SOLE PRACTIONER ACCOUNTANTS
Why do you need professional indemnity insurance?
Sole practitioners 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 a client suffering financially.
Should you 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 the right 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 risk management advice to help mitigate the day to day risks accountants face. We also have a dedicated in-house claims team to help guide them through the claims process step by step, helping to get the right resolution.
What can we do for you?
As a long-standing ICAEW member rewards partner, 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 developed a professional indemnity insurance policy that protects members that earn up to £10,000 in annual fees.
As well as meeting the minimum requirements set out by the ICAEW, our ICAEW professional indemnity insurance 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.
Our ICAEW low fee earners scheme is available to businesses that match the following criteria:
- Your business is based in mainland UK or Northern Ireland.
- Your business does not undertake any work for clients based outside mainland UK or Northern Ireland.
- Your business has not had any claims (successful or otherwise) made against it and you are not aware of any circumstances which may give rise to a claim.
- If in practice during the last three years, fee income did not exceed £10,000 per annum in that period and your business is not in run-off. For new ventures, projected income must be within the same per annum limit.
- Your business does not undertake any work for quoted companies, banks, building societies, insurance companies, Lloyd’s syndicates, underwriting agents, finance houses or off –shore companies.
- Your business has never undertaken any regulated activities as defined in the Financial Services and Markets Act 2000 (other than in connection with general insurance products).
- Your business has never been the subject of a disciplinary proceeding by the ICAEW or any other professional body.
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 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, 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.
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.