Accountant Insurance

Accountant Insurance

If you offer accounting advice or services, consider purchasing Accountant Insurance to protect yourself against claims related to your professional activities.

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What is Accountant Insurance?

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

What does Consultant Insurance cover?

What does Accountant Insurance cover?

A comprehensive Accountant Insurance policy will include the following:

What is the cost of Consultant Insurance?

Who needs Accountant Insurance?

If you offer accounting services or guidance for a fee, eliminate risk and protect yourself with Account Insurance.
As a CPA, you may be held liable for advice or work done that results in any form of damage or doesn’t yield the promised results.

Some specific accounting fields we cover include:

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

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

What is the cost of Consultant Insurance?

What is the cost of Accountant Insurance?

The cost of an Accountant Insurance policy varies according to factors such as:

  • Services offered
  • Level of experience
  • Annual revenue

To get a better idea of how much your policy will cost, provide answers to these questions right here and our online platform will generate a quote for you.

Getting insured is quick and easy!

If Accountant Insurance is what you need, request a free quote now.

Which professions require Accountant Insurance

Regardless of the type of consulting business you run, Accountant Insurance is critical:

  • 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

Accountant insurance for cyber threat

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.

Accountant insurance for book keeping errors

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.

CPA Insurance protects financial errors

As a CPA, 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?

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?

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?

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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