Insurance for Accountants
Policies available to meet the requirements of the accounting professional bodies
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Policies available to meet the requirements of the accounting professional bodies
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What is accountants’ insurance?
Insurance for accountants helps you manage the cost of common business risks, like professional negligence claims, errors and omissions in your work, cyberattacks, and damaged equipment.
Accounting practices normally have specific insurance requirements that they must meet to work in Australia. Minimum levels of accountant and CPA Professional Indemnity insurance are required to join industry associations and register as a tax professional.
Our accountants’ insurance can be tailored to meet industry requirements and the individual needs of a broad range of accounting professionals, including auditing, taxation, corporate finance work, and more!
Why do accountants need insurance?
Accountants need Professional Indemnity insurance to meet industry standards and work in Australia. It can also help accountants manage common risks that come with handling sensitive information, working with accuracy and integrity, and protecting their public relations reputation.
Other types of business insurance help accountants manage some unexpected bills that can happen while doing business.
Join CPA Australia, Chartered Accountants Australia or the Institute of Public Accountants
Register with the Australian Tax Practitioners Board (TPB)
Pay legal costs if you face a professional negligence claim
Replace damaged equipment.
Recover after a cyberattack
Who needs accounting insurance?
From sole practitioners and small accounting firms to larger accountancy practices, business insurance is an important part of protecting your growing business. BizCover helps a broad range of tax and accounting professionals get personalised cover online, including:
Accountants / CPAs
BAS Agents
Payroll Specialists
Registered Tax Agents
Accounting Firms
Auditors
Accountants and CPA insurance requirements
The Tax Practitioners Board and several professional bodies require Professional Indemnity insurance to maintain regsitration or membership. BizCover offers tailored policy wordings and limits that match these industry and association requirements.
| Professional body | Is Professional Indemnity insurance required to register or join? |
|---|---|
| Tax Practitoners Board (TPB) | Yes; Mimimum levels based on services provided and business turnover (excluding GST). Learn more |
| CPA Australia | Yes; Minimum levels between $2 million and $75 million depending on services provided and fees earned. Learn more |
| Chartered Accountants Australia New Zealand (CA ANZ) | Yes; Minimum levels based on type of service provided and engagement fee size. Learn more |
| Institute of Public Accountants (IPA) | Yes; Minimum of $2 million or $10 milllion depending on annual income. Learn more |
What does Professional Indemnity accountancy insurance cover?
Professional Indemnity insurance helps address many risk exposures for accounting professionals, such as:
- Accounting and/or bookkeeping errors
- Missed deadlines, or failing to lodge documents
- Document loss
- Alleged professional negligence
- Incorrect professional advice
- Confidentiality breaches
- Accidental breaches of legislation
- Unitentional defamation
What types of business insurance do accountants need?
Accountants usually consider several types of cover to help protect them and their business from different types of risks. Professional Indemnity is the main type of accounting insurance, as it is required to work in Australia. With BizCover, you can build a policy package to match your specific business needs
Popular cover types for accountants:
Accountants could also consider:
Insurance made for accounting pros
Start a quote to compare cover options and buy online in minutes.
How much does accountants’ insurance cost?
Business insurance for accountants costs $98 per month*.
Factors influencing cost
Risks of the industry
Cover level amount
Annual turnover
Number of employees
Claims history
*BizCover’s Customer Average Monthly Payment Report is based on 1 July 2024 to 30 June 2025 and presented as a guide only. It may not reflect pricing for your particular business, as individual factors will apply.
Get cover that grows with your business
BizCover has policy limits to suit sole traders to high-capacity accountancies:
- Professional Indemnity up to $10 million
- Cyber Liability up to $2 million
- Public Liability up to $20 million
- and Tax Audit up to $50,000.
Unsure how much to choose? Think about:
Statutory Profession Requirements
Cover required by contracts
Number of employees being covered
Your contract value
Worst case scenario claim size
Underinsurance
We know it’s tempting to select a lower level of cover to reduce premiums, but this can leave businesses shocked and insufficiently covered when making a claim.
Ways underinsurance catches business owners out:
Inflation
With inflation, the cost of living and doing business increases. Remember to over yourself, your tools and assets for the rising costs of replacing or covering them, not what you paid for them – you may be surprised at the difference.
Not covering the full cost of your risks
If you select cover levels for less than the value you may be found liable – left out of pocket when it comes to claims time. It’s important to review your risks and determine how much you will need to cover any claim that may come your way.
