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:
- ICAEW appointed professional indemnity (PI) broker for members
- Members on average save 30% on their premium*
- Exclusive policy benefits and enhancements
Why choose Marsh Commercial?
As ICAEW’s exclusively appointed broker for members’ professional indemnity (PI) insurance, we make securing cover simple and straightforward. Our insurance helps protect you against claims arising from errors, omissions, or professional negligence. It is designed specifically for members and includes tailored benefits and enhancements such as:
- Prices start from as little as £6.67 per month**
- Free tax and legal advice helplines
- Six year run off facility
- Full regulatory compliance with ICAEW minimum wording
- Access to medical and counselling services
Our specialist ICAEW team helps ensure you get the right cover without the hassle, backed by clear, expert advice so you can carry out your work with confidence.
Buy online in minutes and get covered or speak to one of our ICAEW advisers
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)
Buy online in minutes and get covered or speak to one of our ICAEW advisers
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.
*The average saving of 30% is based on an example set of risk information, for sub £100,000 turnover accountancy businesses, undertaking non high-risk accountancy activity. The 30% saving is a demonstration of the premium charged to an accountant fitting this example on the exclusive ICAEW QBE product, when compared to the non-ICAEW QBE equivalent product, for professional indemnity cover only. Actual savings can vary depending on specific risk profile, coverage choices, and other unique risk circumstances.
**Professional indemnity 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.