Date posted: 08/07/2025

The Scheme and Professional Indemnity insurance

A second layer of security for your practice in professional indemnity insurance.

In brief

  • The Scheme and Professional Indemnity insurance
  • Online PI calculator
  • What happens if a client makes a claim

The Scheme requires members to have a minimum level of Professional Indemnity (PI) insurance.  

 The type of work you perform, your fees and your billing cycle impacts the minimum PI insurance you need.

  Audit  Insolvency    Other
Where highest fee* is <$100k  $2 million  $2 million  $2 million 
Where highest fee* is ≥$100k  but < $300k $5 million  $5 million  $5 million 
Where highest fee* is ≥$300k but <$500k  $10 million  $10 million   $10 million  
Where highest fee* is ≥$500k but <$1million  $20 million  $20 million  $20 million 
Where highest fee* is ≥$1million but <$2.5million  $50 million   $20 million   $20 million 
Where highest fee* is ≥$2.5million  $75 million   $20 million   $20 million 
  Audit  Insolvency    Other
Where highest fee is $100k  $2 million  $2 million  $2 million 
Where highest fee is ≥$100k  but < $300k $5 million  $5 million  $5 million 
Where highest fee is ≥$300k but <$500k  $10 million  $10 million   $10 million  
Where highest fee is ≥$500k but <$1million  $20 million  $20 million  $20 million 
Where highest fee is ≥$1million but <$2.5million  $50 million   $20 million   $20 million 
Where highest fee is ≥$2.5million  $75 million   $20 million   $20 million 

*Fee is defined as a payment made to a participant in exchange for services but excludes disbursements and goods and services taxes.

For more information to assist you with working out how much PI insurance you’ll need, refer to the section below on calculating your cover or use the PI Checklist created by Aon, the Preferred Professional Indemnity CA ANZ Member Benefits Partner for Practitioners (in Australia).

 
  Audit  Insolvency    Other
Where highest fee is $100k  $2 million  $2 million  $2 million 
Where highest fee is ≥$100k  but < $300k $5 million  $5 million  $5 million 
Where highest fee is ≥$300k but <$500k  $10 million  $10 million   $10 million  
Where highest fee is ≥$500k but <$1million  $20 million  $20 million  $20 million 
Where highest fee is ≥$1million but <$2.5million  $50 million   $20 million   $20 million 
Where highest fee is ≥$2.5million  $75 million   $20 million   $20 million 
  Audit  Insolvency    Other
Where highest fee is $100k  $2 million  $2 million  $2 million 
Where highest fee is ≥$100k  but < $300k $5 million  $5 million  $5 million 
Where highest fee is ≥$300k but <$500k  $10 million  $10 million   $10 million  
Where highest fee is ≥$500k but <$1million  $20 million  $20 million  $20 million 
Where highest fee is ≥$1million but <$2.5million  $50 million   $20 million   $20 million 
Where highest fee is ≥$2.5million  $75 million   $20 million   $20 million 

Online PI calculator

Use our online PI insurance calculator to get an idea of how much cover you might need to protect your practice

Go to the calculator

What happens if a client makes a claim?

The first thing you should do if a client makes a claim or threatens to make a claim is let your insurer know. Be guided by their advice.

You also need to let us know about the claim. Each Participant must notify CA ANZ immediately upon receipt of a professional indemnity insurance notification or claim event exceeding $1,000,000. We need the information, as we are required to report this to the Professional Standards Councils (PSC).   Information you provide is kept strictly confidential and we only report de-identified data to the PSC.

Your lawyer is responsible for including the liability cap as part of the defence of a claim. The court considers if certain conditions were met at the time the work was performed in making a decision on the outcome of the claim.

These include:

  1. a scheme was in place
  2. you were a member of CA ANZ covered by the scheme(see How it works? above)
  3. your practice held practice entity membership (PEM) with CA ANZ
  4. whether the services performed meets the definition in Regulation CR2 of ‘public accountancy’ services, and
  5. the client had been informed that you were covered by a Scheme. 

CA ANZ’s Professional Standards Scheme

Go back this main page for more information.

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