Cyber insurance for icaew members
Cyber insurance for ICAEW members
As an accountant and an ICAEW member, we understand that you're an expert in your field, providing a professional service. Your business's reliance on technology will have undoubtedly grown in recent years: from the increased use of mobile and the web to collecting and storing client data. However, with this increased use of technology, your business faces a higher risk of cyber-threats. It's essential to have the right cyber liability insurance in place that offers the necessary protection.
Here at Marsh Commercial, we're the exclusive appointed insurance broker for ICAEW members professional indemnity (PI), office and cyber insurance. We can arrange cover that gives you and your business peace of mind.
- Response - Our cyber liability insurance reacts as soon as we're aware of an incident. Your liabilities on media, data security, viruses, and hacking will all be covered.
- Rectify - As well as your initial liabilities, any costs relating to customer notifications, credit monitoring and legal fees will also be covered.
- Reputation - In addition to hiring forensic support to identify the root causes of your cyber-related security incidents, the cost of PR consultants can also be covered. This may be necessary to manage any external communications and protect your brand's reputation.
How our cyber insurance experts can help you
Here at Marsh Commercial, we're the exclusive insurance broker for ICAEW members’ PI, office and cyber insurance. We've been arranging insurance solutions for members for 14 years, managing more than 4,300 policies.
From sole practitioners to firms of five or more members, we take time to understand the risks you face in accountancy and advise how to manage them. We're here to make sure you have the right cyber insurance to protect you and your business.
Cyber insurance for ICAEW members
Working closely with the ICAEW, we developed a cyber insurance policy that protects members from the specific cyber threats chartered accountants face. Whether you are a sole practitioner, work for a small practice or a large firm, we're here to protect you.
Your PI insurance may include cover for cyber security breaches. However, it's unlikely it will be comprehensive enough to protect you from the fallout of an attack. We're here to ensure there's no overlap in cover between your PI policy and cyber insurance policy. You'll be confident you are protected but not paying twice.
Cyber insurance for ICAEW members includes cover for:
Regulatory defence and penalties – payments you're legally obliged to pay, resulting from:
- civil regulatory action
- regulatory compensatory award
- civil penalty or fines (as insurable by law) imposed by a government or a public authority regulator.
Cyber extortion – expenses incurred by you and your business, including the cost of any ransom paid for terminating a cyber-extortion threat.
Data breach notification – the cost of consumer notifications following a data breach to comply with data breach law, including:
- legal fees
- costs of sending and administering notification communications
- costs of call centre services to respond to enquiries and queries following a notification communication.
Business interruption – loss of business income due to:
- total or partial interruption
- degradation in service
- failure of information and communication solutions.
Fraudulent representation – loss of money, property, products, goods, services, or other financial benefits directly resulting from a fraudulent electronic communication designed to impersonate partners, directors, or members.
ICAEW 1- 4 partners
Working closely with the ICAEW, we have developed a professional indemnity (PI) insurance 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 5+ partners
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.
ICAEW office insurance
Having the right office insurance is essential to protect you against damage to your office premises or equipment. This protection will minimise the interruption to your business that could lead to loss of income.
We understand smaller accountancy practices are often penalised by minimum premium rating restrictions, so we negotiate on behalf of members with low fee incomes. Our ICAEW professional indemnity insurance for sole practitioners gives the right levels of cover you need to protect your business – at competitive rates.
Frequently asked questions
Read our latest articles for ICAEW members
Vicarious liability presents a considerable area of risk. To what degree can businesses be held legally accountable for the acts and omissions of their staff?
The PI insurance market has become increasingly more challenging for engineers. Here are some key considerations to achieve a favourable outcome at renewal.
Here are the key considerations for small accountancy practices or sole practitioners seeking professional indemnity insurance.
We explore some of the most common questions business owners ask about professional indemnity insurance, explaining what it is and why you might need it.
NFTs (non-fungible tokens) exploded in popularity during 2021 and their growth shows no sign of slowing down. Protecting these investments is a complex area of risk.