Accountants Professional Indemnity Insurance

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Accountants Insurance UK Guide

Compare specialist insurance designed to provide financial support to accountancy firms

In the course of performing their professional duties, accountancy firms are exposed to a number of financial risks. A simple error or miscalculation in the provision of technical or advisory services can prove costly.

Guide to Accountants Insurance

  1. Accountants professional indemnity insurance
  2. Professional governing bodies
  3. Accountants professional activities by risk
  4. Market conditions for accountants insurance
  5. Other Business Insurance
  6. Accountants public liability
  7. Accountants employers Liability
  8. Accountants cyber crime


Accountants professional indemnity insurance

Accountants PI insurance can protect against the failure to exercise reasonable skill and care in provision of professional accountancy services. The insurance will pay legal costs incurred in defending allegations and pay damages arising from any judgment, award or settlement.

Allegations of a professional wrongdoing often involve complex litigation which can be costly. Potential accountants professional indemnity insurance claims include:

     

Improper advice

Misleading financial statements 

Inadequate research 

Negligent record keeping 

Misuse of personal information 

Breach of contract

As a digital insurance broker, we can identify a selection of quotes designed to meet your specific requirements. Choose the covers that are right for your accountancy firm and create a single comprehensive package.

Accountants insurance can provide cover for actuaries, auditors, bookkeepers, insolvency practitioners, management consultants, tax advisors and payroll specialists.


Professional governing bodies

There are a number of governing bodies who maintain rules for accountants professional indemnity insurance:


Accountants professional activities by risk

Most accountancy firms adhere to the highest standards, however mistakes can occur, and frivolous allegations can be made. Professional indemnity insurance offers protection against what can be lengthy and costly legal disputes. 

The nature of the work you undertake will have a direct bearing on your 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
>   Bookkeeping
>   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


Market conditions for accountants insurance

At get indemnity we continue to see soft to medium market conditions for accountants professional indemnity insurance. There are a number of specialist insurers that want to grow their portfolios, however we have seen a reduction in the number of professional indemnity capacity providers.

Medium to high hazard accountant activities may come under increasing pressure to accept premium increases, with less insurers willing to compete. Your PI insurance broker should engage with you early in the renewal process to ensure sufficient strategic planning to obtain a satisfactory renewal.

To obtain your PI insurance quotes, please complete our online application.

 

Compare accountants professional indemnity insurance


Other Business 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.


Accountants public liability

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.


Accountants employers Liability

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.


Accountants cyber crime

Cyber 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.