment claims, regulatory action, and statutory liability.
Covers your office premises, contents, and equipment. For practices with client-facing offices, general liability and property cover should sit alongside your specialist professional lines.
Three reasons to consider using a broker rather than buying direct.
The right PI limit depends on your fee income, client base and the nature of services you provide. We discuss these factors with you, rather than defaulting to the minimum required to maintain your professional membership.
Many accountants assume their PI policy addresses cyber risk. It may not. Standalone cyber policies are available, and can often be arranged alongside PI on a single renewal schedule.
Practice sale, retirement and winding-up all require run-off PI consideration. We raise this early, so you can consider how prior work is protected after the practice stops trading.
Tell us about your situation and a broker will come back to you — no jargon, no pressure, no obligation.
General advice warning: any advice we provide is general in nature and does not take into account your objectives, financial situation or needs. Before acting on it, consider whether it is appropriate for you and read the relevant Product Disclosure Statement and our Financial Services Guide.
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