One morning you cannot open your practice system. A ransomware note appears and your client folders are encrypted. You pay IT experts to contain the attack, restore data and keep servicing urgent client requests while systems are down.

Cyber Insurance may respond to ransomware and cyber extortion costs, including business interruption losses, extra expenses and digital asset restoration costs.

You receive an email that looks like a known client, asking you to send a payment from a trust account to new bank details. The message is a fake. The transfer goes out before anyone spots it and you face demands to recover the missing funds.

Cyber & Technology Liability Insurance may respond to losses arising from funds transfer fraud or social engineering where a fraudulent electronic instruction causes a payment loss.

A staff member clicks a phishing link and their mailbox is accessed. Client files with TFNs and bank details are copied. You must investigate what happened, notify affected people and handle incoming complaints while keeping day to day work running.

Cyber & Technology Insurance is designed to respond to breach response costs following a data breach, including forensic investigation, legal advice, client notification costs and regulatory response costs.

You lodge a BAS and tax return for a client. Later, they get an ATO adjustment and penalties. They say your calculations were wrong and they relied on your advice, causing a financial loss. They demand settlement or compensation and you need to respond with your working papers.

Professional Indemnity insurance is designed to respond to claims arising from alleged negligence, errors or omissions in your professional services, including defence costs and compensation.