It's important to have some understanding
Protect against claims made by clients or partners 86% of businesses are happy with our customer service We compare a vetted panel of trusted business suppliers Bionic specialises in business insurance for small businesses and sole traders, like accountants Get cover to protect against claims from clients, partners and more. Bionic is trusted by UK businesses and won 'Highly Commended' at the 2025 Insurance Broker Awards 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 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. When carrying out daily work, as an accountant, you could run into many risks. 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 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.
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 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. of how the market works to be
able to make an informed decision on which product is best for your firm.
Tailored insurance designed to fit the firm Policy wordings vary, but certain protections are core to professional indemnity insurance for Accountants. Cover for the financial compensation you have to pay if you made an error, omission or gave negligent advice in the course of your professional services. Your legal defence costs including solicitors, counsel, experts and court fees. Cover for breach of professional duty or unintentional breach of contract where this leads to a claim for financial loss against you. Professional indemnity claims against Accountants range from hundreds to millions of pounds. Does creating the right impression really matter?
| Practice Area | Mandatory Insurance | Recommended Additional Cover | Risk Level | Typical Insurer Rating |
|---|---|---|---|---|
| Audit & Assurance | PII, Public Liability | Directors & Officers, Cyber | High | A- or above |
| Tax Advisory | PII | Legal Expenses, Tax Investigation | Medium-High | BBB+ or above |
| Accounting & Bookkeeping | PII | Fidelity Guarantee | Medium | BBB or above |
| Corporate Finance | PII | Directors & Officers, Transactional Liability | High | A or above |
| Forensic Accounting | PII | Libel & Slander, Legal Defence | Medium-High | BBB+ or above |
Professional indemnity insurance for accountants is
Claims can arise from many different scenarios but key areas of risk include ; Misleading or inaccurate advice such as poor tax advice, recommendations or advice on business valuations that leads to quantifiable financial losses. Failure to detect fraud as an auditor to a company. Loss of documents or data in the accountant’s care including the costs of restoring or replacing them and associated client loss where covered. Certain civil liabilities such as defamation, unintentional breach of confidentiality or intellectual property rights, in the course of providing professional services. Professional indemnity insurance for an Accounting firm is best obtained through a specialist broker. usually purchased from a specialist broker.
Your business is unique, and price depends on a number of factors, including: Extent of cover — The more cover you opt for, the more expensive your package will likely be. Your insurer — Depending on who is willing to insure you, the price for their policies will vary. Location — The location of your business is taken into consideration when calculating the cost of your premiums. Claims history — If you’ve made a claim on your policy or had claims made against you, it may affect your future premiums. *The price is for a offices and surgeries policy – 10% of customers who were sold with one of our panel providers paid £197.16 or less annually (excluding any additional administration fees) between 01/01/25 & 31/12/2025.
Equivalent to £16.43 a month or £0.54 a day (and excludes the extra costs for paying monthly). Your actual policy and price may vary based on your business requirements. 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 bet betting site offers uk compare business insurance to find the right insurer that fits.
Accountancy insurance could shield your professional reputation from financial and legal damages. Compare insurance quotes in three simple steps Speed up the process by submitting basic business details online – whenever you have time. Schedule a call with one of our insurance brokers to discuss the details to ensure they’re correct. Get your quotes from our panel of trusted insurers and through any questions with our team. You only need a few details to get started with getting a free business insurance quote online, so it’s best to have the following information ready to go: Your name and contact details to receive your quote options You may be asked additional questions about business activities Never spoken to a business insurance broker before? A good broker lowers the premium cost as well as providing
| Practice Size (by staff) | Minimum Limit per Occurrence | Aggregate Limit | Typical Annual Premium Range (GBP) |
|---|---|---|---|
| Sole Practitioner | GBP 2,000,000 | GBP 5,000,000 | 250 - 500 |
| 2-5 Staff | GBP 5,000,000 | GBP 10,000,000 | 500 - 1,200 |
| 6-20 Staff | GBP 10,000,000 | GBP 20,000,000 | 1,200 - 3,000 |
| 21+ Staff | Case-by-case assessment | Case-by-case assessment | 3,000+ |
valuable advice and support throughout
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. 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. In case an employee gets ill or injured because of the work they do for you. A legal requirement if you have employees. In case you injure someone or damage something while providing your services.
In case a customer sues you for damages because of a mistake in your work. Protects your building from unforeseen property damage including fire, storms, floods but also arsonists and vandalism. To provide compensation if a listed event stops your business from running normally. Prices could start from around 54p per day*. Because all businesses are different, it’s difficult to give a solid figure for what you’ll be paying for insurance without speaking to a broker. the insurance period, especially on claims.
Here's what you need to know: from finding one that’s right for your business, to renewals, claims and more. Our Senior Technical Insurance Manager, Ollie Barrett, walks you through what to expect when arranging business insurance with a broker for the first time. We all love to make an extra bit of on the side, but what happens your side hustle goes sideways? If you don't have any business insurance in place, you could end up paying out the cash you've earnt in legal fees or otherwise. Find out what you need to protect your side hustle in this guide.
Every year your business insurance is going to be due for renewal. But do you stay or switch insurer? How do you know if you need to make changes to cover? We've got it all covered in this guide. Sign-up to The Backbone, our free fortnightly newsletter for anyone who owns, runs, or works in one of the millions of businesses across the UK.
Get the inside track from real business owners just like you Since 2011 we have been arranging tailored professional indemnity insurance for Accountants. We have a specialist knowledge of the professional indemnity market and offer a range of services to help established and new-start Accountants obtain their cover quickly and at a competitive premium. With at least 45 insurance companies on the current ICAEW list of Participating Insurers there's plenty of competition available, which is why thousands of Accountancy firms already arrange their professional indemnity insurance with these companies. We have a dedicated team looking after the PI interests of many Accountancy firms throughout the UK. Fast service quotations normally within 24 - 48 hours Dedicated Account Manager your own central point of contact High client retention 94% of clients choose to renew with us year on year. We have provided professional indemnity
insurance quotations to hundreds of
A good broker will reduce the annual premium cost as well as providing invaluable advice and support. Unless you have the necessary insurance expertise, beware of buying your cover online. Buying a policy online may not give you the cover you actually require. Accountants were one of the first professions to make professional indemnity insurance compulsory for regulated firms. Today, it's a large insurance market with many insurers battling for market share. accountancy firms, from new starts to multi million pound businesses.
