Clarity is key when talking to customers about their professional indemnity cover.” - Liam Barry, PI Underwriting Manager (Emerging and Traditional) Any recommendations for PII providers in 2024? In particular any providers who include a tax support line? If anyone has instead purchased these items separately, who do you use for the tax helpline part and how much roughly should it cost? Have come accross a lot of outdated forums regarding this topic so thought starting a fresh chain.. Comments for this post are now closed. Hiscox for PII and business PL/contents.. go directly to them, not through a PB or agent link. A tax helpline is quite another thing. Have you looked at Nichola Ross Martin as an option? After all, what exactly is a tax support line from a PII insurer?

Choose an appropriate level of cover: Third-Party Only (TPO), Third-Party Fire and Theft (TPFT), or Comprehensive.
Consider optional add-ons like breakdown cover, legal expenses insurance, or courtesy car provision.
Review the policy excess amounts (compulsory and voluntary) and ensure they are affordable.
Check if the policy includes coverage for personal belongings or audio equipment.

Surely just an add-on service that - who knows - might be outsourced to Lord-Knows-Who chartered accountants in Mumbai. Vantage for tax advice and fee protection insurance for clients.

ACCA CPD: The Basics

Registered in England and Wales — Companies House 07014570. Registered office: details available on our About page. Always read it alongside the current published rules of your accountancy body and your individual policy wording. Professional Indemnity placement should be undertaken with a broker authorised under the FCA's Insurance Distribution rules. The next scheduled review is November 2026.

Can Learnsignal courses count as ACCA CPD?

Apex Insurance Brokers Ltd. Authorised and regulated by the Financial Conduct Authority, FRN 724952. Registered in England and Wales, Companies House number 07014570. This guide is technical reference material, not regulated advice. If you file accounts with HM Revenue and Customs and a miscalculation means thousands of pounds aren’t accounted for, your client could find themselves facing a larger-than-expected tax bill.

Foundation level qualifications

If this happens, they may blame you and take legal action to reclaim the lost money. For an accountant, Hiscox business cover can be tailored to include professional indemnity insurance, which helps with the cost of defending and settling the case. It’s welcome protection, whether your accountancy firm makes a mistake or faces false accusations. Your accountancy practice’s office is kitted out with the latest laptops and touchscreen monitors as well as audio and camera equipment for remote calls with clients. When a gang of thieves break-in to the offices overnight and make off with the tech, you’re left struggling to service your clients. Although you also get the helpline if you are ICAEW. Direct Line for Business are very cheap. I saved over 40% by switching to them from Hiscox.

Who Is Legally Required to Have Professional Indemnity Insurance in the UK?

PI cover can help to protect you against the cost of legal action if a client claims they lost money or suffered reputational damage as a result of your work, professional services or advice. Whether you’re settling or defending a claim, you can addlegal fee protection when you take out this insurance, too.Furthermore, in some circumstances, professional indemnity insurance for chartered accountantscan be mandatory. Each business is unique – some accountants bet free bookmaker offers today may also choose to have public liability insurance. These are just some of the types of business insurance for accountants that we can offer. We can provide other specific types of cover and build them into a policy that’s tailored to the exact needs of your business.

Claims Made Policies

Hiscox professional indemnity insurance is relevant to many complaints an accountant can face. It can help to cover allegations of negligence, accidental breach of confidence and giving poor business advice. Should you provide good-faith tax guidance which turns out to be misplaced, we may help to pay related legal fees and compensation. Likewise, if your cashflow forecasts turn out to be incorrect and a client sues, insurance can help with the aftermath. Our professional indemnity insurance can also be suitable for tax accountants and company registrars as well as auditing and payroll professionals.

How much does it cost?

This means a wide range of industry activities, from filing to invoicing, are covered. Every business entity is liable to members of the public for injuries or property damage that might occur because of its activities. Public liability insurance is designed to help absorb the cost of such cases. Many businesses can face public liability claims, even if they aren’t public-facing – for bet sign up offers betting online instance, an office sign could fall from a commercial building. However, public liability insurance might be more relevant to businesses with frequent client interactions. I've no strong leaning for/against any of them ..

Insurance Type	Mandatory or Recommended	Purpose / Key Coverage
Professional Indemnity Insurance (PII)	Mandatory	Covers claims for negligence, breach of duty, and wrongful advice.
Public Liability Insurance	Recommended	Covers injury or property damage to third parties on business premises.
Employers' Liability Insurance	Mandatory (if have staff)	Legally required to cover employees for injury or illness at work.
Cyber Liability Insurance	Strongly Recommended	Covers data breaches, cyber attacks, and associated regulatory fines.
Office Contents Insurance	Recommended	Protects business equipment, furniture, and stock.

but it's a bit of a minefield, as is always the case with Insurance of any type.

Step	Description	Deadline (Relative to Renewal Date)
1. Review Practice Changes	Assess new services, staff changes, fee income increase.	8-10 weeks before
2. Contact Broker/Insurer	Initiate renewal discussion and request updated quotation.	6-8 weeks before
3. Complete Proposal Form	Update all information accurately and comprehensively.	4-6 weeks before
4. Review Renewal Terms	Check coverage, limits, exclusions, and premium.	Upon receipt of documents
5. Accept and Pay	Formally accept the policy and arrange payment.	Before expiry of current policy
6. Notify ACCA	Upload new certificate of insurance to member's account.	Within 7 days of renewal

Whether it's your car or home or indeed PII, you'll only discover whether the policy & premium are 'good value' if you are unlucky enough to need to make a claim. Until that point a cheap premium can seem like a no-brainer, but when a joyrider drives into your parked car (or the local flood defences fail or your client misleads by omission) ..

