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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.
Professional 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.
Yes.
If you’re a member of the 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 definition of public practice.
Again, yes.
The minimum level of indemnity for ICAEW members with an income over £800,000 is £2 million. If your income is less, you can buy less cover.
However, ICAEW warns that doing so might mean you might not have enough should the worst happen. According to them, 2.5 times your annual income and at least £250,000 is a must.
There are further minimum ICAEW insurance cover requirements for licensed firms, those authorised by the FCA to conduct insurance distribution activities, and accredited probate firms. You can find them here.
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 ICAEW’s final requirement is two years’ run-off cover if your business closes its doors. This ensures you’re covered if you face a claim for work you did before you ceased trading.
The more astute of you will also 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.
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.
Call us and a real person answers. No call centre, no phone menu, no scripts. Just friendly, helpful advice from a business insurance professional.
