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Accountants Insurance
Our Financial Professions team can arrange suitable accountant insurance to include Professional Indemnity Insurance to cover your professional activities, and cover including Cyber Insurance, Directors and officers and/or Management Liability, Office Insurance and Business Travel for your business risks.
Accountants Insurance for large and small practices.
Accountants of all shapes and sizes, whether chartered or non-chartered can make mistakes. Unfortunately, your chosen career path means small mistakes (a comma or decimal point in the wrong position) could have enormous consequences if a claim should arise from your clients.
That’s why your Accountants Insurance should, at the very least include Professional Indemnity Insurance for Accountants and Accounting Practices in their insurance programme.
Choosing a broker to act on your behalf is essential, as it’s not just a simple case of picking an off-the-shelf PI product.
Most Accountants are members of a professional institute or association, and to keep your membership, you’ll have to abide by the minimum terms and conditions for insurance set by your institute or association.
Our brokers have worked with many Self-employed Accountants and Large Accounting Practices to secure their Professional Indemnity Insurance when they are members of ICA, ICAEW, AAT, ACCA, CIMA or CIA, and arranged other insurance covers for their business risks.
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What does Accountants Insurance cover?
We arrange for insurance for accountants that can include:
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Need Accountants Insurance?
For comprehensive Accountants Insurance
Accountants Insurance
This is one of the more complex areas of cover, so to help you get the protection you need, here are our Accountants Insurance frequently asked questions. We hope they will help, but if you’d like some independent advice, please call us on 01903 444 951 and we’ll be only too happy to help.
What does Accountants Insurance cover?
Accountants insurance primarily covers claims made by clients or third parties alleging negligence, breach of trust or confidentiality, errors, omissions, or defamation. It includes professional indemnity insurance (also known as accountants professional liability insurance) which protects accounting professionals against lawsuits alleging financial loss due to mistakes or alleged error in providing professional advice or accounting services. Additional covers may include Cyber Insurance to protect accountants from risks related to data breach or cyberattacks involving confidential data and client information.
What other insurance coverage options should accounting firms consider?
Besides professional indemnity insurance, accounting firms often carry professional liability insurance and general liability insurance to cover bodily injury or property damage occurring on office premises. Coverage might also include office insurance for physical things your business owns, such as office tenant improvements, equipment, and furniture. Directors’ and Officers’ insurance, management liability insurance, and business travel insurance are also common. It is important to have a good policy with high liability limits to protect accountants from legal fees, legal defence costs, and lawsuits alleging financial loss.
What are the PI requirements for ICAEW, AAT, ACCA, CIMA or CIA?
Each professional institute sets minimum limits of indemnity (LOI) levels for professional indemnity cover based on your fee income or business needs. These requirements ensure that accountants have adequate insurance coverage to pay for legal costs, settlements, or judgments up to the policy limit. Check your association’s website or consult Jensten Insurance for specific guidance.
ICAEW – https://www.icaew.com/regulation/professional-indemnity-insurance
ICAS – https://www.icas.com/regulation/regulatory-authorisations/professional-indemnity-insurance
ATT – https://www.att.org.uk/professional-indemnity-insurance
ACCA – https://www.accaglobal.com/gb/en/about-us/regulation/rulebook/PII.html
CIMA – https://www.aicpa-cima.com/resources/landing/members-handbook
What if my accountancy firm is unable to obtain professional indemnity insurance?
If you cannot get professional indemnity insurance through your broker, Jensten Insurance may assist. Some professional associations have assigned risks pools that provide emergency coverage for up to two years to protect accountants who otherwise cannot secure insurance.
Do I need Professional Indemnity Insurance after I've ceased to practice?
Yes – it is essential that you secure ‘run-off’ cover for your previous practice after you cease to practise. This is to cover you for claims for work done while in practice but arising after the practice ceased. This requirement is in your own interests, whether or not you think you might have claim in future.
How can I get an Accountants Insurance quote?
You can contact Jensten Insurance specialists to discuss your business needs and obtain a customised insurance coverage quote. They can help you find the right coverage options tailored to your accounting services, whether you are a sole practitioner or part of a larger accounting firm.
Getting a quote is easy. You can call us on 01903 444 951 and our friendly team of specialists will be happy to help.
Are accountants required to carry professional liability insurance?
Yes, many professional bodies such as CPA Canada and other chartered professional accountants associations require accounting professionals and accounting firms to carry professional liability insurance with minimum policy limits. This insurance safeguards against claims arising from errors and omissions, malpractice, or negligence, excluding criminal acts or deliberate fraud.
What types of claims are typically covered by accountants professional liability insurance?
Claims can include errors or omissions in tax returns preparation, mistakes in financial reporting, breach of confidentiality involving client information, and lawsuits alleging financial loss due to professional advice or negligence. The insurance covers legal fees, legal defence costs, settlements, and judgments up to your policy limit.
Does accountants insurance cover bodily injury or property damage?
General liability insurance for accountants covers bodily injury or property damage occurring on your office premises, including slips, falls, or accidents involving clients or visitors. It also covers advertising injury coverage such as libel or slander claims related to your professional services.
How does the coverage vary based on the size of the accounting firm?
Coverage options and premium costs vary based on factors such as the number of employees, revenue, services offered, and risk exposure. Larger accounting firms may require higher policy limits and additional coverage options to protect against complex lawsuits and business risks
What is the importance of having a high enough contents limit?
Contents insurance protects the physical things your business owns, including computers, office tenant improvements, and furniture. Having a high enough contents limit ensures you can replace these items if damaged or stolen due to perils included in your policy, such as water damage or theft.
Can accountants insurance protect against cyber risks?
Yes, Cyber Insurance is a critical part of accountants insurance today. It helps cover costs related to data breaches, cyberattacks, and the protection of confidential data and client information. This coverage can include legal fees, crisis communication, investigation expenses, and regulatory fines.