ICAEW compliant professional indemnity insurance
Even small mistakes cause big problems. Protect your work, your reputation and your bank balance with professional insurance for professional people.
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Professional indemnity insurance defends you against claims of negligence, breach of confidentiality, dishonesty, libel and slander. We offer up to £5,000,000 cover.
Public liabilityProfessional bodies like the ICAEW don’t just let any old number crunchers in. They have high standards. And, knowing you’re a chartered accountant, your clients expect the highest degree of accuracy.
Let’s hope you don’t make a mistake, because chances are it will cost your client money. Unhappy clients = a day in court, and the only way to balance those figures is with compensation, and lots of it. Luckily, professional indemnity insurance can help.
Are there any insurance regulations that ICAEW members must comply with?
Yes.
If you’re a member of ICAEW with a practising certificate and engage in public practice, professional indemnity insurance is compulsory.
If you’re unsure if your business activities are considered public practice, read the ICAEW’s statement on public practice.
Still in doubt? The ICAEW recommends you contact the Ethics Advisory Service on +44 (0)1908 248 025 for advice.
Do ICAEW specify a minimum level of cover for their members?
Again, yes.
The minimum level of indemnity for ICAEW members with an income over £600,000 is £1.5 million. If your income is less, you can buy less cover. However, ICAEW warn that doing so might mean you might not have enough should the worst happen. As a general rule, 2.5 times your annual income is a good place to start.
If your firm is a licensed firm, or is authorised by the FCA to conduct insurance mediation activities, your minimum level of indemnity should be the equivalent of at least €1,120,200 for any one claim, and €1,680,300 in total.
Finally, if your firm is an accredited probate firm, you must have a minimum level of indemnity of £500,000 for any one claim.
What should my policy include?
Our policy wording is ICAEW-approved for use by its members. This means it already includes everything you need. If you’re shopping around, make sure what you’re quoted is what you need.
To comply with ICAEW regulations you must backdate your insurance by at least six years. This is called ‘retroactive’ cover and is usually free to add to your policy. If you’ve been trading for fewer years, backdate it from the date that your business started.
The more astute of you will know that ICAEW members must buy their professional indemnity from an ICAEW-approved insurer. Rest assured that the insurers who provide our accountant’s insurance are all approved by the ICAEW.
Do I need public liability insurance?
It’s probably a good idea, yes.
Accountants’ public liability insurance covers physical rather than financial losses. In other words, a third party claiming your business has damaged their property or a person. Or both.
It’s useful if you go out and about seeing clients, or if clients come to see you.
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