Do accountant's need insurance?

Yes, accountant's need business insurance. For an accountant, every penny counts. If a client of yours loses money as a result of your advice or improper practices, you need to be prepared to deal with a claim.

There are several covers that accountant's should consider:

Do I need insurance to join a professional body?

Yes, professional indemnity insurance is a requirement to gain memberships to many of the top professional bodies for accountant's.

Professional body

Is Professional Indemnity required to become a member?

Institute of Chartered Accountant's in England and Wales (ICAEW)
Included
The Institute of Chartered Accountant's of Scotland (ICAS)
Included
The Association of Chartered Certified Accountant's (ACCA)
Included

What does accountant's insurance cover?

For accountant's, a business insurance policy will typically be made up of several covers that give you the best coverage for all your need.

Professional indemnity is the main cover of any policy for an accountant, but you would also benefit from public liability and possibly employers’ liability if you have anyone working for you.

What type of insurance do accountant's need?

Employers’ liability for accountant's

If you’ve got anyone working for you then employer’s liability insurance is a legal requirement.

It protects your employees if they get injured on the job or fall sick as a result of working for you. You’re required by law to have £5 million cover, but we give you £10 million as standard.

Who needs employers’ liability?

Any accountant who has people working for them is legally required to have this cover. This includes:

  • Full-time and part-time employees
  • Self-employed contractors you hire
  • Temporary staff, apprentices, and volunteers
  • People taking part in work experience or training schemes

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Optional extras for accountant's

When you need just a little extra cover, we have optional extras that can help. So, whether you need assistance to settle a dispute or protection for your essential tech, we’ve got your back.

If you want extra legal protection our legal expenses optional extra could be the right fit for you. With this cover you’ll get a little extra help to cover the cost of settling disputes brought against your business. Get cover up to £1 million and up to £100,000 for any single claim.

Business equipment insurance for accountant's

Most of an accountant’s day to day work hinges on reliable access to the tools that make your job possible. If something were to happen to the tech you use, then business can come to a standstill.

Business equipment cover helps with the cost of replacing or repairing ant lost, stolen or accidentally damaged equipment. The level of cover you need depends on the equipment you’re insurance – always make sure to accurately value your equipment to avoid underinsurance.

How much does accountant's insurance cost?

No two policies are the same, which is why their price isn’t either. There’s no one size fits all when it comes to insurance, so if you’d like to what it would cost you to insure your business with us, the easiest way to do that is to get a quote online.

Plus, by getting a quote online you’ll save 10%* on the cost of your policy.

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*This discount is applied automatically and lasts for the lifetime of your policy.

**The guidance is provided on behalf of AXA by Arc Legal Assistance Ltd who are authorised and regulated by the Financial Conduct Authority.