Starting an Accounting Practice? Get Your Insurance Setup Right.
Professional Indemnity is required. Cyber and public liability often follow. Take three minutes with our Practice Starter checklist and see exactly what cover you need now, what can wait, and what to ask before you quote.
Setting up your practice? You're in the right place.
Whether you're leaving an employer to go solo, buying into a partnership, or restructuring an existing firm, there's a long list of things to organise — and getting your insurance setup right is one of the things that protects every other decision you make.
Abacus has been working with new and growing accounting practices since 1990. Our specialist policies, accountant-led claims committee, and member benefits exist for the moment you're standing in right now.
The Practice Starter Checklist
Most new accountants assume they just need PI. In practice, what you need depends on how you work — your services, your clients, your data setup, and where you are in your practice journey. Take three minutes and we'll show you exactly what cover to put in place now, what can wait, and what to ask any broker.
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Why PI Insurance Matters When You're Starting Out
Getting your PI insurance right from day one protects your practice, your clients, and your professional registration. Here's what to consider.
Compliance with your accounting body
All four major Australian accounting bodies require PI insurance as a condition of holding a public practice certificate. Without it, you cannot legally practise.
Coverage that reflects your actual services
Your policy wording needs to match what you do — tax, audit, SMSF, advisory. Generic cover from a non-specialist provider can leave critical gaps.
Retroactive cover
If you've been practising under an employer's policy, you may need retroactive cover for work done previously. This protects against claims arising from past advice.
Claims support when it matters
If a claim arises, you need support from people who understand accounting — not a generic call centre processing a ticket. The quality of claims guidance is as important as the policy itself.
How Abacus Is Different
Abacus Australia has been protecting accountants since 1990. Run by accountants, for accountants — that's not a marketing line. It's our structure.
Our claims committee is made up of practising accountants. Our policies are designed from the inside out for the realities of a small accounting practice.
Tailored policy wording
Civil liability wording designed specifically for accounting services — not a generic professional services product.
Compliance aligned
Structured to meet CPA Australia, CA ANZ, IPA, and ATMA requirements without you needing to interpret complex wording.
Accountant-led claims committee
Practical, human support when something goes wrong — from people who've walked in your shoes.
Cyber & public liability add-ons
Optional cover for data breaches, ransomware, and client visits — increasingly relevant for modern practices.
Unlimited retroactive date
Standard on all policies — covers past work with no cut-off date, so you're protected from day one.
Member benefits beyond insurance
Referrals to marketing, staffing, and finance contacts. Business roundtable access. A professional community, not just a policy.
What You'll Need to Get a Quote
Already worked out what cover you need? Have these details ready and the quote process is straightforward. Most new practices can be quoted within a day.
- 1 Your accounting body membership details (CPA, CA ANZ, IPA, or ATMA)
- 2 Your practice structure (sole trader, partnership, company, trust)
- 3 The services you offer or intend to offer (tax, audit, SMSF, advisory)
- 4 Your estimated fee income for the first year of practice
- 5 Any prior claims history or circumstances that could give rise to a claim
More on Insurance for New Accounting Practices
Practical guides to help you make informed decisions about your cover.
What Insurance Do You Need to Start an Accounting Practice?
A plain-English breakdown of the insurance types every new accounting practice should consider — PI, cyber, public liability — and which ones are mandatory.
Read morePI Insurance for Sole Practitioner Accountants: What's Different?
Sole practitioners face unique PI considerations — from personal liability exposure to run-off cover. Here's what to look for in a policy built for one-person firms.
Read moreEngagement Letters: Small Print, Big Impact
The engagement letter is the cheapest, most underused risk-management tool in any accounting practice. What yours should cover and how to make it work in practice.
Read moreCyber Risk for Cloud-First Accountants — What You Actually Need to Know
Most accountants don't get hacked by sophisticated attackers — they get caught by predictable patterns. The three real threats and the five things to do this month.
Read moreTwo ways to start
If you're not sure what you need, take the 3-minute Practice Starter checklist. If you already know your cover and just want a quote, head straight there. Either way, you're talking to specialist accountants' brokers.