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Professional Indemnity (PI) Insurance for Accountants

Provide helps you get the best Professional Indemnity coverage to protect your business from lawsuits for errors & omissions, malpractice, defamation, sub-contractor errors, and more.

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Professional Indemnity Insurance for accountants protects your business from legal liability while providing services to clients.

This type of insurance will cover:
1. Lawyer fees to defend your company from claims of professional negligence
2. Legal damages awarded due to such lawsuits (covers damages and settlements)

This type of insurance is very important if you operate any kind of service business. If you make an error while serving clients, or your service causes damage or injury, your clients can certainly file civil lawsuits against you, demanding you pay compensation.

  1. Example Claims:
    An architect makes errors while drawing up building plans. These errors cause building faults, and delays in the construction project. The client sues the architect for $500,000 in damages.
  2. A nail salon, performing manicures, accidentally causes infections in several clients’ fingernails. The clients collectively file $100,000 in civil suits for negligence, and personal injury. 

Unless you have large amounts of cash to pay for lawyer fees and legal damages, it is very beneficial to have a Professional Indemnity policy that will protect you from expensive litigation.

  • Errors & Omissions / Negligence / Malpractice: Coverage for your mistakes while performing services for clients. 

    For example, if you run an Accounting practice and make mistakes while auditing financial statements, your clients could file a civil suit against you for malpractice. 

  • Defamation: Coverage if you are found guilty of libel or slander.
    For instance, you make verbal claims (slander) and written claims (libel) about a competitor’s services that are later found to be untrue, resulting in you being sued. 
  • Retroactive Claims: Coverage for mistakes that occurred before you bought Professional Indemnity Insurance.
    Professional Indemnity Insurance is usually structured on a “Claims Made” basis. This means that even if your claimable event occurred several years ago, as long as you file a claim while your current policy is active, you will be protected. You must have held uninterrupted Professional Indemnity coverage for this retroactive protection to apply.
  • Subcontractor Errors: Coverage for subcontractor mistakes that harm your clients.
    For instance, you run a construction company and subcontract work to electricians. They do a poor job of wiring your client’s property, causing damage and injuries. Both your subcontractor and your company are sued.
Because the coverage terms of each Professional Indemnity policy are crafted on a case-by-case basis, more specialised coverage can be customised to suit your unique needs. Get started on a quote, or drop us a message to start crafting your own custom policy.
  • Circumstances that could lead to a claim, which you knew about prior to activation of this policy
  • Death, injury or illness of employees. You’ll need Work Injury Compensation Insurance to cover this.
  • Management-related claims such as Wrongful Employment Practice lawsuits from employees. You’ll need Directors & Officers Liability Insurance to cover this.
  • Damage to third-party property, unless arising directly from a professional error.
  • Pollution caused by your services. You’ll need Directors & Officers Liability Insurance to cover this.
  • Cost of dealing with cyber attacks due to negligent safety measures. A Professional Indemnity policy does not cover the cost of dealing with cyber attacks. You’ll need Cyber Insurance to cover this.
As long as you provide any kind of services to clients, it’s important to consider Professional Indemnity Insurance seriously. For a small annual fee, you immediately protect yourself from lawsuits that could potentially deal a crushing financial blow to your business.
It is standard practice for these industries to have Professional Indemnity coverage:
  • Accountants
  • Healthcare Services
  • Legal Services
  • Financial Services (Financial Advisors, Investment Firms, Brokerages)
  • Architects
  • Surveyors
  • Logistics Firms
  • PR/Marketing Firms
  • Construction Firms 
  • Spas and Massage Therapists
  • Hair/Nail Salons
You should evaluate these factors to decide:
  • Regulatory/Professional Association Requirements: Some industries (e.g. accounting, financial services, law) have legal requirements for how much Professional Indemnity Insurance you need to have. 
  • Worst-Case Scenario: Think about the size of the contracts you accept. What is the maximum amount you could be sued for? And how much would it cost for lawyer’s fees?
  • Number of Employees: The more employees you have, the more professional liability you are exposed to. Your firm could face multiple lawsuits caused by different employees!
Our experienced brokers at Provide will help you create a policy that will protect you from the worst legal scenarios.
Policies generally begin from $2,000/year, for a starting amount of about $500,000 in coverage. Prices will vary depending on your business type and size.
With Provide, you save up to 25% on your annual premiums. That’s because our digital operating model creates lower overheads, and we pass every dollar saved back to our clients.
To get the best coverage for your business, it’s crucial to work with a great broker. Our industry experts, with 20+ years of experience, will:
1. Analyse your unique needs.
2. Craft a custom protection plan for you.
3. Search the market for the best coverage and lowest prices for you.
Get started on a quote today! 

Prefer to speak to a consultant? Call us at 8717 8489

Get Professional Indemnity Insurance tailored for your business. Lowest prices nationwide.

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