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What type of insurance do accountants need?

Looking for liability insurance as an accountant? We've got you covered – bind a customized accounting insurance package with us today, so you can balance the sheets worry-free.

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If you are a professional engaged in the practice of financial services in Canada, business insurance is not a nice-to-have, it’s a must-have. All public accounting service providers, nationwide – including both individual professional service providers and registered professional accounting firms – must carry professional liability insurance (PLI). This is a requirement of the Chartered Professional Accountants of Canada (CPA Canada). 

You are considered a financial service provider if you are a:

  • Chartered accountant
  • Certified general accountant
  • Chartered professional accountant
  • Bookkeeper
  • Tax preparer

Read on to find out more about how professional liability insurance protects you as an accountant. You’ll also learn what other types of insurance you may want to consider to best cover your business.

Accountant's professional liability insurance

As a professional who provides your clients with expertise and advice related to your field, PLI helps shield your business from costly expenses.

Often referred to as errors and omissions insurance, or simply E&O, it covers legal fees resulting from claims of negligence, malpractice, or misrepresentation. This type of policy can give you peace of mind that your business will not come to financial ruin.

APOLLO’s professional liability insurance covers you as an accountant or financial service provider if you are sued by a client. Even if you are not at fault. 

Key features include:

  • Errors and omissions coverage up to $5M
  • Optional add-on packages to fit your business needs, such as: 
    • Commercial general liability coverage up to $5M, which includes $1M non-owned auto
    • Office contents coverage up to $250K
    • Privacy breach expense coverage up to $100K
    • Unlimited Access to a legal helpline
  • Coverage for businesses with up to 20 employees
  • Flexible monthly and annual payment options
  • Available in all Canadian provinces and territories, except Québec
  • Up to three operation selections allowed for a single policy
  • Revenue outside of Canada and the United States permitted

Looking for professional liability insurance as a CPA?

We've got you covered – get your customized CPA insurance policy online with us today.

Other types of coverage for accountants

Although professional liability insurance is a requirement for financial service providers in Canada, there are other types of coverage that you may want to consider to fully protect your business. 

Here are two common types of insurance that accounting professionals also choose to cover their firm or business with: 

  • Commercial general liability (CGL): General liability insurance for accountants covers bodily injury from things like a slip and fall on your office premises. It also covers libel and slander through the personal and advertising injury coverage. Having a good policy with high liability limits can end up saving you thousands of dollars in the long run.
  • Contents insurance: Contents insurance for an accountant covers the physical things your business owns. This includes computers, furnishings, and office tenant improvements. It also covers costs associated with relocating in the event of fire, water damage, flood, theft, or other perils included in the policy. It is important to have a high enough contents limit to replace everything in your business.

These additional types of coverage are available as optional add-on packages through APOLLO’s professional liability insurance policy.

Accountant’s insurance in action

Below are two claims scenarios that could happen to a financial service provider, and how professional liability insurance would protect them.

Accountant insurance claims scenario: omission of information

Coverage: professional liability insurance

A financial advisor puts together a quote for a retiring client. After leaving his job, the client discovers that he is not receiving as much of a monthly pension as the advisor had quoted. The client now sues the consultant, claiming that there was an omission in the advisor’s calculations. This may leave the advisor financially accountable for the alleged error.

With professional liability insurance, however, the advisor is covered for this potentially costly misunderstanding.

Accountant insurance claims scenario: stolen equipment

Coverage: contents insurance

During tax season, a bookkeeper’s office gets broken into and all of her electronics are stolen. This includes her computer, which contains her accounting software and client information. Even though the data is backed up online, she still faces expensive replacement costs in order to get her business up and running again. 

Fortunately, with contents coverage, her insurance company pays for a lot of these expenses, allowing her to continue working without interruption.

APOLLO has you covered

Professional liability insurance is essential for any business operation. It can financially protect you and your venture from unexpected legal expenses, theft, injuries, or property damages.

APOLLO is making professional liability insurance effortless for accountants and financial service providers. As Canada’s leading online insurance company, we deliver a people-first buying experience through time-saving technology and a deep understanding of the communities we serve.

Buy online in minutes, and receive your policy and certificate of insurance in real-time directly to your email. Visit to learn more and get insured today.

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