Do all Accountants need Professional Indemnity Insurance cover?
For chartered accountancy firms, Professional Indemnity Insurance isn’t just important – it’s a legal requirement if you want to operate legitimately. Regulatory bodies such as ICAEW or ICAS may stipulate a minimum level of cover for membership. So, in short, not only do you need cover by law, but it’s worth seeking out professional advice to ensure that you are adequately protected against the risks your business may face.
How much Professional Indemnity Insurance cover should an accountant buy?
Requirements really do vary. A sensible starting point is to calculate how much, at the very most, a mistake might cost you. For example, imagine making the most serious error you can think of with your biggest client. How much could that potentially set them back?
Perhaps a better option is to discuss your situation with a professional broker who knows the ins and outs of the market and has knowledge and experience of the Professional Indemnity claims process.
Why should I deal with Viking Direct Insurance Services for my Accountants Professional Indemnity Insurance?
Insuring your accountancy business shouldn’t be difficult. Getting the right level of PI cover in place can be complicated. Ensuring that you’re meeting your legal requirements as well as any contractual obligations is difficult enough, before you have to make a decision about which insurer is best suited to your needs – policy wording can be complicated!
Contact us and get professional advice on what types and levels of PI insurance cover would be suitable for your needs