Starting an Accounting Practice? Here's What You Need to Know About PI Insurance
Professional Indemnity insurance isn't optional — it's a requirement. Get the right cover from a provider built specifically for accountants like you.
Get a QuoteSetting up your own accounting practice is a major professional milestone. 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 professional indemnity insurance should be near the top.
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
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
Download: PI Requirements Checklist for New Practices
A complete checklist covering professional body requirements, what to gather before applying, coverage elements to compare, and common compliance gaps to avoid.
Download ChecklistMore on PI Insurance for New Practices
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What Insurance Do You Need to Start an Accounting Practice?
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Read moreHow to Choose the Right PI Insurance for Your Accounting Practice
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Read more5 PI Insurance Mistakes New Accounting Practices Make
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Read moreReady to Get a Quote?
Specialist PI insurance for accountants, from the people who understand your practice. Obligation-free.
Abacus Australia Ltd (ACN 008 664 140 | AFSL 280616). This content is general information only and does not constitute financial advice.