Professional Indemnity for Accountants
Meet the $2M requirement, fast.
Two million reasons accountants need the right PI
Brooke Kerr, gets the kind of call every broker dreads. Her client’s professional indemnity renewal is due today. The Certificate of Currency has just been rejected by their industry body. The reason? Their policy only provides a $1 million limit, costs inclusive (not the $2 million equivalent required to keep their registration active).
The tension builds fast. Without the right certificate, the firm can’t renew its membership or keep trading. Brooke’s client is frustrated. They thought their existing PI was fine. Brooke’s searching for a solution that meets the rules, without over-insuring or blowing their budget.
That’s when she finds Hutch. Our Accountants wording delivers a $1 million limit with costs in addition - the same protection that regulators expect from a $2 million costs-inclusive policy. Brooke obtains a quote in minutes. The new certificate issues instantly. Registration saved. Client retained.
Get a quote on Ebix Sunrise Exchange or SCTP
Coverage at a glance
Core sections
Section 1: Professional Indemnity (PI) – civil liability arising from professional accounting, bookkeeping, BAS or related advisory services (claims-made and notified).
Section 2: Public Liability (PL) – legal liability for third-party bodily injury or property damage occurring in connection with the professional business (occurrence-based; included where shown on the Schedule).
Section 3: Cyber – available on Sunrise as a separate section; on SCTP it is provided via an endorsement applied to all quotes (aggregate limit as shown on the Schedule).
Defence costs: paid in addition to the limit for covered claims, unless stated otherwise on the Schedule.
Who it’s for
Australian accounting and bookkeeping practices seeking clear, compliant protection for their professional services.
Includes practices providing tax, BAS, payroll, management reporting or business advisory support.
Designed to meet the professional indemnity requirements of key industry bodies such as CPA Australia, CA ANZ (subject to the TMD and underwriting).
Optional extensions
Fidelity: covers loss of money or property due to dishonest or fraudulent acts by an employee, subject to the sub-limit and conditions shown on the Schedule.
Sudden & Accidental Pollution: covers claims first made and notified during the policy period arising from sudden and accidental pollution caused by a negligent act, error or omission (sub-limit applies).
Previous Business: provides cover for professional services undertaken before the policy inception date, when performed by a director, partner or principal of the insured under a prior business of the same nature, as disclosed and noted on the Schedule.
Extensions apply only when shown on the Schedule and subject to the policy terms, conditions and exclusions.
Also see: Financial Services Guide (FSG)
Key Covers
- Civil liability for professional services: Claims-made and notified cover for alleged error, omission or breach in accounting, bookkeeping, BAS or related advisory work.
- Defence costs: Paid in addition to the Limit of Indemnity for covered claims, unless the Schedule states inclusive. We may advance reasonable defence costs in accordance with policy conditions.
- Reinstatement of limit: Available for subsequent unrelated claims where stated on the Schedule.
- Loss of Documents: Cover for loss, damage or destruction of physical or electronic documents connected with the professional business, subject to sub-limits and definitions.
- Representation at inquiries: Costs to represent the insured at official investigations, inquiries or disciplinary proceedings relating to the professional business, subject to sub-limits.
- Consumer law: Unintentional breach of the Competition and Consumer Act 2010 (Cth) or similar fair-trading law, subject to policy terms and conditions.
- Vicarious liability for contractors: Covers the insured for work performed on its behalf by consultants or subcontractors. Contractors themselves are not insured under this policy.
- Optional extensions: Fidelity; Sudden & Accidental Pollution; Previous Business (when shown on the Schedule and subject to underwriting).
- Cyber coverage highlights: Protection for data breaches, network infection liability, privacy breach costs, and loss of funds from cybercrime. Includes support for notification, data recovery and system restoration expenses, subject to the aggregate limit shown on the Schedule.
