Depending on the size of the accountancy firm and the activities undertaken we have two professional indemnity insurance options which may be of interest:
Firstly, our combined professional indemnity and liability pi insurance scheme underwritten by the Royal & Sun Alliance Insurance plc which comprehensively caters for the requirements of small book keeping firms. The premiums for this insurance policy cover start at £220 per annum for £100,000 professional indemnity, £10,000,000 Employers’ Liability and £1,000,000 Pubic Liability insurance cover. For firms with up to three practising Partners, Directors or Consultants where fees do not exceed £200,000 per practising Partner, Director or Consultant this indemnity insurance policy is ideal. If however you are ICA (Institute of Chartered Accounts) or ACCA (Association of Chartered Certified Accountants) qualified then a specific policy wording is required – see below.
Secondly, our professional indemnity insurance scheme for accountants underwritten by Novae Insurance Company Ltd.
The annual pi insurance premiums for this accountancy scheme start at £320.25 for £100,000 cover however online quotes and instant cover can be arranged for firms with fee incomes of up to £400,000 requiring limits of indemnity up to £2,000,000. Firms with fee incomes in excess of £400,001 or requiring over £2,000,000 PI cover are invited to call our free phone quote line on 0800 055 60 83 to discuss the options available.
With regards to scope of policy cover Novae’s professional indemnity policy for accountants is suitable for companies undertaking auditing, bookkeeping, account preparation, personal taxation, company registrar work as well as management consultancy. The accountants professional indemnity policy wording is a full civil liability wording and will respond to claims in respect of any civil liability arising incurred in connection with the conduct of the insured business activities. The cover provided is no less favourable and provides no less protection to the Insured than the Approved Minimum Wording (as defined in the Professional Indemnity Insurance Regulations from time to time issued by the Institute of Chartered Accountants in England and Wales (the “ICAEW”), The Institute of Chartered Accountants of Scotland (the “ICAS”) or The Institute of Chartered Accountants in Ireland (the “ICAI”) as applicable).
If you are unsure as to the type of professional indemnity insurance policy you require please do not hesitate to contact us on 0800 055 6083 to discuss further or click here to complete our quick quote enquiry form.