What Type of Insurance Coverage Do Accountants Need in Canada?

With tax filing time approaching, both new accountants seeking coverage for the first time and experienced accountants who need to renew their policies require a comprehensive accountant insurance policy. 

The Chartered Professional Accountants (CPA) of Canada advises independent accountants and firms providing accounting services to protect their businesses and clients with insurance.

Mistakes, omissions, and unexpected damages resulting in claims can affect any accountant.

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What Does Coverage Does Accountant Insurance Include?

There are three primary coverages every accountant should have in their policies. They are:

• Professional Liability Insurance: Professional liability insurance for accounting professionals covers claims or lawsuits alleging financial loss due to a service you provided, professional negligence, misconduct, or failure to deliver services as promised.

• General Liability Insurance: General liability insurance covers expenses from common risks during daily business operations, including third-party property damage and third-party bodily injuries. For example, if a client visiting your office trips, falls, and is injured, general liability insurance is designed to cover their medical expenses.

• Cyber Liability Insurance: Cyber liability insurance covers risks involving the technologies your practice uses and confidential client data. It covers most cyber incidents affecting your accountancy (first-party) and clients (third party). 

There may be other types of insurance a policy should include to create comprehensive protection, such as:

• Cybercrime Insurance: Cybercrime insurance complements cyber liability insurance. It covers criminal activities that occur via the internet or other computer networks affecting your practice. It’s designed to address online financial theft and fraud committed against you and your clients, including funds transfer fraud, phishing attacks, and ransomware attacks. 

• Commercial Property Insurance: Commercial property insurance protects your office from damages and losses caused by fire, water, natural disasters, theft, and vandalism. 

• Business Interruption Insurance: Business interruption insurance helps cover an accountancy’s income and overhead expenses following an insurable property loss that forces a firm to close temporarily for repairs.

• Business Contents Insurance: Business contents insurance protects all the assets, inventory, and equipment in an office following a property damage loss. For example, it covers repairing or replacing computers and office equipment like photocopiers, furniture, fixtures and fittings.

Note: Many commercial property policies may automatically include business interruption and business contents insurance. A Zensurance broker can advise you on what coverages a customized policy for your accounting practice should include.

Where to Get Low-Cost Accountant Insurance Quickly

Zensurance can help your accounting practice get a comprehensive, affordable accountant insurance policy quickly and easily.

Fill out our online application for a free quote in less than five minutes.

Rest assured, our team of insurance experts is here to guide you. We’ll leverage our partner network of over 50 Canadian insurers to get the low-cost coverage your accountancy requires and customize it to suit your specific needs.