This insurance will cover your legal costs if a work mistake causes damage to a client. This can include reputational or financial damage
1Accurate as of November 2023
Small mistakes for accountants can have large consequences and each has the potential to become a lawsuit. Whether or not it's mandatory to have insurance, accountants' insurance is an invaluable safety net that can protect you and your firm from expensive legal claims. Comparing quotes with us will save you the hassle of shopping around to find a great deal."
As an accountant, there are several different types of insurance you might need to protect yourself at work, and accountants’ insurance works by bundling together some of the most helpful products in a package designed to meet your particular needs. The most important one of these, though, is accountants’ professional indemnity (PI) insurance. This cover protects people who provide professional services against claims from their clients – so if a firm you work with sues over an issue with your work, your insurance will pay out to cover your extra costs.
This includes all the legal costs associated with having a claim made against you – from hiring a solicitor to manage your response to representatives to argue your case in court. If you’re ordered to pay damages to your client, or you decide to reach a settlement, insurance will cover that too – and if you work with large clients, these damages payments can easily run into the millions, so it’s crucial you have the right level of cover in place.
Alongside professional indemnity cover, there are other types of insurance that accountants might also need. Accountants’ insurance can protect your data and your computers against loss, theft, or damage. It can also cover you in case you more directly damage someone’s property – for instance, if you spill a cup of coffee over a client’s laptop during a meeting.
Depending on your qualifications and whether you are a chartered accountant, you may be required to have certain insurances. For example, if you are ICAEW Chartered or an ACCA Chartered Certified accountant, you are obligated to have a certain level of professional indemnity insurance. If you have employees working as part of an accountancy firm, you are also legally required to have employee liability insurance for the protection of your employees.
Other types of insurance for accountants may not be a necessity, but they can provide you with valuable protection that will secure your business.
You work hard to earn your money, and we don’t think you should waste a penny of it paying over the odds on your household bills. That’s why at MoneySuperMarket, we’re on a mission to save Britain money.
Whip your credit score into shape with Credit Monitor
Super save over and over again with Energy Monitor
There are always more ways to save with MoneySuperMarket
So how do we make our money? In a nutshell, when you use us to buy something, we get a reward from the company you’re buying from.
You might be wondering if we work with all the companies in the market, or if our commercial relationships with our partners might make us feature one company above another. We’ve got nothing to hide, and we want to give you clear answers when it comes to questions like these, so we’ve pulled together everything you need to know on this page.