Accountants | Professional Indemnity Insurance
Professional indemnity (PI) insurance will protect your financial interests, leaving you free to look after those of your clients.
Why you need PI
Clients can be very demanding creatures: even more so when you're dealing with their finances.
As an accountant, you'll be an expert in your profession and rigorous in your methods. Indeed, the majority of our claims arise from administrative errors and misunderstandings – not negligent professional advice, knowledge, or skill. But mistakes happen.
Now, more than ever, you need protection from possible litigation. An allegation of negligence could leave your bottom line exposed and your reputation in tatters.
Standard PI policies cove the cost of legal fees and compensation you may be liable to pay as a result of your negligence. But ours go much further. Suppose a client claims you've been negligent and refuses to pay you. Insurers will pay your outstanding fee if it prevents a claim being made against you that's larger than your unpaid fee.
You're also covered for loss of documents, for example, if you accidentally leave a client's books on a train.
Claims example
An accountant was asked to prepare and submit a client's tax returns to the Inland Revenue. Despite several requests from the accountant for additional information to complete the returns, the information was either late or not forthcoming at all.
As a result, the returns were submitted late and penalties were imposed. The client alleged negligence against the accountant and sought compensation. The accountant's professional indemnity insurers stepped in to defend the claim.
Quote and buy online
A different policy is available to members of the Institute of Chartered Accountants (ICA) and Association of Chartered Certified Accountants (ACCA).
Our Hiscox professional indemnity policy for accountants is available to buy online. Before purchasing, please read through your appropriate documents.
Members of the ICA or the ACCA should read this policy wording and this summary of cover.
Non-members should read this policy wording and this summary of cover.
Ready to buy? Get quote now
If you need any more information, require a bespoke quotation, or simply prefer to buy over the telephone, please call us on 0845 370 9030 between 9 and 5.30, Monday to Friday.