Cyber and data risks insurance is an important cover that protects against the costs involved with a cyber attack, including: It covers your defence costs, as well as any damages you are liable to pay third parties. Public and product liability insurancePublic and product liability insurance provides cover if someone is injured, or their property damaged, in the course of conducting your accountancy business. This could be, for example, if a visitor to your office were to slip on a wet floor, or if you were to accidentally damage a client's laptop during a meeting (e.g. It covers the legal costs involved with defending your business, as well as any compensation that may be due to third parties. Public and product liability insurance provides cover if someone is injured, or their property damaged, in the course of conducting your accountancy business. Do accountants need professional indemnity insurance?PI insurance for accountants is a vital component of any accountancy insurance package for a number of reasons. Firstly, it’ll pay your legal fees if you’re accused of professional negligence, and it’ll also cover any compensation you may be liable for. Secondly, accountants professional indemnity insurance is a requirement of most accountancy regulatory bodies or membership associations, so if you don’t have in place, you’re unlikely to be able to sign up. PI insurance for accountants is a vital component of any accountancy insurance package for a number of reasons. What are the AAT insurance requirements?The AAT's require licence holders to hold professional indemnity insurance which:is on an 'any one claim' basisincludes civil liability coveris fully retroactiveThe limit of professional indemnity insurance the AAT require licence holders to hold is dependent on the firm's gross fee income, and:For sole traders, the required professional indemnity limit is the higher of:2.5 times the firm's gross fee income; or£50,000For partnerships, the required professional indemnity limit is the higher of:2.5 times the firm's gross fee income; or£100,000For limited companies, the required professional indemnity limit is the higher of:2.5 times the firm's gross fee income; or£100,000Additionally, if the gross fee income of your firm is greater than £400,000, the maximum level of cover required is £1,000,000.Please note this is provided for information purposes only and members should refer to the AAT website for full details. The AAT's require licence holders to hold professional indemnity insurance which: is on an 'any one claim' basis The limit of professional indemnity insurance the AAT require licence holders to hold is dependent on the firm's gross fee income, and: For sole traders, the required professional indemnity limit is the higher of: 2.5 times the firm's gross fee income; or For partnerships, the required professional indemnity limit is the higher of: 2.5 times the firm's gross fee income; or For limited companies, the required professional indemnity limit is the higher of: 2.5 times the firm's gross fee income; or Additionally, if the gross fee income of your firm is greater than £400,000, the maximum level of cover required is £1,000,000. Please note this is provided for information purposes only and members should refer to the AAT website for full details. What are the ACCA insurance requirements?The ACCA's minimum professional indemnity insurance requirements is calculated in relation to your business' annual fee income.If your annual income is less than or equal to £200,000, the required professional indemnity limit is the higher of:2.5 times the firm's income; or25 times the largest fee raised by the firm during the relevant accounting year; or£50,000If your annual income is £200,000 - £700,000, the required professional indemnity limit is the higher of:the aggregate of £300,000 and your total income; or25 times the largest fee raised by the firm during the relevant accounting yearIf your annual income is over £700,000, the required professional indemnity limit is the higher of::£1,000,000; or25 times the largest fee raised by the firm during the relevant accounting yearPlease note this is provided for information purposes only and members should refer to the ACCA website for full details. The ACCA's minimum professional indemnity insurance requirements is calculated in relation to bet sports betting offers new customers your business' annual fee income.
With over 25 years of experience insuring contractors, consultants and self-employed professionals, Markel has proven experience in ensuring you have the cover you need. We insure over 200,000 micro businesses and are highly rated by our customers at Feefo.com. We are a division of Markel International, a Lloyd’s of London market insurer. To discuss your insurance requirements and better understand what cover we can provide, call us on 0371 705 3182 or get a quick quote online. How are Markel Direct regulated?Markel Direct is a trading name of Markel International Insurance Company Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.
