Professional Indemnity Insurance Chartered Accountants

Professional Indemnity Insurance Chartered Accountants

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What is Professional Indemnity Insurance?

... professionals may seek Technology Liability , which combines PI with Public Liability cover. Management Consultants Accountants ... liability and professional indemnity insurance - Public Liability and PI insurance are both ...

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Professional Indemnity

... Frequently asked questions It's a common misconception that Professional Indemnity insurance is only for accountants or, lawyers.. While these professions often do require PI cover, there are many fields that may need ...

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BizCover & NZTA

... during checkout. Protect your business today. Professional Indemnity Insurance for Tutors We're not trying to ... omissions involving a breach of your professional duty. Having the right PI cover offers you peace of mind ...

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How Accountancy Insurance Protects Your Business

... is a requirement under Chartered Accountants Australia and New Zealand Regulation CR2A to have the benefit of Professional Indemnity insurance . How accountancy insurance can reduce risk for accountants Here is just one ...

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Tradie Guide to Professional Indemnity Insurance

... may lead to financial loss for a client. And this is where Professional Indemnity insurance can reduce your risk. Professional Indemnity insurance protects you against third-party claims, including the costs involved in ...

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Insurance for Accountants & Tax Agents

... some of the events that accountancy insurance can help address. Professional Indemnity Accountants and Tax Agents require professional indemnity insurance to comply with professional association requirements (e.g. NZICA ...

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How To Start Your Own Accounting Business

... or view your offers. Get Business Insurance As an accountant, you may encounter an error regarding ... Accountants and tax agents may consider Professional Indemnity as it may be required with some professional association ...

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How To Market Your Accounting Business Online

... a great way to demonstrate your expertise as an accountant, which will help your business not only reach, ... insurance , including Public Liability insurance , Professional Indemnity insurance and small business insurance. ...

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BizCover and Reflexology NZ

... of quoting application Bruce N. Accountant / Accounting Service Need Help? Visit our Contact Us page, where you can find out how to get in touch with one of our business insurance professionals. You can also access quick ...

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Turn your side hustle into a small business

... – are you going to hire the expertise of an accountant or tax agent to help manage your books? Products/stock ... professional advice or services is Professional Indemnity insurance*. Professional Indemnity Insurance (PI ...

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Help Protect your small business' reputation

... is on the line. Here are a few to consider: Professional Indemnity Insurance If your business provides a professional service or advice, such as an accountant, architect, real estate agent or beauty therapist, you have a ...

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4 Tips For Starting An Online Business

... perhaps even more essential. Having small business insurance in place can help protect your online business ... Professional Indemnity cover include health practitioners , IT contractors , management con sultants, accountants ...

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6 Reasons why some small businesses fail

... an accountant, business ... insurance* Professional Indemnity insurance * Business Insurance* Building insurance* Contents insurance* Business Interruption insurance* Portable Equipment insurance* Cyber Liability insurance ...

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10 Ways To Help Protect Your Small Business

... from financial experts like your accountant, a tax agent or even ... insurance needs. Insurance products purchased through BizCover span from the basics like Public Liability and Professional Indemnity to Business Insurance ...

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Understanding the risks for Real Estate Agents

... share information that is not accurate, you may be at risk of a claim occurring. Professional Indemnity Insurance can protect you against the risks associated with the provision on real estate services. Data protection ...

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Insurance for IT Professionals

... respond to the claim. Insurance for IT Professionals Professional Indemnity Insurance Professional Indemnity (PI) insurance provides essential financial protection for IT Professionals against potential losses arising ...

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Insurance for Mortgage Brokers

... these risks and protect your bank accounts and professional reputation. Professional Indemnity Insurance Professional indemnity insurance protects professionals, like Mortgage Brokers, who offer advice and services ...

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Insurance for Immigration Advisers

... fundamental types of cover any immigration advisor needs to consider is Professional Indemnity insurance. Professional Indemnity (PI) insurance is an important form of protection for businesses that provide specialist ...

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Insurance for Consultants

... Giving advice or providing recommendations doesn't come without risk. That's why Professional Indemnity (PI) insurance is designed to provide the essential financial protection you need as a Consultant, to safeguard ...

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Insurance for Bookkeepers

... in minutes Opportunity to compare and buy PI policies from NZ leading insurers Insurance for Bookkeepers Professional Indemnity insurance compliant with professional association requirements Opportunity to compare and ...

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Insurance for Architects & Designers

... to require professional indemnity insurance to cover themselves in person for errors and negligence. Insurance for Architects and Designers Professional Indemnity Professional Indemnity (PI) insurance provides essential ...

