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Professional indemnity insurance for accountants

Accountants professional indemnity insurance

We provide specialist professional indemnity (PI) insurance advice specifically for accountants. We’re the appointed exclusive insurance broker for ICAEW members, and trusted by accountants, chartered accountants, accounting technicians and accountancy firms across the UK to arrange the PI insurance they need to carry out their work with confidence.

If a client holds you responsible for causing them financial loss due to errors or omissions in the advice or services you have provided, your PI insurance policy helps cover any expenses and legal costs involved in defending the claim as well as compensation payable.

PI insurance is likely to be a mandatory requirement of your regulatory body, however there’s no one-size-fits-all policy. It's essential to work with an experienced PI insurance broker to get the right cover in place that offers the necessary protection for your accountancy firm or accountancy business. We arrange professional indemnity insurance to meet the needs of members of ICAEW, Association of Chartered Certified Accountants (ACCA) and ICAS in Scotland – so if you’re a chartered accountant in the UK, speak to us about your PI insurance today.

Get accountants insurance today 

Our team is here to make sure you have the right cover in place. Call us or complete an online form and we’ll call you.

What does a professional indemnity insurance policy cover?

We offer specialist advice for your business. Our PI insurance experts have a wealth of experience, and work with a wide range of insurers to find you the right cover on competitive terms.

PI insurance provides you with protection should your client claim they have suffered financial loss as a result of your professional negligence, which could involve:

  • Breach of a professional duty of care.
  • Unintentional breach of contract.
  • Unintentional breach of confidentiality or copyright.
  • Loss of documents or data.

Your PI insurance policy should provide adequate cover for the services your accountancy business offers and the unique risks you face. This could include:

  • Civil liability (such as damages and costs) for breach of duty.
  • Legal fees and expenses in defending a claim.
  • Helplines to provide guidance on managing risks. 
  • Relevant regulatory body requirements.

Our dedicated team of PI insurance experts is focused on providing a high standard of service to the professional services sector. Working with Marsh Commercial provides you with additional benefits such as:

  • An in-house team of specialist claims handlers.
  • Interest-free instalment facility.
  • Free 24-hour legal and counselling advice helplines.
  • Free tax advice helpline for you and on behalf of your clients.
  • Capped excess.

As part of Marsh, global leader in insurance broking and risk management, we have the ability to evolve your cover as your business grows. We support a full range of accountancy clients including those engaging in more complex activities, such as:

  • Tax mitigation.
  • Corporate finance.
  • Mergers and acquisitions.

Policy exclusions and restrictions may exist based on your unique requirements.

Talk to us about all of your business insurance needs

Our team can help you protect your business with public liability insurance, employers liability and even management liability insurance. 

Speak to an expert in professional indemnity insurance for accountants 

Our team is ready to help arrange PI insurance for your accountancy business. Call us or complete an online form and we’ll call you. 

ICAEW members professional indemnity

ICAEW members

Whether you're a sole practitioner, or work in practice, you will benefit from a range of insurance products we developed in partnership with the ICAEW. We're here to protect ICAEW members from the risk you face as a chartered accountant.

Office Insurance

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.

Management liability insurance

Management liability insurance

Get covered for directors’ and officers’ liability, employment practices liability and company legal liability under one simple but effective policy.
Cyber insurance

Cyber liability insurance

Businesses of all sizes are at risk of online fraud. Cyber insurance ensures you have somewhere to turn in the event of a cyber incident.

Why choose Marsh Commercial as your professional indemnity (PI) insurance broker?

PI insurance isn’t one-size-fits-all and your policy should reflect your unique business activities. We specialise in arranging PI insurance for accountants. Our PI insurance experts offer specialist advice and will make sure you have the cover you need to carry out your work with confidence.

We are part of Marsh, a leading global insurance broker and risk management advisor, with offices across the UK. So we're big enough to keep you safe, but small enough to care. Our PI insurance team, based in Bristol, take the time to understand your business. We then work with a wide range of leading insurers on your behalf. Once cover is in place, we’re here for you when you need support, or guidance with a claim.

We have worked in partnership with the ICAEW for over 15 years and remain their exclusive, appointed insurance broker for members’ PI insurance, cyber and office insurance.

Frequently asked questions

If you're found responsible for causing financial loss to your client due to an 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.

This depends entirely on your policy, so you'll need to ensure it provides adequate cover for the advice and professional service you provide and the risks you may face. For example, this could include:

  • Civil liability (such as damages and costs) for breach of duty.
  • Legal fees and expenses in defending a claim.
  • Helplines to help you manage risks.
  • Relevant regulatory body requirements.

Not all PI insurance policies are the same, so it’s advisable you work with an experienced PI insurance broker to ensure you have the cover you need.

PI insurance is considered mandatory by some regulatory bodies. Examples include those associated with accountants, architects, surveyors, and independent financial advisers (IFAs). For other professionals, having PI insurance in place may be part of a contractual obligation.

Many choose this cover because of the protection and security it provides if their advice or service fails to meet a client's expectations. Having PI insurance in place can also play a key role in securing new clients and reassuring your existing ones.

The cost of PI insurance can differ, and it depends on different elements like the level of cover, number of employees, annual turnover and your particular business risks. Every business is different, and there isn't a one-size-fits-all PI insurance policy. We always advise working with a broker who specialises in arranging PI. You are legally required to have cover for compensation of at least £5 million, but most policies will offer cover for £10 million. Your premium cost is usually based on several factors: the nature of your business, how many people you employ (and/or the payroll cost) and any previous insurance claims. In larger organisations, or where several employees are based in one location, increased limits are recommended.

PI insurance is widely available through general insurance brokers and online insurance providers as well as specialist PI brokers. It's important to carefully select a provider that can meet your business needs. Some key considerations to keep in mind when choosing a provider include:

  • Does the provider understand your business?
  • Can the policy be tailored to suit your business? 
  • Does the provider have a good reputation and work with reputable insurers?
  • Does the provider offer the cover you need?
  • Does the provider offer a high standard of customer service, during and after the initial sale?
  • Will the provider help guide you through any future claims?
Yes, most business insurance including professional indemnity insurance is considered an essential cost and is tax deductible. During the underwriting process, insurance underwriters consider the risk by evaluating your unique business activities and history. A rating is applied to each of the services your firm provides, and underwriters will also rate your firm’s gross fee income for the previous financial year. If you’re just starting out, the rating will be based on the estimated fees for the forthcoming year. Underwriters may also apply a rating to your firm’s average fee income over a number of years if necessary. The underwriter’s assessment of your risk helps determine the professional indemnity insurance premium you will pay. If a client alleges they have suffered financial loss due to your professional negligence in some way – your professional indemnity policy helps protect you from the legal costs of defending yourself against the claim as well as any compensation payable. Both policies provide essential protection for your business in different ways. Public liability insurance protects your business should a client, or a member of the public, allege personal injury or damage to their property due to your business activities. Professional indemnity insurance protects your business should a client allege financial loss due to errors or omissions in the advice or services you have provided. If you’re working at a senior level within a firm, you may face scrutiny from employees, customers, suppliers, competitors or shareholders.  If claims are made against you and your business, you could find yourself in legal trouble and having to defend yourself against the allegations. This is where management liability insurance helps protect you by paying any expenses or legal costs involved in defending a claim against you personally, as well as any compensation payable.