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Accountant Professional Indemnity Insurance

PI cover for accounting practices of all sizes. From sole practitioners to multi-partner firms, we secure cover that meets CPA, CA ANZ, IPA, and TPB requirements.

$2M+

Minimum Cover

CPA/CA

Compliant

Same Day

Quotes

Recognition

Industry Awards

One piece of advice can change a client's financial position, and yours.

Even a small error, from an incorrect tax deduction to a missed ATO deadline, can lead to a significant claim. Professional Indemnity insurance stands between a mistake and the survival of your practice.

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Mandatory Requirements

CPA Australia, CA ANZ, and IPA all require practising members to hold PI insurance, typically with a minimum of $2 million. The TPB sets separate requirements for registered tax agents and BAS agents based on annual turnover. These apply on top of your professional body obligations.

Claims We See

  • Incorrect tax advice leading to ATO penalties and interest charges
  • Missed lodgement deadlines resulting in late fees and client losses
  • Financial statement errors leading to poor business decisions
  • Audit oversights where material misstatements go undetected

The firms that fare best have adequate limits and the right policy wording, not just the cheapest premium.

WHY TANK INSURANCE

Why accountants choose us for PI insurance

We've arranged PI cover for dozens of accounting practices across Australia, from BAS agents to multi-partner firms. Every policy is checked against your specific CPA, CA ANZ, IPA, and TPB obligations.

Financial chart on laptop screen representing accounting professional indemnity

01

Professional Body Compliance

We check every policy against your CPA Australia, CA ANZ, IPA, and TPB obligations, including dual compliance for registered tax and BAS agents.

02

Broad Service Coverage

Tax advisory, BAS preparation, SMSF administration, financial planning referrals. We ensure your policy covers the full scope of services you deliver.

03

Competitive Premiums

We compare multiple insurers who specialise in professional risks to find competitive rates that meet all compliance thresholds.

04

Claims Support

We manage the claims process from notification to resolution, liaising with the insurer so you can focus on your practice.

RISK ASSESSMENT

Key Professional Risks for Accountants

These are the exposures that make proper PI coverage essential for every accounting practice.

Incorrect tax advice leading to ATO penalties and interest charges
Audit failures and missed fraud detection in client accounts
Financial statement errors affecting client business decisions
Breach of confidentiality with sensitive client financial data
Missed lodgement deadlines causing statutory penalties
BAS and GST calculation errors resulting in underpayments
Inadequate succession planning when winding down a practice
Software or system failures causing data loss or corruption (consider <a href='/cyber-insurance/' class='text-emerald-600 underline font-medium'>Cyber Insurance</a>)

Understanding your risk profile is the first step to appropriate cover. We review your practice's services, client base, and fee income to recommend the right policy structure.

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POLICY SCOPE

What Accountant PI Insurance Covers

A comprehensive Professional Indemnity policy for accountants typically includes these protections.

Financial analysis chart representing accountant professional indemnity coverage
Financial analysis chart representing accountant professional indemnity coverage

Usually Covered

✓ Negligent advice or errors in professional services
✓ Legal defence costs for covered claims
✓ Financial statement and audit errors
✓ Tax advice leading to ATO penalties (subject to policy terms)
✓ Breach of professional duty or fiduciary obligations
✓ Unintentional breach of confidentiality
✓ Loss of or damage to client documents in your care
✓ Continuous cover for prior acts (back to your retroactive date)

Not Typically Covered

✕ Fraud, dishonesty, or criminal acts
✕ Trading losses or investment performance
✕ Fines and penalties imposed on you personally
✕ Claims arising from work done before your retroactive date
✕ Claims from work outside your professional scope
✕ Prior known claims or circumstances
✕ Bodily injury or property damage (Public Liability required)

Every accounting practice is different. We review your specific services, fee structure, and client profile to ensure appropriate <a href='/glossary/what-is-aggregate-limit-in-insurance/' class='text-emerald-600 underline font-medium'>coverage limits</a>.

