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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.
Need Accountants Insurance?
For comprehensive Accountants Insurance
What does Accountants Insurance cover?
We arrange for insurance for accountants that can include:
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Tailored insurance to the needs of your business
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Our team of UK-based insurance experts are here to help, Monday – Friday, 9am – 5pm.
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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 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.
What other insurance does an accountant need?
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.
What are the PI requirements for ICAEW, AAT, ACCA, CIMA or CIA?
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/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 PII?
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.
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?
Getting a quote is easy. You can call us on 01903 444 951 and our friendly team of specialists will be happy to help.