Find out more on the Financial Services Register.We are a division of Markel International, a Lloyd’s of London market insurer that wrote gross premium totals of £2.4bn in 2023 Markel Direct is a trading name of Markel International Insurance Company Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Find bet good betting sites in the world out more on the Financial Services Register. We are a division of Markel International, a Lloyd’s of London market insurer that wrote gross premium totals of £2.4bn in 2023 As a specialist insurer of accountants and bookkeepers, we provide a range of useful services for you to access, included as standard with certain covers: PI insurance seems to be annoying in that it doesn't cater for accountants who may be literally practising on the side for no more than say £2k worth of gross fee income. I'm considering doing so in the future and I know about the usual annoyances with ACCA and their (IMO biased) certificate requirements for even part time accountants, but PI insurance is difficult to find for less than £15 a month and I find it silly that over 10% of the gross fee income should be sucked away by an almost un-necessary insurance policy (given the size of the people who have asked me being so micro it's barely a blip on Companies House). Does anyone know a provider of PI insurance that can keep the PI insurance to single digit figures per month? If your annual income is less than or equal to £200,000, the required professional indemnity limit is the higher of: 2.5 times the firm's income; or 25 times the largest fee raised by the firm during the relevant accounting year; or If your annual income is £200,000 - £700,000, the required professional indemnity limit is the higher of: the aggregate of £300,000 and your total income; or 25 times the largest fee raised by the firm during the relevant accounting year If your annual income is over £700,000, the required professional indemnity limit is the higher of:: 25 times the largest fee raised by the firm during the relevant accounting year Please note this is provided for information purposes only and members should refer to the ACCA website for full details.
What are the CIMA insurance requirements?A CIMA Member in Practice is required to hold professional indemnity insurance, however CIMA does not advise on the level of cover your business is likely to need.We offer a range of limits of professional indemnity insurance for CIMA members, and our article 'how much professional indemnity insurance do I need?' may assist with your decision.Please note this is provided for information purposes only and members should refer to the CIMA website for full details. A CIMA Member in Practice is required to hold professional indemnity insurance, however CIMA does not advise on the level of cover your business is likely to need. We offer a range of limits of professional indemnity insurance for CIMA members, and our article 'how much professional indemnity insurance do I need?' may assist with your decision.
The AAT's require licence holders to hold professional indemnity insurance which: is on an 'any one claim' basis The limit of professional indemnity insurance the AAT require licence holders to hold is dependent on the firm's gross fee income, and: For sole traders, the required professional indemnity limit is the higher of: 2.5 times the firm's gross fee income; or For partnerships, the required professional indemnity limit is the higher of: 2.5 times the firm's gross fee income; or For limited companies, the required professional indemnity limit is the higher of: 2.5 times the firm's gross fee income; or Additionally, if the gross fee income of your firm is greater than £400,000, the maximum level of cover required is £1,000,000. Please note this is provided for information purposes only and members should refer to the AAT website for full details. What are the ACCA insurance requirements?The ACCA's minimum professional indemnity insurance requirements is calculated in relation to your business' annual fee income.If your annual income is less than or equal to £200,000, the required professional indemnity limit is the higher of:2.5 times the firm's income; or25 times the largest fee raised by the firm during the relevant accounting year; or£50,000If your annual income is £200,000 - £700,000, the required professional indemnity limit is the higher of:the aggregate of £300,000 and your total income; or25 times the largest fee raised by the firm during the relevant accounting yearIf your annual income is over £700,000, the required professional indemnity limit is the higher of::£1,000,000; or25 times the largest fee raised by the firm during the relevant accounting yearPlease note this is provided for information purposes only and members should refer to the ACCA website for full details. The ACCA's minimum professional indemnity insurance requirements is calculated in relation to bet sports betting offers new customers your business' annual fee income. If your annual income is less than or equal to £200,000, the required professional indemnity limit is the higher of: 2.5 times the firm's income; or 25 times the largest fee raised by the firm during the relevant accounting year; or If your annual income is £200,000 - £700,000, the required professional indemnity limit is the higher of: the aggregate of £300,000 and your total income; or 25 times the largest fee raised by the firm during the relevant accounting year If your annual income is over £700,000, the required professional indemnity limit is the higher of:: 25 times the largest fee raised by the firm during the relevant accounting year Please note this is provided for information purposes only and members should refer to the ACCA website for full details.
