Due to the nature of their work, it is a regulatory requirement for accountants to have Professional Indemnity Insurance. Advising clients on their finances carries huge potential risks; although an accountant may exercise complete diligence and care when collating information and presenting their advice, there still remain occasions when this guidance may lead to a financial loss for the client. In such cases, the client may make a claim to compensate for this loss. Professional Indemnity Insurance protects the accountant from the financial burden of such a claim, covering any legal charges as well as compensation which may need to be paid.
As specialists in Professional Indemnity Insurance to accountants, Professional Indemnity Ltd access leading insurers who are able to deliver lower premiums of up to 25%. Their speed of service is high yet their commissions and fees low, adding up to a great service which could result in a much lower insurance spend for you!
Professional Indemnity Ltd offer comprehensive PI Insurance solutions to help protect you against a multitude of risks, and can include:
• Negligent acts, including mistakes or providing incorrect advice
• Disciplinary hearings
• Loss of client documents
• Any civil liability
• Inadvertent infringements of confidence or misuse of information
Professional Indemnity Insurance remains something of a minefield, with insurance premiums for accountants having reduced by around 75% since 2003! In most cases, the cost of PII now represents excellent value for money, yet there still remain consequences of prices coming down significantly. Professional Indemnity Ltd carefully guides clients through this minefield, enabling them to make clear and informed decisions which best protect the firm at every stage of the insurance cycle.
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