Get indemnity™ accountants insurance
Get indemnity™ accountants insurance can provide cover to a wide range of professional activities, including but not limited to booking keeping, payroll services, tax consultancy, audit and accounts, company secretary work, as described further below.
Attention to detail in accountacy is very important, however mistakes are not uncommon and can have costly implications. If your accountancy firm is unfortunate enough to become the target of an allegation, even if the allegation has no merit, can be costly to defend.
Allegations of a professional wrongdoing often involve complex litigation when professional accountancy services are offered which means the stakes can be high in defending your interests.
Accountants professional indemnity claims include:
Misleading financial statements
Negligent record keeping
Misuse of personal information
Breach of contract
At get indemnity
™ we can provide accountants professional indemnity insurance to small to medium accountancy firms with a turnover less than £100m. Please call us on 0345 625 0711
or arrange a call back
to discuss your needs.
Accountants insurance can provide cover for actuaries, auditors, bookkeepers, insolvency practitioners, management consultants, tax advisors and payroll specialists.
What accounting activities pose a greater risk?
Most accountancy firms adhere to the highest standards, however mistakes can occur, and frivolous allegations can be made.
The nature of the work you undertake will have a direct bearing on your accountant's professional indemnity insurance premium. The below guide seeks to identify and group different types of accountancy activities by categories of risk:
> Lower risk accountancy activities
> Management Consultancy
> Payroll services
> Personal Tax Consultancy
> Company Secretary work
> Medium risk accountancy activities
> Audit & Accountancy
> General Insurance work
> Trusteeships / Directorships
> Financial Services work
> Insolvency work
> Corporate Finance
> High risk accountancy activities
> Audit & Accountancy - Publicly Listed companies
> Mergers & Acquisitions
Who are the professional accountant governing bodies?
There are a number of governing bodies who maintain rules for accountants professional indemnity:
> The Association of Chartered Certified Accountants (ACCA)
> The Institute of Chartered Accountants in England and Wales (ICAEW)
> The Chartered Institute of Management Accountants (CIMA)
> The Institute of Chartered Accountants of Scotland (ICAS)
> The Institute of Chartered Accountants in Ireland (ICAI)
> The Chartered Institute of Taxation (CIOT)
What are the conditions for accountant's professional indemnity insurance?
At get indemnity™ we're starting to see a hardening of the market with less insurers willing to compete for accountant's professional indemnity insurance.
There remains a number of specialist insurers that want to grow their portfolios within this space for well managed and claims free accountants. Please give one of our Account Executives a call on 0345 625 0711 to discuss further.
Medium to high hazard accountant activities may come under increasing pressure to accept premium increases. Your PI insurance broker should engage with you early in the renewal process to ensure sufficient strategic planning.
Other Accountants Insurance
At get indemnity™ we offer comprehensive business insurance to ensure your accountancy firm purchases the most appropriate cover at the lowest cost. Complete our online application to apply for a broad selection of insurance covers designed for accountants.
Public liability insurance
At your firm, if you have clients or members of the public visit your premises, or if you visit clients at their premises, it's worth considering public liability insurance
The cover will provide a legal defence and cover the cost of damages from a client or member of the public that has suffered bodily injury or property damage. This could include a client slipping and suffering a back injury at your premises. Without adequate protection this type of accident can become very costly.
Employers liability insurance
Nearly all accountancy firms employ staff, therefore you will be required to purchase employers liability insurance
The cover will provide a legal defence and cover the cost of damages from an employee who has suffered bodily injury or illness whilst working for you. This could entail an employee falling on the stairs as a result of a loose carpet.
Cyber crime insurance
can cover your legal liability and expenses to mitigate the impact of a theft of customer data. While, crime insurance
can cover the financial loss from a fraudulent theft of funds.
Complete our online application to apply for cyber and crime, we can identify a range of solutions available for your firm.
This guide is for information purposes and based on sources which we believe are reliable, the general risk management and insurance information is not intended to be taken as advice with respect to any individual circumstance and cannot be relied upon as such.