What are the CIMA insurance requirements?A CIMA Member in Practice is required to hold professional indemnity insurance, however CIMA does not advise on the level of cover your business is likely to need.We offer a range of limits of professional indemnity insurance for CIMA members, and our article 'how much professional indemnity insurance do I need?' may assist with your decision.Please note this is provided for information purposes only and members should refer to the CIMA website for full details. A CIMA Member in Practice is required to hold professional indemnity insurance, however CIMA does not advise on the level of cover your business is likely to need. We offer a range of limits of professional indemnity insurance for CIMA members, and our article 'how much professional indemnity insurance do I need?' may assist with your decision. Please note this is provided for information purposes only and members should refer to the CIMA website for full details. I need proof of cover to start bet best betting sites uk free work, do you provide this?Yes. Please note this is provided for information purposes only and members should refer to the CIMA website for full details. I need proof of cover to start bet best betting sites uk free work, do you provide this?Yes. We provide a dedicated 'Confirmation of Liability Insurance' document which gives full details about the cover you have with us. This gets emailed to you once your policy is purchased.
| Exclusion Type | What is Not Covered | Risk Management Consideration |
|---|---|---|
| Fraud & Dishonesty | Deliberate acts of fraud by the insured. | Implement strong internal controls. |
| Known Claims/Circumstances | Claims arising from issues known before policy inception. | Full disclosure to insurer at renewal. |
| Contractual Liability | Liability assumed under an unfair contract. | Review client engagement letters. |
| Cyber & Data Breach | Pure data loss or system damage; may need separate cover. | Consider standalone cyber policy. |
I need proof of cover to start work, do you provide this?
Is there a limit of cover I should choose?Many industries state that you need a minimum level of cover before you can undertake any work for a client, so be sure to check this before you take out any cover. If you're unsure, or it's the first time you have arranged cover, consider the worst-case scenario and what costs could be involved in putting your mistake right. Is there a limit of cover I should choose? Many industries state that you need a minimum level of cover before you can undertake any work for a client, so be sure to check this before you take out any cover. Why should I choose Markel’s insurance?With over 25 years of experience insuring contractors, consultants and self-employed professionals, Markel has proven experience in ensuring you have the cover you need. We insure over 200,000 micro businesses and are highly rated by our customers at Feefo.com.We are a division of Markel International, a Lloyd’s of London market insurer.To discuss your insurance requirements and better understand what cover we can provide, call us on 0371 705 3182 or get a quick quote online.
We provide a dedicated 'Confirmation of Liability Insurance' document which gives full details about the cover you have with us. This gets emailed to you once your policy is purchased. I need proof of cover to start work, do you provide this? Is there a limit of cover I should choose?Many industries state that you need a minimum level of cover before you can undertake any work for a client, so be sure to check this before you take out any cover. If you're unsure, or it's the first time you have arranged cover, consider the worst-case scenario and what costs could be involved in putting your mistake right.
Is there a limit of cover I should choose? Many industries state that you need a minimum level of cover before you can undertake any work for a client, so be sure to check this before you take out any cover. Why should I choose Markel’s insurance?With over 25 years of experience insuring contractors, consultants and self-employed professionals, Markel has proven experience in ensuring you have the cover you need. We insure over 200,000 micro businesses and are highly rated by our customers at Feefo.com.We are a division of Markel International, a Lloyd’s of London market insurer.To discuss your insurance requirements and better understand what cover we can provide, call us on 0371 705 3182 or get a quick quote online. Why should I choose Markel’s insurance? Why should I choose Markel’s insurance? With over 25 years of experience insuring contractors, consultants and self-employed professionals, Markel has proven experience in ensuring you have the cover you need. We insure over 200,000 micro businesses and are highly rated by our customers at Feefo.com.
| Document Type | Purpose | Required for Renewal? | Retention Period |
|---|---|---|---|
| Insurance Certificate/Schedule | Proof of cover and limits. | Yes | 6 years post-expiry |
| Policy Wording | Details coverage, exclusions, conditions. | On request | Duration of policy + 6 years |
| Renewal Invitation/Quote | Demonstrates active market engagement. | No, but advisable | 2 years |
| Claims History Summary | Shows past losses and risk profile. | If applicable | Indefinitely for material claims |
We are a division of Markel International, a Lloyd’s of London market insurer. To discuss your insurance requirements and better understand what cover we can provide, call us on 0371 705 3182 or get a quick quote online.
