Most provincial association by-laws/regulations require a minimum coverage of $1 million. The minimum requirement is different for partnerships and incorporated companies. Please consult the by-laws/regulations of your provincial association to make sure you satisfy the professional liability insurance requirements:
Part-time Practice Coverage
Certain sole practitioners who are operating a part-time public accounting practice out of a home office and have full-time employment elsewhere may be eligible for a part-time practice package for a limit per claim of $1,000,000 and annual aggregate of $1,000,000. Please contact your Program Representative to determine whether or not you meet the following qualifying criteria:
- annual gross billings must not exceed $30,000;
- there must be no more than one CPA and one part-time staff;
- the part-time practice is in addition to a full-time employment, or the CPA is semi-retired and provides services from his/her home.