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Accountant’s Insurance
Compare insurance for accountants
Business insurance for your accountancy business
Protect against claims made by clients or partners
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What is...
accountant's insurance?
When you’re dealing with accounts and tax returns for clients accuracy is key, but you can’t eliminate human error. Similarly, if you have an office or employ anyone, you could also run into risks of injury, fire or theft. That’s why it’s important to have sufficient business insurance in place.
If you’re a member of a professional body like the ICAEW or ACCA, you are required to have a certain level of professional indemnity cover to practice. We can arrange this for you.
We can tailor your accountancy insurance to your business needs so you can service clients with your back covered and without the worry of paying out of your own pocket.
Why do accountants need insurance?
When carrying out daily work, as an accountant, you could run into many risks. For example:
- You make a financial error in a client’s account
- You suffer a data breach that exposes sensitive client information
- A fire breaks out on your premises
- An employee suffers an injury at work
- A client suffers an injury at your workplace
Is accountancy insurance a legal requirement?
If you’re self-employed and not a chartered accountant, it isn’t mandatory. But if you’re licensed to practice accountancy by ACCA, AAT, ICAEW, ICAS or CIMA, then you’re required to take professional indemnity insurance out.
If you employ anyone, you’ll need to take out employer’s liability insurance by law, whether you are chartered or not.
How do you determine the right cover?
The main addition to business insurance for accountants is a professional indemnity insurance policy, which helps protects you against any claims for professional negligence in your work.
Take a look at the requirements for the regulatory bodies and associations below:
ACCA
ACCA registered accountants must have a level of professional indemnity insurance (PII) insurance that is linked to annual income.
If your firm’s annual income is less than £600,000:
If your firm’s annual revenue is less than £600,000, your cover limit must be 2.5 times higher than your firm’s annual income or £100,000, whichever is higher.
If your income is more than £600,000:
If your (or your firms) total income is over £600,000. The minimum limit of indemnity on PII is £1.5 million.
Read more on ACCA requirements
ICAS
Professional Indemnity Insurance is an ICAS regulatory requirement for any member in practice, and it’s required under the Public Practice Regulations. The policy must be arranged with a participating insurer that complies with approved wording. This is related to the level of cover and scope of cover against any claims made by work carried out in the last 6 years.
ICAEW
Professional indemnity insurance (PII) is compulsory for all ICAEW members who have a practising certificate and engage in public practice.
As of September 1, 2024 new regulations have come into play. Practising members generally must have a minimum indemnity limit of £2m for every single claim. Members with a gross fee income below £800,000 must have PI insurance that provides a minimum limit of indemnity equal to 2.5 times their gross fee income, with a minimum of £250,000. Read the changes on the ICAEW site.
What type of insurance do accountants need?
Policies will vary per provider, and terms and conditions apply, so always check the small print in your policy wording to see what’s included and excluded. Your insurance package could include:
Employers’ liability insurance
In case an employee gets ill or injured because of the work they do for you. A legal requirement if you have employees.
Public liability insurance
In case you injure someone or damage something while providing your services
Professional indemnity insurance
In case a customer sues you for damages because of a mistake in your work.
Building insurance
Protects your building from unforeseen property damage including fire, storms, floods but also arsonists and vandalism.
Business interruption insurance
To provide compensation if a listed event stops your business from running normally.
How much does accountancy insurance cost?
Your costs will depend on many factors: coverage requirements, the size of your business, where it’s located, the type of work you do and your claims history.
Get accountant’s insurance with Bionic
At Bionic, we champion UK business owners and want to help in every way we can. That’s why we use a team of knowledgeable insurance brokers who work with a panel of trusted insurers to help you find coverage for your needs.
Our UK-based team helps business owners daily to compare business insurance to find the right insurer that fits. Start a quote online today.
Accountancy insurance could shield your professional reputation from financial and legal damages.
Insurance Director, James Barwell
How Bionic business Insurance comparison works
Compare business insurance quotes in three simple steps
1
Start your quote online
Speed up the process by submitting basic business details online – whenever you have time.
2
Speak to our UK-based team
Schedule a call with one of our insurance brokers to discuss the details to ensure they’re correct.
3
Compare tailored quotes
Get your quotes from our panel of trusted insurers and talk any questions through with our team.
What do I need to get started?
You only need a few details to get started with getting a quote online, so it’s best to have the following information ready to go:
Your business name and trade
Your policy start date
Your name and contact details to receive your quote options
You may be asked additional questions about business activities
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