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Insurance for Real Estate Agents

... open houses and inspections! Understanding insurance-part 2: Professional Indemnity insurance https://www.bizcover.co.nz/understanding-insurance-part-two-professional-indemnity-insurance/ Ever wanted to understand the ...

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Insurance for Engineers

... and breaching the Engineers' Code of Ethics. Insurance for Engineers Professional Indemnity Professional Indemnity provides indemnity for professional errors and negligence. Importantly, it provides legal ...

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Insurance for Allied Health Professionals

... & Public Liability cover with our exclusive member rates. Insurance for Allied Health Professionals Professional Indemnity Professional Indemnity (PI) insurance provides essential financial protection for Allied Health ...

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Insurance for Travel Agents and Tour Operators

... to happen no matter how careful you may be. This is where Professional Indemnity insurance comes into play. Professional Indemnity (PI) insurance is an important form of protection for businesses that provide specialist ...

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Insurance for Recruitment Consultants

... services employee relations change management psychological testing training & induction Professional Indemnity Insurance for Recruitment Professionals PI insurance is designed to indemnify the insured for a claim that ...

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Insurance for Personal Trainers

... where you are faced with a claim. That's why Professional Indemnity insurance becomes an important cover to consider. Professional Indemnity (PI) insurance is an important form of protection for businesses that provide ...

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Insurance for Beauty Salons

... ? To be a member of The New Zealand Association of Registered Beauty Professionals, it is compulsory to hold Professional Indemnity insurance. Insurance for Beauty Salons Professional Indemnity The joys of being a beauty ...

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Insurance for Counsellors

... you may need to consider when working as a counsellor. Professional Indemnity insurance* Professional Indemnity (PI) insurance is an important form of protection for businesses that provide specialist services or ...

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How Insurance Can Protect Landscape Architect

... , the cost of the claim was determined to be considerably less - only $7,000. Without Professional Indemnity insurance, this landscape architect could have been liable for hundreds of thousands of dollars in damages - an ...

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Insurance for Sole Traders

... mind knowing that your valuable tools are protected. What Insurances Do Sole Traders Need? Professional Indemnity insurance* Professional Indemnity (PI) insurance is something that sole traders may need to consider when ...

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Insurance for Contractors

... check the contract to see if there's an insurance obligation that you must meet. Insurance for Contractors Professional Indemnity* Professional Indemnity (PI) insurance is an important form of protection for contractors ...

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Insurance for Psychologists

... uncertainty of running a small business. As a psychologist, you might consider these types of insurance: Professional Indemnity* Clients trust you to provide them with expert mental health care. This leaves psychologists ...

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Insurance for Carpenters

... your professional service or advice. PI Insurance will also assist with the legal costs associated with responding to or managing claims which are covered by the policy. What is covered? A Professional Indemnity policy ...

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Insurance for Designers

... don't exactly pan out as they should. Professional Indemnity (PI) insurance is an important form of protection for businesses that provide: specialist services or professional advice. It is designed to respond to claims ...

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Insurance for Education Consultants

... claim. This is where it is important to consider how Professional Indemnity insurance can safeguard your business. Professional Indemnity (PI) insurance is an important form of protection for businesses that provide ...

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Public Liability Insurance

... or injury that is not covered by the Accident Compensation Commission (ACC). Professional Indemnity Professional Indemnity (PI) insurance is an important form of protection for businesses that provide specialist services ...

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BizCover and NSNZ

... Details of Cover COVER LIMIT OF INDEMNITY EXCESS ANNUAL PREMIUM Professional Indemnity $1Million any one claim, $2M ... to get in touch with one of our business insurance professionals. You can also access quick links to our ...

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Business Insurance FAQs

... Do I need public liability insurance? What is Professional Indemnity Insurance? What does professional indemnity insurance cover? Do I need professional indemnity insurance? What is Business Insurance ? What is Business ...

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How To Start a Psychology Practice

... matters may require consultation with tax accountants and attorneys, private practice therapists can ... types of psychologist insurance include: Professional Indemnity*: Professional Indemnity insurance covers claims ...

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What Risks Do Psychologists Face?

... as part of the risk management strategy for their psychology practice. Professional Indemnity* Professional Indemnity insurance covers claims against your business for losses that result from actual or alleged negligent ...

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Work Smarter as a Massage Therapist

... in financial damage to the client, you could be liable to have a claim made against you. Professional Indemnity insurance can protect you against losses claimed by a third party due to alleged or actual negligence or ...

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What are the Risks in Running a Yoga Studio?

... liable. Professional indemnity incidents Professional indemnity incidents are incidents directly related to the professional services or advice that you provide to your clients. Professional Indemnity insurance for Yoga ...