Appetite & Fit
(quick guide)
| Typically suitable for | May be suitable for | Not suitable for |
|---|---|---|
Accounting and bookkeeping firms operating within Australia that provide professional services such as tax preparation, BAS lodgement, payroll management, business reporting, and general advisory support.
|
Firms with low exposure to financial product advice or audit work, provided these activities are incidental to broader accounting or bookkeeping services and disclosed at submission. Underwriter review required where services extend to management consultancy, business valuation, or forensic accounting. |
Practices providing regulated financial product advice under an AFSL (SMSF advice is considered), insolvency or receivership services, legal or conveyancing work, or audit services for publicly listed companies, financial institutions or superannuation funds. Also not intended for entities domiciled or operating outside Australia. |
Examples only. Subject to underwriting. Always refer to the current Policy Wording for terms, conditions, limits and exclusions.
Broker FAQs
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Is this wording different from a generic liability policy?
Yes. It combines PI, PL and a Cyber section specific to accounting risks. PI and Cyber are claims-made; PL is occurrence-based.
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What documentation do I need to quote?
Firm details, services, revenue, claims/circumstances, and material facts. Quote and bind within Sunrise or SCTP; email submissions aren’t accepted.
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Are subcontractors covered?
We will cover your liability for work performed on your behalf by sub-contractors in the conduct of your Professional Business. There’s no cover for the consultant’s own liability.
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What about retroactive exposure?
Claims-made applies. Check the Schedule for any Retroactive Date and continuity provisions.
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What is claims-made?
Under a claims-made policy, cover is triggered when a claim is made against the insured and notified to the insurer during the policy period, regardless of when the act, error, or omission occurred (subject to any retroactive date and other policy terms).
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How are principals noted?
Insured definitions include the Named Insured and certain persons/entities connected to it, as set out in the policy.
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Which jurisdictions apply?
Australian law and courts apply. Section 2 also refers to Territorial Limits.
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What isn’t covered?
Every policy has exclusions. Common examples include audit of publicly listed companies, financial or legal services, unauthorised funds transfer unless conditions are met, trading debts, and general cyber loss (except where covered under Section 3). Refer to the full policy wording for the complete list of exclusions, terms and conditions.
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How do I lodge a claim?
Notify Hutch Claims as soon as practicable and provide relevant documents (contract, scope, correspondence). Our in-house claims team will confirm next steps.
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How do I place this?
- Review the docs – Download Policy Wording (HCL3A).
- Quote – Use Ebix Sunrise Exchange or SCTP.
- Bind - Bind and Close instantly.
- Issue Documents – Issue automatically generated Schedule and CoC; and share with your client.
Downloads
Policy Documents
Why brokers choose Hutch
A broker-first quoting experience, built for today’s accounting and advisory practices.
Fast, smart quote pathways within Sunrise and SCTP mean brokers can enter, quote and bind in minutes. No double-keying. No closings. Invoices auto-populate.
When a referral is needed, you won’t be waiting long. Our Financial Lines Underwriters typically respond within one business day and are available to talk through complex client structures, engagement terms, or claims history scenarios.
Our wording is purpose-built for accountants and bookkeepers, not adapted from other professions. Key features like costs in addition, Representation at Inquiries, and Loss of Documents help ensure clients meet professional body requirements while keeping their cover practical and compliant.
Built for brokers. Designed for your clients’ professional obligations. Backed by Lloyd’s.
The clear way to better cover.
Underwriter Spotlight
Ross Chambers
Head of Financial Lines
Ross brings a rich work history and a passion for insurance intricacies. Armed with a double degree in Economics and Finance, Ross began his career in a graduate program, where he gained exposure to diverse insurance facets, sparking his industry interest. Transitioning to underwriting in 2014, he specialises in professional indemnity insurance, relishing its complexity.
This page is intended for licensed insurance brokers. General advice only. It does not take into account your client’s objectives, financial situation or needs. Coverage is subject to the terms, conditions, limits and exclusions in the Policy Wording. Available via Ebix Sunrise Exchange and SCTP. Hutch follows the General Insurance Code of Practice and ASIC RG 234 guidance in our communications.