Cyber and data risks insurance is an important cover that protects against the costs involved with a cyber attack, including: It covers your defence costs, as well as any damages you are liable to pay third parties. Public and product liability insurancePublic and product liability insurance provides cover if someone is injured, or their property damaged, in the course of conducting your accountancy business. This could be, for example, if a visitor to your office were to slip on a wet floor, or if you were to accidentally damage a client's laptop during a meeting (e.g. It covers the legal costs involved with defending your business, as well as any compensation that may be due to third parties. Public and product liability insurance provides cover if someone is injured, or their property damaged, in the course of conducting your accountancy business.
Do accountants need professional indemnity insurance?PI insurance for accountants is a vital component of any accountancy insurance package for a number of reasons. Firstly, it’ll pay your legal fees if you’re accused of professional negligence, and it’ll also cover any compensation you may be liable for. Secondly, accountants professional indemnity insurance is a requirement of most accountancy regulatory bodies or membership associations, so if you don’t have in place, you’re unlikely to be able to sign up. PI insurance for accountants is a vital component of any accountancy insurance package for a number of reasons. What are the AAT insurance requirements?The AAT's require licence holders to hold professional indemnity insurance which:is on an 'any one claim' basisincludes civil liability coveris fully retroactiveThe limit of professional indemnity insurance the AAT require licence holders to hold is dependent on the firm's gross fee income, and:For sole traders, the required professional indemnity limit is the higher of:2.5 times the firm's gross fee income; or£50,000For partnerships, the required professional indemnity limit is the higher of:2.5 times the firm's gross fee income; or£100,000For limited companies, the required professional indemnity limit is the higher of:2.5 times the firm's gross fee income; or£100,000Additionally, if the gross fee income of your firm is greater than £400,000, the maximum level of cover required is £1,000,000.Please note this is provided for information purposes only and members should refer to the AAT website for full details. How are Markel Direct regulated?Markel Direct is a trading name of Markel International Insurance Company Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Find out more on the Financial Services Register.We are a division of Markel International, a Lloyd’s of London market insurer that wrote gross premium totals of £2.4bn in 2023 Markel Direct is a trading name of Markel International Insurance Company Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Find bet good betting sites in the world out more on the Financial Services Register.
Comments for this post are now closed. Trafalgar Insurance Company offer a reduced rate to AAT Members in Practice (about £50 a year), might be worth looking at them. i use hiscox _ they have a scheme for Att members, and could have something. We are a division of Markel International, a Lloyd’s of London market insurer that wrote gross premium totals of £2.4bn in 2023 As a specialist insurer of accountants and bookkeepers, we provide a range of useful services for you to access, included as standard with certain covers: PI insurance seems to be annoying in that it doesn't cater for accountants who may be literally practising on the side for no more than say £2k worth of gross fee income. I'm considering doing so in the future and I know about the usual annoyances with ACCA and their (IMO biased) certificate requirements for even part time accountants, but PI insurance is difficult to find for less than £15 a month and I find it silly that over 10% of the gross fee income should be sucked away by an almost un-necessary insurance policy (given the size of the people who have asked me being so micro it's barely a blip on Companies House). Does anyone know a provider of PI insurance that can keep the PI insurance to single digit figures per month? Comments for this post are now closed. Trafalgar Insurance Company offer a reduced rate to AAT Members in Practice (about £50 a year), might be worth looking at them. i use hiscox _ they have a scheme for Att members, and could have something.