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Hair Salon Business Tips

... were made against you. This is why an important type of insurance for beauty salons is Professional Indemnity insurance *. Professional Indemnity cover is designed to protect your business against claims for negligence ...

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What Insurance Policies do Yoga Studios Need?

... advice or them misinterpreting your instructions could lead to a negligence claim (even an unfounded one). Professional Indemnity insurance offers important protections for businesses that provide specialist services or ...

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What Insurance do Beauty Salons Need?

... you are a member of the New Zealand Association of Registered Beauty Professionals (or want to be), you must have Professional Indemnity insurance. Other forms of coverage, such as Public Liability, may be a requirement ...

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Do Hypnotherapists need Business Insurance?

... loss if that advice is misinterpreted, or they feel you acted negligently while treating them. Professional Indemnity insurance covers you for losses claimed by a third party due to alleged or actual negligence in ...

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Business Insurance Health Check Part 2

... property damage as a result of your negligent business activities. Professional Indemnity insurance* : Professional Indemnity (PI) insurance is an important form of protection for businesses that provide specialist ...

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Insurance for Yoga Teachers

... you meant no harm, these types of events can lead to claims of negligence, no matter how unfounded. Professional Indemnity insurance covers losses claimed by a third party due to actual or alleged negligence in your ...

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Insurance for Mechanics

... could backfire, resulting in a costly claim. This is where Professional Indemnity insurance can provide protection. Professional Indemnity (PI) insurance is an important form of protection for businesses that provide ...

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Insurance for Shop Owners

... your customers with products, if you provide professional advice or services you may want to consider Professional Indemnity insurance*. Professional Indemnity (PI) insurance is an important form of protection for ...

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Statutory Liability Insurance

... Indemnity insurance is designed to respond to claims against your business for losses as a result of actual or alleged negligent acts or omissions in the provision of your professional service or advice. PI Insurance ...

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What does Public Liability Insurance Cover?

... , or cause illness or injury that is not covered by the Accident Compensation Commission (ACC). Professional Indemnity (PI) insurance is an important form of protection for businesses that provide specialist services or ...

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BizCover and Massage New Zealand

... Professional Indemnity , Public Liability , Statutory Liability and Employers Liability . Professional Indemnity ... to get in touch with one of our business insurance professionals. You can also access quick links to our ...

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Why You Should Review Your Business Insurance

... of actual or alleged negligent acts or omissions in the provision of your professional service or advice. Professional Indemnity Insurance will also assist with the legal costs associated with responding to or managing ...

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How to Market Your Hair Salon Business

... . To be considered a member of the non-profit organisation, you must hold an active Professional Indemnity insurance* policy. Professional Indemnity cover is designed to protect your business against negligence or ...

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How to Start a Sole Trader Business

... on the market. Some of the typical kinds of business insurance include: Public Liability insurance* Professional Indemnity insurance* Business Insurance* Cyber Liability* Setting up your own sole trader business doesn ...

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Insurance for Massage Therapy

... to negligence claims that could potentially cripple your small business and ruin your reputation. Professional Indemnity (PI) insurance covers you for losses claimed by a third party due to actual or alleged negligence ...

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How much does Public Liability Insurance cost?

... negotiated with our insurers to combine Professional Indemnity and Public Liability cover which offer much more competitive premiums. It is also important to note that each insurance company assesses risk in different ...

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What is Public Liability Insurance?

... small business needs. The difference between public liability and professional indemnity insurance - Public Liability and Professional Indemnity insurance provide different forms of protection to small businesses that ...

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Reviews related to Professional Indemnity Insurance Chartered Accountants

  • It was so easy and great time saver, prompt delivery to obtain the Public Liability and Professional Indemnity I require as an Occupational Health and Safety Consultant and Practitioner. Other quotes took well over a week to come back to me. Definitely r

    Patricia Copp
    Consultancy Occupations

What does insurance for
Professional Indemnity cover?

  • Damages and claimant costs
    awarded against the insured
  • Legal and defence costs
  • Claims investigation costs
  • Inquiry attendance costs
  • Public relations costs
  • Intentional damage
  • Known claims and circumstances
  • Fraud and dishonesty
  • Bodily injury / property damage

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A quantity surveyor went to an onsite meeting and misunderstood the verbal description and specifications of the building project. When the time came to pay, the estimate was out by many thousands of dollars.

The Project Manager looked to the quantity surveyor who had made the error and asked him to pay for the variation of cost. The surveyor’s insurer and made a quick settlement offer.

