Professional Indemnity Insurance for Accountants and Bookkeepers

Professional Indemnity Insurance for Accountants with Prosura

As an accountant, your work underpins every aspect of your clients’ business, albeit with immense pressure and responsibility.

Despite best efforts, mistakes can happen. Therefore, it’s imperative to make sure your business is fully protected with appropriate accountancy insurance should things go wrong.

That’s where we come in. Our brokers will find the most suitable accountant insurance for your needs from a range of high-quality insurers, leaving you free to do the real work.

Is Accountancy Insurance a legal requirement?

The short answer is no. Professional Indemnity insurance isn’t a legal requirement. However, Professional indemnity insurance for accountants is compulsory for regulated firms. For example, those that are regulated by the ICAEW.

It’s compulsory for all ICAEW members who have a practising certificate to have ICAEW professional indemnity insurance.

For many other professions, including certified public accountants, tax agents, and bookkeepers, it’s good practice to have the appropriate accountancy insurance in place.

We work hard to understand the finer details of your business in order to create a tailored accountancy insurance policy that’ll leave you free to get on with your work.

What protection does Professional Indemnity Insurance for Accountants give?

Professional indemnity insurance for accountants protects you against claims for loss or damages made by clients or third parties. This could be due to an omission or error in the advice or service you provide in the course of your work.

It protects your business against financial losses by covering the cost of any compensation and legal fees in the event a claim is made against you.

What else do I need to consider when buying Accountant Insurance?

The particulars of your accountancy insurance will depend on the individual requirements of your business.

If you employ other people, you will need employers’ liability insurance. Consequently, this has become a legal requirement for all employers. It protects you from the financial costs of a claim made against you should an employee suffer an injury during the course of their work for you.

Public liability insurance is often packaged with PI insurance for bookkeepers and accountants to protect your business from the cost of legal expenses and compensation should a third-party make a claim for loss or damages as a result of your business activity.

For example, if a client injures themself at your office, having tripped over your laptop cable during a meeting, your PLI will protect you from any associated financial losses.

In addition, there are a number of optional extras that can be included in your accountancy insurance policy should you require them:

  • Insurance for business and office equipment 
  • Business interruption insurance
  • Cyber cover
  • Legal expenses

Whether you’re looking for icaew professional indemnity insurance, cpa insurance, professional indemnity insurance for tax agents, or bookkeeper insurance, our experienced insurance brokers will work with you to understand the cover best suited to your needs.

Why arrange Professional Indemnity Insurance for Accountants through Prosura?

Prosura prides itself on being an independent insurance broker, with access to a broad range of insurers to select the correct product that’ll meet your exact requirements.

Furthermore, our high-quality, cost-effective PI insurance for bookkeepers and accountants is built on years of experience and in-depth industry knowledge. This is delivered to you in a simple, jargon-free way.

Additionally, we give all our Accountancy Insurance Clients free access to PROSURA Digital Lawyer, which saves our clients hundreds of pounds a year on Legal Fees.

To arrange your accountants professional indemnity insurance requirements today, contact the team at Prosura.

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