Accountants Professional Indemnity

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Trusted by more than 1 in 3 of the UK's top 100 accountancy practices

You pride yourself on your attention to detail, but if there's an issue with your work and a client accuses you of negligence, it’s key to have the right protection in place. 

Professional indemnity insurance, or PI, is a crucial financial safeguard for these claims, as it covers your legal costs and any compensation awarded.   

There’s no replacement for a knowledgeable, experienced broker that knows your industry. We’ve been protecting accountants for three decades and are one of the leading brokers in PI. 

20+

in-house PI accountancy experts

2,000+

accountancy practices covered

£160m

PI premiums placed across professions

Why do accountants need professional indemnity insurance?

Even the most experienced accountant can face a claim for mistakes in their professional services. Without PI, if a client or third party takes action against you for negligence, you’d be liable for the financial fallout. 

PI helps mitigate that risk, along with demonstrating to clients that you take your responsibilities seriously.

And for some this cover is mandatory. Accountancy regulatory bodies such as the Institute of Chartered Accountants in England and Wales (ICAEW) and the Association of Chartered Certified Accountants (ACCA) require their members to hold PI at a certain level.

When you get insurance through us, you’ll know it complies with guidelines for chartered professionals.

What does professional indemnity insurance cover?

If a client accuses you of negligence, mistakes or omissions in your services or advice, PI cover steps in to cover the legal costs of defending yourself and any settlements awarded.

PI is usually provided on a claims-made basis. This means it’s cover for when a claim is reported, rather than when the incident took place.

The types of claims for financial loss or damage can cover are wide, and can include: 

  • Negligence or breach of duty of care
  • Misrepresentation (incorrect information provided to a client)
  • Defamation (harming a client’s reputation)
  • Unintended confidentiality breaches (or misuse of confidential information)
  • Intellectual property infringements (using, copying or exploiting a protected work without permission)
  • Loss or destruction of documents (if trusted to your safekeeping)

PI policies vary across insurers and what you need may not be the same as the next firm. Your broker can design your PI around your business and advise you on the protection you need.

    lady smiling in meeting room holding laptop
    The team at Howden have looked after our professional indemnity insurance since 2008. They have provided an excellent service across all facets of our insurance programme from securing us a competitive PI premium through to handling notifications and claims.
    Director at a top ten UK accountancy practice

    Why choose us?

    Trusted by over 40% of the UK’s top 100 accountancy firms, we've been protecting accountants for decades. Along with deep insight and understanding of the everyday risks your profession faces, we offer:

    • Exclusive wording, and cover that exceeds ICAEW and ACCA requirements.
    • In-house specialist PI claims team, ready to negotiate the best outcome for you.
    • Renewal support, helping to establish your strategic priorities and set goals before we negotiate your cover and premium with insurers.

    You'll also have access to:

    • Risk advice and training to establish or refresh awareness of the risks you face through risk profile analysis, seminars, and workshops.
    • Practical guidance and reporting on legal and regulatory developments, claims trends, market conditions, and insurers’ views. 
    • Advice on a wide range of other insurance, including cyber, public and employers’ liability, and tailor-made directors’ and officers’ cover.
    • Free business support, including 24/7 legal advice and counselling helplines. 
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    Expert claims support

    We have one of the largest in-house claims teams in the PI market.

    That’s over 30 experienced lawyers and senior claims specialists on hand to advise and support you on notifications and claims. 

    Tell us as soon as you’re aware of an incident, because the sooner we know, the sooner we can help.
     

    Make a claim

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    What to do if you are experiencing financial difficulties

    We recognise that the current economic conditions are putting pressure on many households and businesses. At Howden, we are committed to finding ways to assist our customers who may require additional support during these times.

    If you’re currently facing financial difficulty, please speak to us about your insurance policies by:-

    -contacting your Howden Service Team; 
    -calling Howden on 020 7623 3806;
    -using the Enquiry form.

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    Accountants PI FAQs

    You’ll need appropriate PI cover for your practice’s specific needs and risks, also bearing in mind any minimum levels of cover set out by your accountancy body and the Financial Conduct Authority (FCA) (where applicable). 

    For policies taken out or renewed from September 2024, the ICAEW expects members to have a minimum of £2m of cover. For firms with a gross fee income below £800,000, the minimum limit of indemnity is two-and-a-half times the firm’s gross fee, or at least £250,000. For more details, see our update on ICAEW PII regulation and the ICAEW website.

    Otherwise, you’ll want to consider the type of work you carry out (is it high risk or complex, such as tax planning?) and your client base, along with contract values both now and in the past. It’s a case of doing a risk assessment to consider the likely cost of your worst-case scenario for legal fees and compensation claims.

    Your broker can help you decide on your cover amount and explain whether ICAEW changes will affect an existing policy. 

    The premium insurers offer is based around a few considerations. As well as the level of cover you’re after, they will look at your: 

    • Annual turnover
    • Type of work and clients
    • Claims history
    • Number of employees 

    Insurers also consider other factors, ranging from your risk training to your business structure. When it comes to your renewal, try to prepare well ahead of time and alongside your broker. If you buy insurance through us, we’ll advise you before getting the best outcome we can with insurers.

    If you are retiring or your company is closing or merging with another, it’s important to secure run-off cover. This will make sure you are covered if a former client makes a new claim against you for past accounting work – even while you’re no longer trading. 

    You can set how long this cover will last, though regulatory bodies may ask for a minimum period. For example, ACCA members must have at least six years of run-off cover.
     

    Meet the team

    Photo of Paul Gillett

    Paul Gillett

    Managing Director
    Photo of Paul Gillett

    Paul Gillett

    Managing Director

    Paul has over 25 years’ experience securing professional indemnity insurance for his clients. Based in the Bristol office, he and his team support financial and construction professionals with insurance, risk mitigation, and claims management.

    Photo of Leigh Ferris

    Leigh Ferris

    Executive Director
    Photo of Leigh Ferris

    Leigh Ferris

    Executive Director

    Leigh brings 30 years’ experience to bear for his clients, applying his professional indemnity insurance experience to the benefit of many of the UK top 50 accountancy practices he acts for.

    These clients include both domestic and global practices, as well as international accountancy networks and associations who value his experience and input.

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