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 — each placed through our panel of 20+ specialist insurers.
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 an independent broker delivers more for your premium than buying direct.
The right PI limit depends on your fee income, client base, and the nature of advice you provide. We review these factors and model the appropriate limit — rather than defaulting to the minimum required to maintain your professional membership.
Many accountants assume their PI policy addresses cyber risk. It doesn't. We place standalone cyber policies that respond to the full range of digital threats — and can combine them with PI on a single renewal schedule for simplicity.
Practice sale, retirement, and winding-up all require run-off PI consideration. We plan for this proactively — not as an afterthought — so your prior work remains protected after the practice stops trading.
As a principal of an accounting practice, our PI exposure is real and the wordings matter. Alvero actually read the policy before recommending it — they found a specific exclusion in our previous insurer's wording that would have been a problem for the kind of advisory work we do. That detail is exactly why I use a broker.
Answers to the questions we hear most from Accountants & Accounting Practices — no jargon, no spin.
PI claims arise when a client suffers a financial loss and alleges that your work or advice caused or contributed to it. Common triggers include tax advice that results in an unexpected liability, errors in financial statements, valuation disputes, missed deadlines, and inadequate advice on business structures. A claim doesn't require you to have actually been negligent — the cost of defending an unfounded claim is just as real.
Yes, and the distinction is important. PI covers claims from third parties (your clients) arising from professional errors. Cyber insurance covers first-party costs — your own response to a breach, ransomware remediation, notification costs, regulatory investigations, and business interruption from a system outage. These are fundamentally different risks requiring separate policies.
PI can cover the costs of defending a client's complaint or claim that your advice led to a tax underpayment or ATO audit. It does not typically cover the actual tax debt or penalty owed by your client — that's their liability, not yours. However, if a client successfully argues that your advice directly caused the liability, the legal costs and damages are covered under your PI.
PI limits for accounting practices typically range from $500K to $5M+, depending on practice size, fee income, and the complexity of services provided. CPA Australia and CA ANZ have minimum requirements that your limit must meet. We work through your practice profile and recommend appropriate limits rather than simply meeting the minimum threshold.
PI operates on a claims-made basis — the policy in place when a claim is lodged responds, not the policy in place when the work was done. If you retire, sell, or close the practice without arranging run-off cover, you can be personally exposed for claims arising from years of prior work. Run-off cover is a one-time premium that extends your PI protection forward for a defined period after you stop practicing.
Tell us about your situation and a broker will come back to you within one business day — no jargon, no pressure, no obligation.
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