Professional indemnity cover built for accountants, meeting the requirements of bodies like ICAEW and ACCA, not just general business cover.
Professional indemnity cover built for accountants, meeting the requirements of bodies like ICAEW and ACCA, not just general business cover.
Your body’s PI limitClient financial dataPublic liability
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Accountant insurance is a combination of covers built around advising clients on their finances, professional indemnity for errors or advice that causes a client a financial loss, employers’ liability if you have staff, and cyber cover for the financial data you hold.
If you hold a practising certificate with a body like ICAEW or ACCA, professional indemnity insurance is a mandatory condition of membership, with minimum cover levels set by your body.
Accountant insurance can include:
Professional indemnityEmployers’ liabilityPublic liabilityFidelity guarantee coverBusiness interruptionCyber insurance
Professional Indemnity
Covers claims that advice or work you provided caused a client a financial loss.
Employers’ Liability
A legal requirement once you employ any staff, even casual help.
Public Liability
Covers claims if a client or visitor is injured or their property is damaged.
Business Contents
Protects your office, IT equipment and documents.
Cyber Insurance
Covers costs following a data breach involving client financial data.
Does your professional body require PI cover?
Does your professional body require PI cover?
This is separate from your insurer, but it affects whether you can hold a practising certificate.
This is separate from your insurer, but it affects whether you can hold a practising certificate.
| Professional body | PI required? | What to know |
|---|---|---|
ICAEW (chartered accountants) | Yes, for members in public practice | Minimum cover levels are based on your income |
ACCA (chartered certified accountants) | Yes, mandatory with a certificate to practise | Cover is scaled to your annual income too |
AAT (accounting technicians) | Yes, minimum cover levels apply | Lower minimum limits than chartered bodies |
Not a member of a regulated body | Not mandatory, but strongly recommended | Clients may still expect to see proof of cover |
Top Tip
If you close your practice, you’ll typically need run-off cover for several years afterwards, since a client could still raise a claim about work you did before you stopped trading.
There’s no fixed price. Your professional body sets a minimum indemnity limit based on fee income, which is usually the starting point for accountants.
Annual fee income
Your professional body’s minimum PI limit is often based on income.
Number of staff
More employees increase your employers’ liability exposure.
Services offered
Audit and tax work can carry different risk to bookkeeping.
Client money handling
Holding client funds can affect your cover needs.
Level of cover
Higher indemnity limits increase your premium.
Claims history
A clean claims record helps keep premiums down at renewal.
How to get accountant insurance
How to get accountant insurance
Getting accountant insurance takes four steps: tell us about your practice, choose your covers, compare specialist insurers, then get covered, often the same day.
Getting accountant insurance takes four steps: tell us about your practice, choose your covers, compare specialist insurers, then get covered, often the same day.
Tell us about your practice
Your services, income and whether you have staff.
Choose your covers
Professional indemnity, public liability and any extras.
We compare specialist insurers
We search our panel of 20+ UK insurers.
Get covered and trading
Receive your documents, usually the same day.
UK-based specialist advisersAccess to specialist insurersNo obligation, just expert helpTrusted by thousands of businesses across the UK
Trusted by thousands of businesses across the UK
From everyday business insurance to complex specialist cover, our customers trust Insurance Revolution to find the right protection and provide expert support when it matters.
From everyday business insurance to complex specialist cover, our customers trust Insurance Revolution to find the right protection and provide expert support when it matters.
Accountant insurance guides
Accountant insurance guides
ICAEW and ACCA indemnity minimums, fee-income scaling and run-off cover.
ICAEW and ACCA indemnity minimums, fee-income scaling and run-off cover.
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Even the most careful accountants can face unexpected issues. Whether it is a missed filing, an incorrect return, or client data being compromised, small mistakes can lead to significant claims. Accountancy insurance exists to help mitigate these risks, yet many professionals still overlook key covers that could protect their reputation and business continuity.
Accountant insurance FAQs
Accountant insurance FAQs
Straight answers on cover, professional bodies and cost.
Straight answers on cover, professional bodies and cost.
Accountant insurance is a combination of covers built around advising clients on their finances: professional indemnity for errors or advice that causes a client a financial loss, employers’ liability if you have staff, and cyber cover for the financial data you hold.
Still have questions?
Our advisers are here to help you find the right solution.
