Professional Indemnity Insurance for Accountants and Accounting Practices

Accountants can make mistakes. Unfortunately, your chosen career path means small mistakes could have enormous consequences if a claim should arise for your clients and you. That’s why Professional Indemnity Insurance for Accountants and Accounting Practices is essential.

Choosing a broker to act on your behalf is also essential, as it’s not just a simple case of picking an off-the-shelf PI product.

Most Accountants are members of a professional institute or association, and to keep your membership, you’ll have to abide by the minimum terms and conditions for insurance set by your institute or association.

We have worked with many Accountants and Accounting Practices to secure their Professional Indemnity Insurance when they are members of ICA, ICAEW, AAT, ACCA, CIMA or CIA.

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Support

UK-based expert support, online and on the phone. Specific Claims and Risk Management advice, along with technical bulletins are provided throughout the policy period.


Trusted

Accountants can use our facility whether a sole practitioner or part of a larger practice. MFL is trusted by thousands of Professionals.


Tailored

Compliant quotations can be obtained by completing the Accountants proposal form, which has been tailored to the specialist activities and advice of the Accountancy profession.

Your Profession. Covered!

We start with our making sure your Professional Indemnity Insurance cover is based on your circumstances and is compliant with your governing body, you can then choose to add on extras that suit you and your risk appetite.

Professional Indemnity Insurance

Protection for your business if a client alleges negligent acts, errors/omissions/actual negligent acts or offered poor advice.

Management Liability Insurance

Financial support for claims made against the company, its senior staff or its Directors’s & Officers’

Protect your office and Equipment

Add our Office Insurance policy to provide cover for business premises and equipment against disasters such as a flood or fire, accidents, acts of vandalism and burglary.

Cyber Cover Insurance

Cyber Cover offers assistance to you and third parties if a Cyber Event occurs.

Fidelity Insurance

Provides cover for loss of money and other property resulting from fraudulent or dishonest acts committed by an employee or volunteer.

Liabilities Insurance

Public and Employers’ Liability Cover. This can come standard with Office Insurance Policies too.


Fleet Insurance

Insurance to keep your vehicles and surveyors on the road.

Your Accountants Insurance Quote

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Why MFL?

1
 We are a specialist insurance broker with a wealth of knowledge to the Accountant Profession.
2
 We are independent, meaning we have the flexibility to design our services around you, and access the insurer markets we need to deliver competitive insurance regardless of the size of your practice.
3
 Competitive quotations from our insurer partners.
4
 You will have a dedicated team of brokers looking after you, with a support team on hand to deal with any claims and risk management issues you have.
5
 Regular blogs and bulletins which provide updates on market conditions, risk management, claims examples, etc.

Accountants FAQs

What does Accountants professional indemnity insurance cover?

Accountants Professional Indemnity Insurance covers claims made against you by a client or third party that alleges negligence, a breach of trust or confidentiality, or defamation. The policy covers the cost of any damages awarded, claimants’ costs and the costs of defending the claim.

What other insurance does an Accountant need?

The other insurance you need will be based on your circumstances.

  • Looking to close your business, then you may need Run Off Cover.
  • If the Limit of indemnity needs to increase, then you need Excess Layer Insurance.
  • Do you need to cover past works, then we can work with you to put a Retroactive Date on your PI Cover
  • If you have employees, you will need Employers Liability Insurance.
  • Do you have equipment that needs protecting? Then an Office Insurance policy can provide cover for your furniture, IT equipment, technical surveying equipment
  • If you don’t want to be personally liable as a Director, a Directors’ and Officers’ insurance policy covers your defence costs and any compensation you must pay.
What are the PI requirements for ICAEW, AAT, ACCA, CIMA or CIA?

Each regulatory body has its minimum Limit of Indemnity (LOI) levels of Professional Indemnity Cover required by members, which is based on your fee income.

You should look at your Associations website for further information.

ICAEW – https://www.icaew.com/regulation/professional-indemnity-insurance
ICAS – https://www.icas.com/regulation/regulatory-authorisations/professional-indemnity-insurance
ATT – https://www.att.org.uk/members/professional-indemnity-insurance
ACCA – https://www.accaglobal.com/gb/en/technical-activities/technical-resources-search/2019/july/what-are-minimum-PII-requirements.html
CIMA – https://www.cimaglobal.com/Members/Your-Membership-Information/Members-handbook/Licensing-and-monitoring/Members-in-practice/Mandatory-requirements/

What if my Accountancy firm is unable to obtain PII?

If your firm is unable to obtain PII in the insurance market via your existing broker, then we may still be able to help.

As a last resort, you can apply to enter the assigned risks pool of your Association for ’emergency’ cover for a period of up to two years so that you can continue to practice.

Do I need Professional Indemnity Insurance after I've ceased to practice?

Yes – it is essential that you secure ‘run-off’ cover for your previous practice after you cease to practise. This is to cover you for claims for work done while in practice but arising after the practice ceased. This requirement is in your own interests, whether or not you think you might have claim in future.

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Contact our friendly team today to discuss your insurance needs. Whether you call us for a chat or drop us an email. We will aim to respond within 24 working hours.

We look forward to helping you find what you’re looking for.

Opening hours
Monday to Friday 09:00 to 17:00

0161 236 2532 info@mflinsurance.com

Barlow House
Minshull Street
Manchester
M1 3DZ

Opening hours
Monday to Friday 09:00 to 17:00

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