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Retiring or closing your practice? Your PI obligations don't stop when you do.

RUN-OFF COVER

Retiring or closing your practice? Your PI obligations don't stop when you do.

When you stop practising, you still need PI cover for work already completed. This is called run-off cover. Professional bodies and the TPB typically require it for seven years after you cease practising.

01

Mandatory, Not Optional

Your professional body and the TPB require run-off cover. Failing to maintain it can result in personal liability and disciplinary action.

02

Seven-Year Cover Period

Run-off cover typically runs for seven years from the date you stop practising, though this can vary. It must be arranged before your current policy lapses.

03

Lower Premiums

Run-off premiums are generally lower than active practice premiums. Start the conversation at least 6-12 months before you plan to stop practising.

04

Selling or Merging?

If you're selling or merging your practice, the acquiring firm's policy may cover your past work, but this needs to be confirmed in writing. Don't assume.

Your PI policy has a start date. It also has a retroactive date, and that one matters just as much.

RETROACTIVE DATES

Your PI policy has a start date. It also has a retroactive date, and that one matters just as much.

A retroactive date is the earliest point from which your policy covers claims. If a claim arises from work performed before this date, your current policy won't respond. For accountants with years of prior client work, this date is critical.

01

Never Let Your Policy Lapse

A gap in cover can reset your retroactive date to the new policy inception date, effectively wiping out cover for all prior work.

02

Check at Every Renewal

Your retroactive date should ideally match the date you first held continuous PI cover. Verify this each year.

03

Switching Insurers?

Make sure your new policy's retroactive date matches or predates the one on your expiring policy. We handle this as standard when arranging cover for accountants moving to us.

04

Starting a New Practice?

Your retroactive date will be your policy inception date. As your practice grows, this date becomes increasingly valuable. Protect it by maintaining continuous cover.

QUESTIONS

Frequently Asked Questions

Yes, for most practising accountants. CPA Australia requires members in public practice to hold minimum $2 million PI cover. CA ANZ mandates $2 million minimum, and IPA members also have mandatory requirements. If you provide tax agent services, the Tax Practitioners Board has separate requirements based on your turnover. These apply on top of your professional body obligations.
PI insurance covers claims arising from your professional services, including negligent advice, errors in financial statements, missed deadlines, and breaches of professional duty. It covers legal defence costs, compensation payable to clients, and continuous cover for prior acts back to your retroactive date. It does not cover fraud, dishonesty, or work outside your professional scope.
The minimum is typically $2 million as required by professional bodies. The right level depends on your client base, fee income, and the nature of advice you provide. Accountants advising on large transactions, audits, or business structuring often require $5 million to $20 million. We assess your specific risk profile to recommend appropriate limits.
Professional Indemnity covers claims arising from your advice and professional services, such as a client suing because your tax advice caused ATO penalties. Public Liability covers physical injury or property damage, such as a client tripping in your office. Most accountants need both.
Most accountant PI policies cover BAS preparation and tax agent services, but the scope depends on your policy wording. If you're registered with the TPB as a tax agent or BAS agent, we make sure your policy explicitly covers those services and meets TPB minimum requirements.
You'll need run-off cover (also called an extended reporting period) to protect against claims from work done while you were practising. Professional bodies and the TPB typically require this cover for seven years after you stop practising. We arrange run-off cover that meets these obligations, usually at a lower premium than an active practice policy.
Your retroactive date is the earliest date from which your policy will cover claims. Work performed before this date isn't covered, even if the claim is made during your policy period. Accounting work has a long tail. A tax return lodged three years ago could give rise to a claim today. Maintain continuous cover so your retroactive date stays as early as possible.
Not if the transition is handled properly. We make sure your new policy's retroactive date matches or predates your previous cover, so there's no gap in protection for prior work. This is something we check as standard for every accountant who moves to us.

Professional Indemnity for Accountants Done Right

Whether you're a sole practitioner or a multi-partner firm, our experienced brokers will structure PI cover that meets your professional obligations and protects your practice.

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