Accountants' insurance

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Professional indemnity insurance for accountants UK
Professional indemnity insurance for accountants UK
Professional indemnity insurance for accountants UK
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What is indemnity insurance for accountants?

Indemnity insurance for accountants is a specialised type of insurance that provides financial protection to accountants and accounting firms in the event of legal claims or lawsuits arising from errors, omissions, professional negligence, or other acts of professional misconduct in their accounting services. The key insurance product for accountant is professional indemnity,  designed to protect accountants in such situations by covering legal defence costs and potential settlements or judgments.

How much does accountant insurance cost?

For accountants, liability insurance starts at £7.67 a month and increases depending on the required insurance limits, business size, and claims history.

Self employed professional indemnity insurance
Professional indemnity

from £7.67 per month

Provides you with legal defence against claims of professional mistake or negligence causing a financial loss to your clients.

Up to £2,000,000 cover

Zero excess

Dedicated legal team

A+ insurer

Competitive prices

Core cover
Self employed professional indemnity insurance

Professional indemnity

from £8.89 per month

Provides you with legal defence against claims of professional mistake or negligence causing a financial loss to your clients.

Up to £2,000,000 cover

Zero excess

Dedicated legal team

A+ insurer

Competitive prices

Core cover
Self employed professional indemnity insurance

Professional indemnity

from £9.54 per month

Provides you with legal defence against claims of professional mistake or negligence causing a financial loss to your clients.

Up to £2,000,000 cover

Zero excess

Dedicated legal team

A+ insurer

Competitive prices

Core cover
Self employed professional indemnity insurance

Professional indemnity

from £20.41 per month

Provides you with legal defence against claims of professional mistake or negligence causing a financial loss to your clients.

Up to £2,000,000 cover

Zero excess

Dedicated legal team

A+ insurer

Competitive prices

Core cover
Self employed professional indemnity insurance

Professional indemnity

from £22.78 per month

Provides you with legal defence against claims of professional mistake or negligence causing a financial loss to your clients.

Up to £2,000,000 cover

Zero excess

Dedicated legal team

A+ insurer

Competitive prices

Core cover
Commercial legal expenses insurance.
Business legal protect

Cover of £100,000 commercial legal expenses included with your policy subscription.

Protects you and your business against a range of issues not typically covered by professional indemnity or public liability.

IR35 & HMRC investigations

Legal matters concerning your business

Negative PR (£25,000 cover)

Criminal prosecution

Compliance & regulation issues

Unpaid invoices (over £200)

Also includes free telephone advice & help from qualified professionals.

Tax and commercial legal advice

Counselling for you and your staff

Access to a legal template library

Identity theft assistance

Included
Self employed public liability insurance.
Public liability

from +£4.76 per month

Protects your business against claims of causing an accidental injury or property damage to either your clients or a third party.

Up to £2,000,000 cover including products liability

No excess

Expert legal team

A+ specialist insurers

Covers claims against your client caused by your business

Business equipment insurance.
Electronic business equipment

from +£7.00 per month

Pays for repair or replacement if your portable electronic equipment (and accessories) get damaged or lost.

Equipment up to £10,000 cover (£3,500 per item)

Accessories are included (£500 per item)

Hired equipment is covered

Worldwide - your devices are covered anywhere you are

Personal accident insurance.
Business owner protect

from +£10.07 per month

Reimburses your taxable business expenses while you’re recovering from a serious illness or injury.

Up to £2,000 a month

Up to 6 months following the first 30 days of illness

Any tax deductible expenses included

Receive a lump sump payout if you suffer an accident leaving you with partial or total disablement:

£5,000 lump sum

Fast customer service

Quick payout

Answer 4 questions then select the policies and limits you need.
Answer 4 questions then select the policies and limits you need.
What people say
2 March
Extremely impressed

Extremely impressed with the professional and supportive service I received.

Kellie Williams
on Google
16 February
Very efficient

After shopping around for business liability cover, I found suited, I had a few questions and Jana from suited was very efficient...

Chezza
on Trustpilot
14 February
Great!

The website is easy to use and the process is intuitive, clear and easy to follow.

Matt M
on Trustpilot
11 February

I was recommended Suited, because I’d been stalling. Simple to use website, offered clear, concise information and selection...

Mokolada
on Trustpilot
12 December

Really fantastic service by the suited insure team! Always found the insurance side to be a bit confusing but the team took me...

Michael Ryan
on Google
15 September

A simple and flexible service for what I required. Great communication from start to finish.

Matthew Allen
on Google
1 August

I was looking for business insurance this easy to use and very well explained web site made the process simple and painless. Had a quote...

Piers Field
on Trustpilot
In detail

Why do accountants need indemnity insurance?

Legal protection from accusations of professional errors and omissions

 Accountants provide professional financial and accounting services, and even with the utmost care and diligence, errors or omissions can occur. 

Client assurance

Clients often seek assurance that their interests are protected when they engage the services of an accountant. Having indemnity insurance in place can provide this assurance, making clients more likely to trust and work with the accountant or accounting firm.

Financial stability

Professional indemnity insurance safeguards accountants' financial stability. In the event of a significant claim, the insurance ensures that accountants can continue their business operations without jeopardising their personal assets. 

