Our UK-based team helps business owners daily to compare business insurance to find the right insurer that fits.
Accountancy insurance could shield your professional reputation from financial and legal damages.
The minimum limit of indemnity on PII is £1.5 million. Professional Indemnity Insurance is an ICAS regulatory requirement for any member in practice, and bet moneyline enhanced odds 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*. Compare insurance quotes in three simple steps Speed up the process by submitting basic business details online – whenever you have time.
| Rating Factor | High-Risk Example | Lower-Risk Example | Impact on Premium |
|---|---|---|---|
| Services Offered | Insolvency, M&A advice | Bookkeeping, payroll | High for complex services |
| Claims History | Multiple past claims | Clean record | Significant increase with claims |
| Client Types | High-net-worth, listed companies | Small local businesses | Higher for complex clients |
| Risk Management | Poor file reviews, no engagement letters | Strong systems, CPD, quality control | Discounts for good systems |
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.
*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. 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
But every SME needs a safety net. Just look at the stats: BIBA data suggests nearly one in five businesses suffer a major disruption every year. For smaller companies, even the slightest mistake or bad luck can leave it struggling to survive. This is why having fit-for-purpose professional indemnity (PI) insurance makes so much sense. With 26% of the annual total insurance claims in the UK relating to professional indemnity issues, it helps accountancy firms manage risk, and ultimately helps protect the business if an error should occur.
Whilst it is not a legal requirement for accountants to take out PI insurance, for many accountants (such as members of the ICAEW, ICAS or ACCA) it is a regulatory requirement to buy PI cover that complies with the respective association rules. These rules can not only set out the limits required, but also mandate the specification of the wording and the Insurers that can be used. For those “unregulated” firms, PI cover is still arguably a business necessity to provide the firm with the requisite legal expertise and financial resources to ensure the stability of their business should the worst happen. With PI cover, mistakes can be sorted out quickly and easily, with minimum disruption and expense. Even if it’s never used, having PI insurance provides reassurance for clients, giving them one more reason to trust an accountant with their finances.
Within a heightened regulatory environment, the combination of more intervention and evolving standards means an increase in the number of claims. Here are four scenarios where PI Insurance has helped an SME accountant faced with a claim… An accountancy firm fails to comply with HMRC filing deadlines resulting in penalties for the client. An accountant fails to warn a client that the transfer of shares prior to the sale of a business will trigger a CGT charge. A complex claim as the client may not have warned the accountant of their intentions. An accountancy firm acting as auditors for a client fails to detect fraudulent activity in an investment opportunity. go: Your name and contact details to receive your quote options You may be
| Annual Fee Income Band (GBP) | Minimum Limit per Claim | Minimum Aggregate Limit | Excess/Deductible Guideline |
|---|---|---|---|
| Up to 100,000 | 100,000 | 1,500,000 | 1% of income or 2,500 |
| 100,001 - 500,000 | 500,000 | 3,000,000 | 1.5% of income |
| 500,001 - 2,000,000 | 1,000,000 | 5,000,000 | 0.75% of income |
| Over 2,000,000 | 2,000,000 | 10,000,000 | Negotiated, based on risk |
asked additional questions about business activities Never spoken to a business insurance broker before?
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. 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. 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
Why not get in touch with Aqueous today to discuss your clients’ needs? – Authored by Stuart Barker, Head of Business Development – Professional Indemnity 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 bet betting sites with sign up bonus no deposit 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. expect when arranging business insurance with a broker for the first time.
A complex case as the wrong doer will have gone out of their way to cover their tracks. An accountant uses third-party information to research the latest tax insights. Taking the information at face value, they give the wrong advice leading to losses for the client. Be aware of the regulatory status of your client and the impact of this on the limits and cover you need to recommend and the markets you can and cannot approach. The primary capacity that Aqueous have secured is all fully compliant with the necessary accounts regulatory bodies.
Beyond regulatory hygiene, be clear about what matters most to your clients and how they operate. Each one is different, so you need access to a range of products that can be tailored to your customers’ needs. Look for comprehensive products that are simple and quick to arrange. At Aqueous, quoting and binding on our e-trade platform can take less than five minutes, with experienced underwriters on hand to give you all the information you need. All our products are underwritten by A-rated (or above) insurers, meaning quality and reliability is guaranteed.
Each product has been carefully designed to cover the risks faced by specific professions, based on our experience of the market. A comprehensive PI policy is an effective and efficient way to manage risk. As time-pressed business owners, your clients want to get the right cover without hassle or fuss. At Aqueous, we pride ourselves on the human touch. Professional underwriters offer personal attention and are always available if you need to discuss a policy.