ICAEW 5+ Partners
Why do you need professional indemnity insurance?
Accountancy practices advising clients on their finances comes with high levels of responsibility and risk. Mistakes can happen, but the impact of giving negligent accounting advice would almost certainly result in your client suffering financially.
Should your practice be found responsible for providing inadequate advice that caused your clients to lose money, professional indemnity insurance will cover the cost of any compensation you are required to pay. It will also cover any legal expenses incurred defending the claim.
As well as being mandatory for ICAEW members, having accountants professional indemnity cover in place to deal with claims is vital to protect your business and reassure your clients.
At Marsh Commercial, we offer all ICAEW members risk management advice to help mitigate the day to day risks accountants face. In addition to this, we also have a dedicated in-house claims team to provide hands-on help to guide members through the claims process, helping to get the right resolution.
What can we do for you?
Marsh Commercial is the exclusively appointed insurance broker for members’ professional indemnity insurance, office insurance, and cyber insurance.
Working closely with the ICAEW, we have created an exclusive professional indemnity policy for chartered accountants that protects members from the specific risks they face. As the ICAEW’s preferred PII insurance broker, we currently manage more than 4,300 policies on behalf of members.
Our ICAEW professional indemnity insurance meets the minimum requirements set out by the ICAEW and also provides enhanced benefits designed specifically for members, including:
- Interest-free instalment facility.
- Automatic six-year run-off provision and renewal process (subject to criteria).
- Nil first excess (subject to criteria).
- Free tax advice helpline for you and on behalf of your clients.
- Free 24 hour legal advice helpline for all partners as well as counselling advice helpline, and health and medical advice helpline for all staff.
- Additional cover for representation costs.
- Fixed or long-term policy (subject to criteria).
- Additional cover for public relations costs.
- Short proposal form.
- Cover for loss of documents.
- Compensation for court attendance.
ICAEW 1-4 Partners
Working closely with the ICAEW, we have developed a professional indemnity insurance (PII) policy that protects members from the specific risks they face as chartered accountants. We currently manage more than 4,300 PII policies on behalf of members.
ICAEW Office Insurance
Having the right office insurance is essential to protect you against damage to your office premises or equipment, minimising the interruption to your business that could lead to loss of income.
ICAEW Cyber Insurance
Working closely with the ICAEW, we have developed a cyber insurance policy that protects members from the specific cyber threats they face as a chartered accountant, whether you are a sole practitioner, work for a small practice or a large firm.
We understand smaller accountancy practices are often penalised by minimum premium rating restrictions. Exclusively negotiated for members with low fee incomes, our ICAEW professional indemnity insurance product for sole practitioners offers a competitive solution with the levels of cover you need to protect your business.
Read our latest articles
Every year Marsh Commercial likes to take the time to review the year that has just gone and what may be facing us in the year ahead. We don’t want to dwell too much on what was such a tough year on so many levels.
If you need professional indemnity insurance (PII), then you’re going to need an insurance broker.
There’s no great mystique to run-off insurance. The key to understanding this cover is getting to grips with the “claims made” nature of the protection.
We’ve answered some of the common questions that businesses ask about professional indemnity insurance to help provide some guidance on what it is and why you might need it.
At Marsh Commercial we understand that, for some, annual insurance renewals or monthly payments will be cause for concern – there is a clear need to keep insurance cover in place but premium payments may represent a serious strain on already stretched finances.