Run-off cover — easy to ignore, expensive to forget

Business contents insurance can help to pay for replacement items so you can get back up and running. Accountants who join industry organisations such as the ICAEW or ACCA are required to have a certain level of professional indemnity cover to meet each organisation’s membership rules. At Hiscox, we offer cover levels that meet the minimum requirements of such bodies. As you gain more professional qualifications and industry expertise, you may offer additional services. Thankfully, your Hiscox policy can grow with you – we also offer a policy wording that is compliant with the ICAEW minimum terms for Chartered Accountants.

3.4 Continuing obligations

With an office insurance package from Hiscox, you can combine several property-focused covers. Start with business contents insurance to protect your offices against damage caused by flood or fire or from losses incurred after a break-in. Add portable equipment insurance to protect items like laptops and smartphones when used away from your offices. And, if you own the building, commercial property (buildings) insurance can cover the bricks and mortar. Note: to add any of the other covers you must first take out business contents insurance.

10.2 Group scheme considerations

Employers’ liability insurance can offerprotection against claims made against you by employees who have had an accident or fallen ill as a result of their work. For example, if one of your accountants claims you’vefailed to support them with work-related stress. Note that employers’ liability insurance can be required by law (external link) for any business that employs others. You can be fined up to £2,500 for every day you are not covered. Professional indemnity insurance is compulsory for members of accounting organisations like ACCA and ICAEW. that's when you may wish you'd looked at bet betting comparison website more than the annual cost. As ‘Fact checker’ says, you need to be aware of exactly what you are buying and what not. One of my functions in the past was to look at insurance policies and to make a recommendation for business insurance.

Practising certificate

The organisations that facilitate the training and qualification of chartered accountants in the UK and globally will set the rules for their members’ professional indemnity requirements, and this will often include minimum limits for members to have in place for their business. The two main bodies for chartered accountants are ACCA and ICAEW. ACCA (external link) is a global organisation for professional accountants. To become a member of the organisation and an ACCA chartered accountant, you must take and pass the ACCA Qualification. As a member, you are required to have professional indemnity insurance.

8.3 Run-off and notification

The ICAEW (external link) is the only body in the UK that publishes minimum terms for the Professional Indemnity coverage it requires its chartered members to have. Hiscox has a Chartered Accountant policy wording that meets all the ICAEW minimum terms requirements. Other professional bodies that ask for their members to have PI cover include: Hiscox accountants’ insurance is comprehensive and flexible, so you can tailor the cover to meet the requirements of your professional body. “With 20 years in the industry, I am a professional indemnity insurance specialist. I champion keeping our policy wordings as ‘plain English’ as possible and stamping out unnecessary jargon. Due to the amounts involved in the policy purchase we were able to offer discounts, with a win – win for both the insurance purchaser and seller. One thing that became very clear was the fact some insurers would offer some sort of restriction on claims. These would not just be the usual sort on, for example, high value properties ( railways, airports, high rise buildings etc.). In some cases we were able to have these type of clauses removed, but at a cost, which then made the offer a non-starter. In summary you MUST read the full policy, not just the short Q&A. I was with Direct Line for a while, but they have a particular dislike of accountants with clients in the 'entertainment industry'. Bear in mind that my only clients who fall into that category are one with their own YouTube channel, and another (usually out of work) actor who has a day job in a phone shop! Nevertheless Direct Line's underwriters refused to renew my PI insurance because of them. Directline were very straightforward for me when I started up 6 years ago One thing I would say, especially starting up, is that PI is not one to skrimp over.

Information Category	Specific Details Required	Purpose	Required For
Firm Details	Legal name, trading name, ACCA firm reference number.	Identification and record linkage.	All applications
Financial Information	Previous year's gross fee income, current year's forecast.	To determine required level of PII cover.	All applications
Business Activities	Detailed description of services offered (e.g., audit, tax, consultancy).	Risk assessment by insurer.	All applications
Claims History	Details of any claims, notifications, or circumstances in last 6 years.	Underwriting and premium calculation.	Renewals & new apps

You need to know that your insurance provider has your back, rather than is just the cheapest that will satisfy your regulator. The difference of a few hundred quid, in my book is well worth it. When I was starting up I used Marsh's under £100k ICAEW plan. I've stayed with them and they've helped me out of a few tight spots in the past, as can happen from time to time. When you take out a professional indemnity insurance policy, you will be asked to choose your level of cover. And you might wonder: How much professional indemnity insurance do I need? In this post we will outline the key considerations that will help you determine what level of professional indemnity insurance is right for you.

Maintain a valid motor insurance certificate (Certificate of Motor Insurance) for each vehicle.
Ensure the insurance policy covers at least third-party liability as a minimum legal requirement.
Display a valid insurance disc on the vehicle's windscreen if required by local jurisdiction.
Notify your insurer immediately of any changes to vehicle details or registered keeper.
Inform the insurer of any modifications that could affect the vehicle's risk profile.

Key Differences Between PI and Public Liability Insurance