Cover designed for AI use, AML changes and evolving exposures.
Karen McDonald, Accountancy Insurance
Professional Indemnity (PI) insurance has always been a core requirement for accounting professionals. However, the nature of professional risk is changing rapidly.
From the increasing use of Artificial Intelligence (AI) tools to the introduction of new AML obligations, the exposures faced by accounting professionals today are not the same as they were even a few years ago. As a result, it is worth considering whether your current PI arrangement still reflects the way you operate.
In response to this shifting landscape, PI Shield is now backed by a new insurer.
A strengthened PI solution backed by Acerta on behalf of Guild Insurance
Accountancy Insurance’s PI Shield is now backed by Acerta on behalf of Guild Insurance, an established Australian insurer founded in 1963 with an AM Best rating of A‑Excellent.
This enhancement brings together:
- Stability from a well-established insurer
- Coverage designed for the way accounting firms operate today
- Competitive premiums, providing strong commercial value
Cover designed for today’s accounting risks
The role of the accountant continues to evolve, particularly as firms adopt new technology and navigate increasing regulatory oversight.
PI Shield has been structured to respond to areas where claims are most likely to arise today, including:
Use of AI tools in professional services
As Artificial Intelligence (AI) tools become more integrated into day-to-day work, they introduce new risks.
Know that you’re protected when using AI tools. If an AI-related issue results in an allegation that an accountant failed to protect client data, failed to exercise due care, or relied on outputs that should not reasonably have been relied upon, that is where PI exposure may arise.
New AML obligations commencing 1 July 2026
The introduction of updated AML requirements brings another layer of responsibility, and with it, new areas of potential exposure.
For professional indemnity claims involving accountants, the following types of penalties commonly fall within insurable territory apply:
- Civil penalties for inadvertent breaches of state based accountants, or consumer protection legislation.
- Certain administrative/disciplinary fines issued for unintentional non compliance.
These developments highlight the importance of ensuring that PI cover is not only in place but also aligned with current regulatory expectations.
What’s included in PI Shield
In addition to responding to emerging risks, PI Shield provides a range of included benefits designed to support accountants and their firms:
- $250,000 Employment Practices Liability
- $500,000 Fidelity
- $250,000 Third Party Cyber
- $250,000 Statutory Liability
- 2 hours of complimentary legal advice
Together, these inclusions form a practical and well-rounded level of protection for modern accounting practices.
A natural point to reassess your PI
For many accounting professionals, PI insurance is something that renews each year with minimal review. However, given the pace of change across technology and regulation, renewal provides a natural opportunity to step back and ask:
- Does your current policy reflect how your firm operates today?
- Are emerging risks, such as AI use, adequately addressed?
- Are you receiving a competitive outcome in terms of both coverage and premium?
With its enhanced structure, updated cover, and new insurer backing, PI Shield presents a strong alternative worth considering.
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Professional Indemnity insurance is ultimately there to respond when something goes wrong. The question is whether your current policy is designed for the types of scenarios most likely to arise today.
As the profession continues to evolve, so too should the protection that supports it.
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