Professional indemnity insurance (PII) for accountants provides financial protection against claims of negligence, errors, or omissions in the professional services you provide. It covers legal costs, settlements, and awards if a client alleges that your advice or work caused them a loss.
Key benefits:
- Hassle free comprehensive PI for accountants
- Free tax, legal, medical and counselling helplines
- PI insurance for accountants starts from as little as £6.67 per month*
Why choose Marsh Commercial?
We make securing professional indemnity (PI) insurance simple and straightforward for accountants. As the exclusive insurance broker for ICAEW members, and trusted by accountants, accounting technicians, and accountancy firms across the UK, we arrange PI cover that is specifically designed for your profession.
Our specialist team works with A-rated insurers to protect you against claims arising from errors, omissions, or professional negligence. We help ensure you get the right cover without the hassle, backed by clear, expert advice so you can carry out your work with confidence.
Our comprehensive PI insurance includes legal costs, defence expenses, and compensation payments. We also offer added benefits like claims advocacy, free advice helplines, interest-free instalment options, and expert support whenever you need it.
For ICAEW members, click here to access our exclusive PI cover for members.
Speak to our team of experts for a free, no obligation quote
Standard Covers
- Legal costs and defence expenses
- Compensation payments
- Claims for errors and omissions
- Negligence coverage
- Fines and penalties (where insurable)
- Retroactive cover
- Court attendance costs
- Crisis management and reputation protection
- Irrecoverable fees and disputed fee cover
- Run-off cover
- Joint ventures cover
- Cover for contractual liabilities
- Fidelity or dishonesty cover
- Defence costs outside the limit of indemnity
Optional covers
- Extended or enhanced cover limits
- Cyber liability and data breach cover
- Intellectual property protection
- Subcontractor or consultant cover
- Client money and property cover
- Business interruption cover
- Worldwide cover (additional or expanded)
Speak to our team of experts for a free, no obligation quote.
Professional indemnity insurance FAQs
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Accountants are expected to deliver accurate financial advice and services. Mistakes can lead to costly claims and damage to your reputation. PII helps safeguard your practice financially and ensures compliance with professional standards.
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While not legally mandated for all accountants, membership of professional bodies such as ICAEW, ACCA, or CIMA often requires holding PII as a condition of membership or practice registration.
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Coverage generally includes claims related to negligence, breach of duty, misstatement, or omission in your professional services. It also covers legal defence costs, settlements, and damages awarded to clients.
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Yes, typical exclusions include fraudulent or dishonest acts, criminal conduct, claims arising from prior known issues, or non-professional activities. Always review your policy’s exclusions carefully.
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The required coverage depends on your practice size, the complexity of services, and client expectations. Many accountants opt for policies ranging from £250,000 to £2 million or more. Get in touch and we can help determine the appropriate level.
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It’s best to have cover in place before providing services to clients. Many accountants renew annually, ensuring continuous protection. Our advice is to start the renewal process early – at least six-eight weeks ahead of the due date.
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Absolutely. PII is available for all practice sizes, including sole practitioners and small firms, to protect against potential claims.
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Premiums vary based on factors such as coverage limits, practice size, scope of services, claims history, and location.
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Notify your insurer immediately and cooperate fully. Do not admit liability or make statements without legal advice.
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Implement risk management strategies, maintain detailed documentation, and use clear engagement letters. Regularly reviewing your policies and practices can also help.
*PI insurance for accountants starts from £6.67 per month, based on the lowest annual premium of £80.00 paid by Marsh Commercial accountant clients. Actual premiums vary depending on individual circumstances and underwriting criteria. Prices and coverage are not guaranteed. Please contact Marsh Commercial for a personalised quote.
The Institute of Chartered Accountants in England and Wales is an Introducer Appointed Representative of Marsh Commercial, a trading name of Marsh Ltd. Marsh Ltd is authorised and regulated by the Financial Conduct Authority for General Insurance Distribution and Credit Broking (Firm Reference No. 307511). Not all products and services are regulated by the FCA. Copyright © 2025 Marsh Ltd. Registered in England and Wales Number: 1507274, Registered office: 1 Tower Place West, Tower Place, London EC3R 5BU. All rights reserved.