Factors influencing cost
Risk of the industry
Cover level amount
Annual turnover
Number of employees
Claims history
*BizCover’s Customer Average Monthly Payment Report is based on 1 July 2024 to 30 June 2025 and presented as a guide only. It may not reflect pricing for your particular business, as individual factors will apply.
Get cover that grows with your business
BizCover has policy limits to suit sole traders to high-capacity accountancies: Professional Indemnity up to $10 million, Cyber Liability up to $2 million, Public Liability up to $20 million, and Tax Audit up to $50,000.
Unsure how much to choose? Think about:
Statutory professional requirements
Cover required by contracts
Number of employees being covered
Your contract value
Worst case scenario claim size
Underinsurance
We know it’s tempting to select a lower level of cover to reduce premiums, but this can leave businesses shocked and insufficiently covered when making a claim.
Ways underinsurance catches business owners out:
Inflation
With inflation, the cost of living and doing business increases. Remember to over yourself, your tools and assets for the rising costs of replacing or covering them, not what you paid for them – you may be surprised at the difference.
Not covering the full cost of your risks
If you select cover levels for less than the value you may be found liable – left out of pocket when it comes to claims time. It’s important to review your risks and determine how much you will need to cover any claim that may come your way.
How It Works – Buying Online
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How To Make a Claim Online
We’ll assist you through the claims process & manage the claim directly with the insurer.
Let us know Fill out our
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Receive extra support We
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Claim results We will notify
you of the claim outcome.
3 steps to get your biz insured:
- Let us know
Fill out our claims form and provide info to support the claim.
- Receive Extra Support
We’ll assist you with your claim.
- Claims Results
We’ll notify you of the claim outcome.
Award-Winning Tech & People
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See How Much Other Accountants Have Saved By Purchasing a Policy Through BizCover
Naomi
Accountant from
VIC
Saved
$200
on
Professional Indemnity insurance
Steve
Accountant from
QLD
Saved
$200
on
Public Liability and Professional Indemnity insurance
Alex
Accountant from
QLD
Saved
$50
on
Professional Indemnity insurance
^Savings made from February to August 2025. This information is provided as a guide only and may not reflect pricing for your particular business, as individual underwriting criteria will apply.
Frequently asked questions
Yes. CPA (Certified Practising Accountants) and ICAA (Institute of Chartered Accountants Australia) require a minimum of $2 million in Professional Indemnity cover.
Professional Indemnity insurance* for accountants could help you handle claims like accounting and bookkeeping errors, incorrect tax preparation, and negligence in rendering professional services—just to name a few.
As a general rule of thumb, yes. Professional Indemnity insurance is required for most accountants in Australia. The Tax Practitioners Board requires that tax and BAS agents have Professional Indemnity insurance to maintain their registration.
Additionally, Professional Indemnity cover is mandatory to become a member of CPA Australia, Chartered Accountants Australia New Zealand (CA ANZ), or the Institute of Public Accountants (IPA).
Depends, accountants may need Public Liability insurance, depending on where and how they work. If you regularly meet with clients face-to-face in your office, their business premises, or in other locations, you may want to consider having a Public Liability policy.
A Public Liability policy may be required if you lease commercial office space for your accountancy.
Professional Indemnity cover for accountants provides protection against common risks, such as bookkeeping errors, confidentiality breaches, and missed deadlines.
Our policies can be tailored to cover:
• Claims and lawsuits related to professional services or advice
• Legal defence costs
• Damages, settlements, and judgements paid to clients
• Defamation (allegations of libel or slander)
• Run-off cover for accountants who have ceased practicing or retired
There are several steps that accountants can take to manage their indemnity risk and help avoid unnecessary Professional Indemnity claims, including:
• Put agreements and contracts in writing
• Maintain accurate and complete records
• Establish internal procedures for reviewing and approving work
• Stay up to date with professional and ethical standards and legal requirements
BizCover customers can make an insurance claim 24/7 by filling out an online claims form. Their dedicated claims support team will manage the claim with the insurer on your behalf and notify you of the outcome.
A certificate of currency is instantly emailed to you after purchasing your policy. You can also download a certificate of currency at any time through our online customer portal.
Hear from our customers
Very quick and easy to set up.
Debra T, Accountant
This experience was super easy and straight forward. No need for me to print and manually fill in forms, scan and email anymore. 10/10
Retimoi G, Accountant
We have all our business insurance with Bizcover now because of Jason and how polite, professional and helpful he is. Please pass on my thanks to him.
Elly R, Accountant
Thank you for making this process quick and easy.
Heena S, Accountant
Real-life customer reviews verified by Feefo