Professional Liability Insurance

  • Exclusively crafted by CPAs for CPAs, our risk education, coverage, and claims expertise are tailored to the profession.
  • Our coverage is broad. We offer a complete range of solutions for firms and practitioners at every stage of their careers. 
  • As a member of the CPA family network, we are uniquely positioned to collaborate closely with national and regional regulators. 
  • Our pricing is transparent, simple, and predictable. 
  • We harness the interests of over 9,000 CPA firms to advocate tirelessly to meet the insurance interests of the profession. 
  • We leverage insights from thousands of claims to inform invaluable accounting-specific risk education and advice.
  • Ability to extend coverage beyond the $1 million offered by the Quebec Fond up to $10 million.
  • Robust claims limits, meeting the needs of most CPA firms. 
  • Various deductible options as a means of controlling premium costs. 
  • No/low-cost retirement solution for qualifying members.
  • Seamless coverage for services provided across a wide geographic territory. 
  • A special solution for volunteer work. 
  • Coverage for directors or officers serving on external non-profit boards.

Talk to a Program Representative or review the policy documents for a complete view of coverage features. 

What is professional liability insurance?

Professional liability insurance provides protection for losses that arise from the practice of the profession. Please review your policy documentation for a complete overview of coverage.

Who requires professional liability insurance coverage?

If you’re a sole proprietor, multi-practitioner, part-time and volunteer practitioner, or retired accounting professional providing advice or offering services in exchange for a fee, professional liability insurance is required to ensure protection for yourself, your firm, and your clients.

Why do I need insurance coverage?

Insurance coverage provides several layers of protection:

· Protecting yourself and your firm: Insurance coverage safeguards you against claims, lawsuits, or allegations of professional negligence. Without coverage your personal assets or your firm’s assets may be at risk.

· Protecting the public: When you maintain insurance coverage, you are purchasing a safety net that is dedicated to your clients should an error or omission occur whilst providing services. 

How much coverage do I need?

Several factors are usually considered when determining the appropriate amount of coverage, including regulatory requirements, number of employees, practice location, revenue, and the types of services provided.

I am a member of the Quebec Fond insurance policy; do I need Excess Coverage?

The excess coverage provided by ACPAI expands the coverage limits up to $10 million and enhances the level of protection offered by the Quebec Fond, ensuring that you receive the most comprehensive protection available in the market.

I have dual membership in Quebec and a non-Quebec province, do I need a second policy?

Yes, two policies is required. You must obtain a policy through the Quebec Fond for services provided in Quebec. A second policy is required to ensure coverage for services provided outside of Quebec

What is not covered?

Our coverage is exceptionally robust. Unless an exclusion applies, coverage exists. For example, losses arising from criminal, dishonest, or fraudulent acts are excluded. Please refer to your policy documentation for a full overview of coverage and exclusions.

How much does the insurance cost?

Several factors determine the cost of insurance, including years of experience, revenue, number of employees, prior claims, type of services as well as claims history.

When do I need professional liability insurance?

Any accountant providing public accounting services must have insurance to practise. It is a requirement in order to obtain a license to practise.

Do I need professional liability insurance if I solely focus on tax return preparations?

While your services may not fall under “public accounting services,” professional liability insurance is strongly advised. Our experience shows that tax-related services represent the greatest exposure for accountants.

As this is my first year in public practice, how do I answer the questions about billings and nature of work?

Simply provide us with estimates of your expected gross billings and a sample of the services you expect to provide.

How can I make a payment for my invoice?

Follow the instructions provided on your invoice. We offer eco-friendly green payment options, including major credit cards (up to $2,000 including taxes), Interac Autodeposits, electronic fund transfers, and bank wires. If these methods are not feasible, we also accept payment by cheque.

My spouse, who was a CPA, has passed away. Do I still need a professional liability insurance policy?

This is a challenging time, and we offer our condolences. Provincial by-laws require CPAs to maintain insurance for a period of six years after they cease their practice. Maintaining insurance ensures coverage is available in the event that a loss is discovered or reported even after services themselves have discontinued.

I’m planning to retire or discontinue my practice. Do I still need professional liability insurance?

Provincial by-laws require CPAs to maintain insurance for a period of six years after they cease their practice. Maintaining insurance ensures coverage is available in the event that a loss is discovered or reported even after services themselves have discontinued.

1 ACPAI Insurance is a subsidiary of CPA Professional Liability Insurance Plan Inc. ACPAI Insurance is insured by CNA Insurance.

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