The potential liability in this case was greater than the fees actually earned for the job. Remember, a $1,000 fee contract can potentially generate millions in liability if something goes wrong.**

Could this happen to your business?
While we may strive for perfection, making mistakes is a part of the human condition. But since your clients rely on your advice, a mistake in your line of work could be costly. Professional Indemnity Insurance allows you to cover yourself if, and when, you do slip up in your day-to-day operations.

BizCover offers Professional Indemnity policies from a range of insurers with cover limits from $250K to $10M.
When determining how much cover you need, consider the following:

Are there any statutory requirements for your profession?

Are you a member of a professional body or association with a set requirement to hold PI insurance? If so, how much cover do they require you to have?

Do any of your work contracts specify that you must hold a certain level of PI insurance?

What is the value of the jobs that you perform?

What are the potential risks (i.e. what could go wrong?) and what are the potential costs to rectify any mistakes?

What would the legal and investigation costs
add up to if any action was taken against you?

Ensure you review your insurance regularly to assess your exposure risk and increase your level of cover accordingly.

Why choose BizCover?

As one of New Zealand’s leading online SME business insurance platform, our task is to make Professional Indemnity insurance a stress-free experience. But if you are still not convinced, here are a few other reasons why you should choose BizCover for your PI Insurance.


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Frequently asked questions

It’s a common misconception that Professional Indemnity insurance is only for accountants or, lawyers.. While these professions often do require PI cover, there are many fields that may need the protection Professional Indemnity insurance provides. If your job directly involves providing your professional advice or service, you have a duty of care to your customers.
An example of some professions that may require PI cover are: health practitioners, IT contractors, management consultants, accountants and real estate agents among many others.

Professional Indemnity cover may be necessary for:

  • Anyone who provides paid professional advice or services to any business or individual
  • Contractors who work for the government or other organisations whereby insurance is mandatory as a condition of the contract

The cost of Professional Indemnity insurance depends on a number of key factors including:

  • The type of business you operate
  • Your business size and turnover
  • The amount of insurance cover you require
  • The individuals being covered – are they qualified for the job they are performing
  • Previous claims history

The simplest and most accurate way to find out how much a Professional Indemnity policy would cost for your business is to compare quotes to cover your business and its unique insurance needs.

Public Liability insurance protects you and your business against the financial implications if you are found liable for loss or damage to other people’s property, or cause illness or injury that is not covered by the Accident Compensation Commission (ACC).

Professional Indemnity Professional Indemnity (PI) insurance is an important form of protection for businesses that provide specialist services or professional advice. It is designed to respond to claims against your business for losses as a result of actual or alleged negligent acts or omissions in the provision of your professional service or advice. PI Insurance will also assist with the legal costs associated with responding to or managing claims which are covered by the policy.

Like other insurance policies there are a number of important conditions and obligations under your insurance contract that you need to understand.

Professional Indemnity insurance is issued on a ‘claims made and notified’ basis, meaning the policy responds to claims first made against the insured during the active policy period, and notified to the insurer during the policy period. In a nutshell for a claim to be considered, your policy must have been active at the time the allegation was made against you, and when the claim is lodged.

One of the vital conditions of a Professional Indemnity policy is that you may be required to give information around any circumstances that may give rise to a claim to your insurer. You have an obligation to inform your insurer as soon as practically possible once you become aware of any situation which could possibly result in a claim.

Failure to notify your insurer as soon as reasonably possible could lead to your claim being denied. So, even if you’re unsure whether it’s worthy of letting them know or not, it’s in your best interests to do so.

Have a question? Here to help

Visit our Contact Us page, where you can find out how to get in touch with one of our business insurance professionals.

Sales Team Enquiry
0800 249 268
Regular Hours:
Mon – Fri 9:00 AM – 9:00 PM | Sat 11:00 AM – 7:00 PM

You can also access quick links to our self-service portal, where you can download your Certificate of Currency, update your payment details, amend your cover and download your policy documents.

*This information is a general guide only and does not take into account your objectives, financial situation or needs. As with any insurance, cover will be subject to the terms, conditions and exclusions contained in the policy wording. The information contained on this web page is general only and should not be relied upon as advice. BizCover Limited is owned by BizCover Pty Ltd (ABN 68 127 707 975)*

* The provision of the claims examples are for illustrative purposes only and should not be seen as an indication as to how any potential claim will be assessed or accepted. Cover for a claim will depend on the specific circumstances around the loss and would be subject to the terms and conditions of the policy concerned. As with any insurance, cover will be subject to the terms, conditions and exclusions contained in the policy wording. The information contained in this article is general only. Coverage for claims on the policy will be determined by the insurer, not BizCover, and will depend on the specific facts and circumstances involved.

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