Professional Indemnity Insurance for Accountants
Accountants provide advice that directly affects their clients' financial decisions, tax obligations and business operations. When that advice proves wrong, the consequences can be substantial. Professional Indemnity Insurance is both a professional requirement and a business necessity.
Risk Exposure
Why Accountants Need Professional Indemnity Insurance
Professional bodies including ICAEW, ACCA, CIMA and AAT require their members to hold Professional Indemnity Insurance. Beyond regulatory compliance, the practical exposure is significant.
A single error in tax advice, an omission in financial reporting, or negligent audit work can result in claims that far exceed a practice's annual fee income. HMRC penalties, client losses, and the cost of rectifying errors can be devastating.
PLB arranges PI cover for accountancy practices of all sizes, from sole practitioners to multi-partner firms, with a focus on ensuring the policy responds to the real risks of modern accountancy practice.
Scope of Cover
Typical Activities Covered
Illustrative Claims Scenarios
Typical Claims Scenarios
The following scenarios are illustrative examples only and are intended to demonstrate the types of claims Professional Indemnity Insurance is designed to respond to.
Tax Planning Advice Error
An accountant advises on a tax-efficient structure that is subsequently challenged by HMRC. The client faces a substantial tax liability plus penalties and interest, and a Professional Indemnity claim is made against the accountant for the additional costs.
Missed Filing Deadline
Failure to file corporation tax returns within the required timeframe results in automatic penalties. A Professional Indemnity claim is pursued for the accumulated penalties and any associated interest charges.
Proposal Information
What Underwriters Usually Ask
When we approach the market on your behalf, underwriters will typically require the following information. We guide you through this process.
Why Choose PLB
Specialist Accountants PI Brokers
Sector Expertise
We understand the specific professional risks facing accountants and arrange cover that responds to your actual exposures.
Market Access
Access to specialist Professional Indemnity underwriters and markets with experience in this sector.
Personal Service
Deal directly with experienced PI specialists who know your sector — not a call centre or an algorithm.
Frequently Asked Questions
Accountants — Common Questions
Get Started
Request a Quotation
Complete the form and a specialist Professional Indemnity broker will review your Accountants activities and contact you within one working day.