Accountant Insurance2019-07-12T11:37:48-04:00

Accountant (CPA) Insurance

Every accountant or CPA who offers accounting advice or services should consider Accountant Insurance.
Protect your accounting practice against claims of negligence, errors or omissions.

Join thousands of Canadian businesses that are already protected!

Accountant Insurance

What is Accountant (CPA) Insurance?

Accountant Insurance coverage protects accountants against allegations of negligence or claims of financial loss through errors & omissions coverage or professional liability coverage.

What does Accountant Insurance cover?

When requesting an Accountant (CPA) Insurance policy package, make sure it covers:

Who needs Accountant Insurance?

Any person or practice who offers accounting services or guidance for a fee needs CPA insurance.
Accountants might be held liable for advice or work done that results in any form of damage or doesn’t yield the promised results.

The following are the typical fields where accountants operate:

  • Bookkeeping Services
  • Tax Computations, Filing and Planning
  • Corporate Financial Consulting
  • Audit Engagements
  • Review Engagements
  • Financial Planning

Without the right insurance coverage, your accounting practice could suffer severely due to lawsuits from unhappy clients.

Accountant insurance will cover you and allow you to focus stress-free on running your practice.

What is the cost of Accountant Insurance?

The cost of an accountant insurance policy varies according to factors such as:

  • Types of services offered
  • Level of experience in the accounting industry
  • Revenue over the last year

The insurance costs for accountants vary based on some other factors too.

You can provide answers to these questions right here and our online platform will generate a quote for you.

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Which accounting services require Accountant Insurance?

Regardless of the type of accounting services you offer, CPA insurance is critical:

  • Bookkeeping Services

  • Tax Return Preparation (Personal)
  • Tax Return Preparation (Corporate)
  • Tax and Estate Planning
  • Business Valuations
  • Corporate Financial Consulting
  • Investment Consulting
  • Audit Engagements for Publicly Held Companies
  • Audit Engagements for all others
  • Mergers & Acquisitions Activity
  • Review Engagements
  • Non-review Engagements
  • Receivership or Trustee on Bankruptcy
  • Other (e.g. lawyer, insurance broker etc.)
  • Forecast
  • Projection

  • Limited partnership or tax shelter syndication
  • Securities or trustee services
  • Compilations

  • Forensic Accounting / Litigation Support / Investigative Accounting
  • Management Advisory Services
  • Personal Financial Planning
  • Investment Advisory Services

Common scenarios where Accountant Insurance is useful:


Electronic data relating to your clients is stolen from your systems and their financial and personal information is compromised. It’s practically impossible to bounce back from a cyber breach without insurance.

Marketing Consultant Insurance

As a bookkeeper, you are filing tax returns for a client but due to an error on your part, the CRA is auditing the client and the client decides to sue you.

Architect Consultant Insurance

As an accountant, you are finishing up financial documents for your client but due to an error on your part, the financial documents overstate the client’s profits and he ends up over-spending in the next quarter.

Frequently Asked Questions about
Accountant Insurance

What are the minimum Professional Liability (also known as Errors and Omissions) limits that accountants must have in their policy?2019-06-10T10:30:04-04:00

As determined by Chartered Professional Accountants (CPA) Canada, the minimum coverage amount per claim depends on the number of accountants in a firm. For one-member firms, the minimum limit is $1 million. For firms with two or three members, the minimum limit is $1.5 million. For firms with four members or more, the minimum limit is $2 million.

Is Professional Liability Insurance mandatory for accountants?2019-06-10T10:31:17-04:00

According to Chartered Professional Accountants (CPA) Canada, all accounting firms (whether a one-person operation or a group operation) that provide accounting services to the public should insure their business with Professional Liability Insurance. Check the CPA branch website of your province to find out about other mandatory laws that apply to accountants and bookkeepers in your province.

Is Cyber Liability coverage included in my Errors and Omissions policy?2019-06-10T15:09:58-04:00

No, Errors and Omissions (E&O) Insurance for accountants may only cover mistakes and missed deadlines due to negligence in the accountant’s services that lead to financial loss for clients. If the accountant’s computer network is hacked, E&O will not cover the cost of damages that result from the personal and financial information of clients being compromised. To cover third-party damages due to a breach of cybersecurity, accountants may consider adding Cyber Liability coverage to their policy.

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