Regulatory requirements

If you’re a qualified chartered accountant and become a member of either the ICAEW or ACCA (Association of Chartered Certified Accountants), you will also be required to hold professional indemnity insurance.

Professional indemnity insurance for accountants

Professional indemnity insurance is a critical component of risk management for accountants. It helps protect both their professional integrity and their financial well-being, ensuring that they can continue to provide valuable accounting services with confidence.

Accountants are entrusted with financial and accounting responsibilities, and errors or negligence in their work can lead to financial losses for their clients. If a client believes that they have suffered a financial loss due to an accountant's professional misconduct, they may file a legal claim. 

In the event of a significant claim, indemnity insurance helps accountants maintain the continuity of their business by covering financial liabilities. This is particularly important for small to medium-sized accounting firms.

What does professional indemnity insurance for accountants cover?

PI insurance for accountants provides cover for various liabilities and risks that accountants may face in the course of their professional services. The specific coverage can vary based on the insurance policy and provider.

Cover responds to client accusations of:

  • Breach of your duties
  • Acting negligently
  • Failing your duty of care
  • Making an error

For example, a client or a third party may accuse you of:

  • Preparing inaccurate financial statements that led to incorrect reporting of a company's financial health and potentially resulting in legal claims for financial losses.
  • Making tax errors that caused a costly dispute with tax authorities.
  • Missed deadlines resulting in negative financial consequences for clients. 
  • Failure to comply with industry regulations resulting in a threat of a fine or loss of licence.

Switching your professional indemnity insurance

Every now and again you may wish to consider a better deal. If you decide to switch to a new insurer, remember that you can no longer make claims against the previous policy.  Ensure your past work is covered with the new insurers under what is called “retroactive cover”.

Should I keep professional indemnity insurance if I take a break or retire from accountancy?

It’s wise to keep your professional indemnity if you’re taking a break or retiring from accountancy. Claims against professional misconduct can surface months or years after you delivered the work, 

Remember: If you have cancelled your policy, your insurance will no longer work.

How long you keep your cover in place is up to you. Consider the type of work you did and the likelihood that a client might bring a claim against you.

Public liability insurance for accountants

If you run an accountant business and part of your business activities is seeing your clients face to face, either at their premises or your office, you may benefit from having public liability insurance

Public liability coverage safeguards your business from unforeseen incidents, such as accidentally spilling coffee on a client's expensive laptop or a client slipping on a wet floor. The expenses related to injury compensation and legal fees can rapidly escalate, potentially reaching thousands, if not more.

What does public liability insurance cover?

Public liability insurance addresses legal claims related to accidental injuries or property damage. In the context of an accountant's workspace, the risk is typically low. However, it's prudent to contemplate this insurance if you engage in regular face-to-face interactions with clients and third parties during your daily activities.

Cover includes:

  • accidental injury or death
  • accidental property damage

For example: 

Someone may claim compensation because during a business meeting with you:

  • By accident, you knocked over your client's expensive laptop.
  • You failed to warn someone coming to your premises that the floor is wet and suffered a nasty fall.

Other insurance accountants buy

As an accountant, the insurance coverage you need will depend on your specific circumstances. Can you afford to replace your computer equipment if it's lost, damaged, or stolen? Are you prepared to handle a legal dispute if one arises? Will you be able to cover your business expenses if you become ill?

Commercial legal expenses insurance

Most commercial legal expenses insurance will protect accountants against various tax and legal issues you may encounter due to your profession, which are not covered by professional indemnity or public liability.

At Suited, we combined £100,000 of commercial legal expenses insurance with helplines and other tools to better assist accountants in dealing with these issues. We call this Business Legal Protect, and it’s part of your subscription.

Business Legal Protect offers qualified advice and assistance with:

  • Legal and accountancy matters concerning your business
  • Criminal prosecution
  • Compliance & regulation issues
  • Unpaid invoices (over £200)

For example:

  • HMRC flags you for an IR35 investigation
  • You need legal help chasing a major unpaid invoice
  • You need guidance on compliance issues for your business

Electronic business equipment insurance

Accounting is undergoing a tech transformation which means most accountants have increased their investment in electronic equipment.  

If you are one of them, you may like to protect it by having electronic business equipment insurance that would pay for the cost of damage or replacement.

In this section
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FAQs

Common questions

How much is professional indemnity insurance for accountants?

Prices vary significantly and will depend on your claims history, the volume of clients and the type of work you do. Chartered accountants typically pay more than non-chartered accountants.

What is a chartered accountant?

A chartered accountant must pass exams and complete three to five years of work experience to gain professional accreditation. Once qualified, a chartered accountant can join the ICAEW or ACCA (Association of Chartered Certified Accountants).

Does Suited offer professional indemnity to chartered accountants?

Suited cannot offer insurance to chartered accountants at the moment.

What is malpractice insurance for accountants?

Malpractice insurance is just another name for professional indemnity insurance.

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If you call to cancel within the first 2 weeks we’ll give you a full refund.

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* 14 day promise is not available online, please speak to a member of staff. Not available if you have reported a claim.

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