Accountants Insurance

Accountants Insurance can include cover for claims made against you by a client or third party that alleges negligence, a breach of trust or confidentiality, or defamation from the professional risks that your practice faces. 

Adding in additional insurance covers, for example, Cyber Insurance, can cover the risks to your business that fall outside of your professional activities.  

The other insurance you need will be based on your circumstances. 

Looking to close your business, then you may need run off cover. 

If the limit of indemnity needs to increase, then you need Excess Layer Insurance. 

Do you need to cover past works, then we can work with you to put a Retroactive Date on your PI Cover 

If you have employees, you will need Employers’ Liability Insurance. 

Do you have equipment that needs protecting? Then an Office Insurance policy can provide cover for your furniture, IT equipment, technical surveying equipment 

If you don’t want to be personally liable as a Director, a Directors’ and Officers’ Insurance policy covers your defence costs and any compensation you must pay. 

Each regulatory body has its minimum Limit of Indemnity (LOI) levels of Professional Indemnity Cover required by members, which is based on your fee income. 

You should look at your Associations website for further information or contact our team for further advice.  

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/members/professional-indemnity-insurance 

ACCA – https://www.accaglobal.com/gb/en/technical-activities/technical-resources-search/2019/july/what-are-minimum-PII-requirements.html 

CIMA – https://www.cimaglobal.com/Members/Your-Membership-Information/Members-handbook/Licensing-and-monitoring/Members-in-practice/Mandatory-requirements/ 

If your firm is unable to obtain PII in the insurance market via your existing broker, then we may still be able to help. 

As a last resort, you can apply to enter the assigned risks pool of your Association for ’emergency’ cover for a period of up to two years so that you can continue 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. 

Getting a quote is easy.  You can call us on 0190 344 4951 and our friendly team of specialists will be happy to help.