Why do you need professional indemnity insurance?

As a sole practitioner accountant, we understand that you're an expert in your field, providing a professional service. However, even the most experienced professionals make mistakes, presenting risks to you and your business. It's essential to have the right professional indemnity (PI) insurance in place that offers the necessary protection.

Here at Marsh Commercial, we can arrange cover that gives you and your business peace of mind. We'll give you:

  • Confidence
    We know you're dedicated to delivering specialist advice. You can be confident that we're committed to working with leading insurers on your behalf. We'll arrange appropriate cover – on competitive terms.
  • Expertise
    Our team have a wealth of knowledge in arranging commercial insurance for professionals. We take time to understand your business to ensure that the protection you have in place is suitable for the risks you face.
  • Service
    We're here for you when you need us – from providing tailored advice to walking you through the claims process. So while you focus on supporting your clients, we're here to protect you, making insurance one less thing for you to worry about.

Get a quote today

Get a quote in minutes and arrange your PI insurance online – at a time that suits you.

You can also contact our dedicated team of professional indemnity insurance experts. 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 PI insurance to protect you and your business.

The team behind the scheme

We have a dedicated team, based in Bristol, who are focused on delivering excellent customer service for ICAEW members; from low fee earning practices to niche and mid-tier firms.

Our team draws on a wide range of expertise and experience to deliver our value proposition and provide support to members. This includes:

  • dedicated client advisers providing members with exceptional service, and regional relationship managers offering in-person support
  • specialist claims advisers who are on hand to guide members through the claims process
  • regular communication to members including news and updates on relevant topics – helping support them in navigating the increasingly complex risk landscape.

Policy enhancements under the ICAEW scheme

As well as meeting the minimum requirements set out by the ICAEW, the scheme also provides enhanced benefits designed specifically for members, including:

  • a six year run-off period available in a block policy
  • cost of court attendance compensation limit is increased for the principal partner, member or director
  • cover for replacing, restoring or reconstituting physical documents
  • circumstances known prior to the inception of the policy period that have not previously reported, are not automatically excluded
  • cover for appointments as a director of a third party company – cover provided is only in relation to services defined by the insurer
  • insurer security termination clause, allowing you to terminate the cover if the insurer’s security rating is reduced
  • joint ventures – limited to acts of the insured only and excludes claims for work carried out by other parties/employees of the joint venture.

Members also benefit from packaged cover that includes PI, office, and cyber insurance, helping to eliminate gaps and overlaps in cover.

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.

ICAEW cyber insurance

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.

Frequently asked questions

What is professional indemnity insurance?
If you're found responsible for causing financial loss to your client due to error or omission in the services you have provided, professional indemnity (PI) cover protects against legal costs and expenses involved in defending a claim, as well as compensation payable.
Who needs professional indemnity insurance?
For some professions, regulatory bodies make it compulsory to have PI cover in place to carry out their work. Other professionals must have PI as part of a contractual obligation, whilst many choose this cover because of the protection and security it provides if their advice or service delivered fails to meet a client's expectations.
What does professional indemnity insurance cover?
This depends entirely on the policy. You'll need to ensure that it provides adequate cover for your business's professional service and the risks you may face.
How much is professional indemnity insurance?
The cost of PI insurance varies depending on different factors, such as the level of cover you need, the number of people you employ, your annual turnover and the risks associated with your business activities.

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