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Professional indemnity insurance for tax consultants

Professional indemnity
from
£12.20
 a month

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 liability
£3.73
 a month
£1,000,000 for physical damage and injuries caused by your business
Employers' liability'
£3.27
 a month
£100,000 legally required cover for employers
Based on an annual income of up to £25,000. All prices include IPT at 12%.
Quote online for turnovers up to £500,000, or call and talk to an expert.

Looking out for number one

Nobody enjoys sorting out tax; that’s just how it is. That’s good for you, though, as it means you’ll always have a steady flow of messy tax affairs to put right.

Your clients are paying you to do something they can’t, so it’s reasonable they expect your work to be of a high standard. So, should a mistake in your work cost your client money, you could find yourself facing allegations of professional negligence.

Professional indemnity insurance can help save you time, money, and your reputation. It covers the costs of legal fees, as well as compensating your client. That’s handy.

What insurance do tax consultants need?

If you’re a member of a professional body for tax advisers, or you’re a chartered accountant, it’s likely you’re required to have professional indemnity insurance.

Depending on your professional body, they may require you to have a specific policy wording. Our wordings are industry standard, and are approved by the ICAEW.

It’s also a legal requirement that any business with one of more employees have employers’ liability insurance. If one of your employees suffers a workplace injury or illness and you’re to blame, it covers your defence costs. If you are liable, it can compensate your injured employee.

What level of cover do tax consultants need?

This will depend on which, if any, professional bodies you’re a member of.

CIOT

Members of the Chartered Institute of Taxation only need their own PI insurance if they’re self-employed. Otherwise, their firm’s insurance should cover them.

If your gross fee income is less than £400,000, CIOT insist you have the greater of two and a half times your gross fee income, or £100,000.

If your fee income is greater than £400,000, you’re required to have a £1m level of indemnity for each and every claim.

ATT

The Association of Tax Technicians have the same guidelines as the CIOT, so follow the advice above.

ICAEW

For ICAEW members with an income less than £600k, your level of indemnity should be two and a half times your firm’s gross fee income.

If your income is more than £600k, your level of indemnity should be £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.

ACCA

ACCA members with an income of up to £200k should have a level of cover of at least 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.

If your income is between £200k and £700k, your level of cover should be the aggregate of £300k and your firm’s total income or 25 times the largest fee, whichever is greater.

If your income is over £700k, you need £1m of cover, or 25 times your largest fee, whichever is greater.

Everyone else

If your professional body don’t specify a minimum level of cover, or you’re not a member of one at all, you’ll have to decide how much insurance is appropriate for what you do.

Remember, it’s always better to have too much, than too little.

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 should ask for your policy to include ‘retroactive cover’. This extends your insurance back to a date in the past, so any work done before buying the insurance is also covered. You should backdate your cover at least six years, or to the date you started trading.

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 great stuff you get, such as 20% off everything at MOO. We have an ‘I’m insured!’ badge for your website too – perfect for the professional professional.

Also, we’ll give you money each time you recommend us.

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

Read what our customers say about us
very helpful and straight forward
Tax Consultancy
25 February 2019
Painless process and quick
Financial Modelling
16 March 2019
Excellent service quick friendly
Compassion,
Bookkeeping and Accountancy
12 November 2018
Prefer to talk it through?

We’re here Mon-Fri, 9-5.30.

Give us a ring on
0345 561 0320

Or ask us to ring you

Yasin Akdemir
Account Executive