shadow

Professional indemnity insurance for accountants

Count on this

Professional indemnity insurance for accountants. Pick a package (if your turnover's under £50,000) or build your own.

Essential
Professional indemnity: £250k
Public liability: £1m
Employers' liability: £10m

£19.98

a month

Classic
Professional indemnity: £500k
Public liability: £1m
Employers' liability: £10m

£28.15

a month

Pro
Professional indemnity: £1m
Public & employers' liability
Legal expenses: £100k

£38.45

a month

Essential

£19.98

a month

Professional indemnity: £250k
Public liability: £1m
Employers' liability: £10m
Classic

£28.15

a month

Professional indemnity: £500k
Public liability: £1m
Employers' liability: £10m
Pro

£38.45

a month

Professional indemnity: £1m
Public & employers' liability
Legal expenses: £100k

When the numbers don't add up

Your clients expect the utmost care and attention. Not unreasonable considering it's their money in your hands.

But even the safest hands drop the ball now and then, and a mistake could cost you time, money and your reputation. PI insurance for accountants saves you all three.


What insurance do accountants need?

If you’re a chartered or certified accountant, or a member of a professional accountancy association, professional indemnity insurance is compulsory.

But not just any old professional indemnity will do – it has to have an ICAEW approved policy wording. (You'll always get this if you get your cover from us.)

Oh, and if you have employees the law says you need employers’ liability insurance too.

What level of cover do accountants need?

To some extent, this decision is made easy by what ACCA, CIMA, ICAEW and various professional associations stipulate:

ACCA

Income up to £200k: two and a half times your firm’s gross fee income for the last financial year or 25 times the largest fee, whichever is greater.

Income £200k-£700k: the aggregate of £300k and your firm’s total income or 25 times the largest fee, whichever is greater.

Income £700k or more: £1m or 25 times the largest fee, whichever is greater.

ICA

Income less than £600k: two and a half times your firm’s gross fee income.

Income more than £600k: £1.5m.

Sole traders have to have at least £50,000; all other firms at least £100,000. Perhaps oddly, there’s a maximum too: £1,500,000. Firms with large turnovers or specific client requirements can get more, however.

What should my policy include?

An ICAEW approved wording is industry standard and already has everything you need. The insurer has to note any changes they’ve made to this wording by including a ‘difference in conditions’ clause.

Otherwise, you need to make sure your cover is backdated at least six years. If you haven’t been trading for at least six years, backdate it to when you first started your practice. This is called ‘retroactive cover’.

Why should I buy my insurance from you?

Glad you asked.

The simple answer is: we know what we're doing. Professional insurance is all we do so we know what you need, even if you don't.

We also know that buying insurance can be, well, a bit of a pain. So we make sure getting yours is quick and hassle-free.

We do all that while treating you like a human being, too. You won't find a call centre here. Or a phone menu. And we've banned nonsense insurance jargon.

Anything else? Well, there's the free stuff you get, such as MOO Minicards. We have an 'I'm insured!' badge for your website too – perfect for the professional professional.

Also, you get to talk about your business in front of thousands on our blog, and we'll give you money each time you recommend us.

Plus, every insurance-related question you can think of is answered in our School of Risk, and you'll get our quarterly risk advice email – 'The Waggle' – to help you avoid problems in the first place.

If you're after a second opinion, have a look at our customers' feedback. They're the ones you should really listen to.

Risk tips for accountants
School of risk for accountants

Numbers up

If you’re a chartered or certified accountant, or a member of a professional accountancy association, you’ll know that you have to have professional indemnity insurance.

Read more...

Buy online in minutes. Less admin, more business!
yay banner image
  • Industry & association compliant
    Ticks ICAEW and ACCA boxes
  • Buy online in minutes
    No forms, no fuss
  • Speedy service
    Less admin, more business
  • Interest-free Direct Debit
    Your budget, your way
What our customers say
testimonial quotation mark

Good service and very helpful customer services desk.

The service received from PolicyBee was very quick and efficient.

All aspects of contact, quotation and putting cover in place were exemplary.

The service received from PolicyBee was very quick and efficient. The advisor was very professional and explained the nature of the policy which according to my requirements.

The advisor was very professional and explained the nature of the policy which according to my requirements.

Very easy to use the website and a good premium.

Feefo Feedback
More customer feedback feefo-slide-right

Prefer to chat?

No problem – we'll call you.

Sarah Adams - our accountants' insurance expert

I'm Sarah,
our accountants' insurance expert.

Got a question? Need a quote? Call me on
0845 872 5085, or click
'Call me back'.

shadow