Still not sure about how much PI cover you need?

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 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.

Accountancy insurance is our speciality. We understand the risks facing accounting professionals and practices, including members of the Association of Chartered Certified Accountants (ACCA), Chartered Institute of Management Accountants (CIMA), Institute of Financial Accountants (IFA) and Association of Accounting Technicians (AAT).

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 bet betting offers new customers uk 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 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.

13.4 The R&D investigation overlap (preview)

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 self-employed professionals choose this cover to maintain a regular source of income should an unexpected accident at work happen. Additionally, it can provide you with a lump sum payment in the event of: Cyber and data risks insuranceCyber and data risks insurance is an important cover that protects against the costs involved with a cyber attack, including:restoring data and equipmentinforming clientsmeeting ransom demandsloss of your net profitIt covers your defence costs, as well as any damages you are liable to pay third parties. You may wish to consider this cover to protect against confidential information about your clients' finances being stolen from internet-connected devices. 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.

Claims-made policies are the standard for professional indemnity
Extended reporting periods (ERPs) may be required for prior acts
Insurers must be rated at least 'A' by a recognized rating agency
Dual insurance is not permitted to meet the minimum limit
Aggregate vs any one claim limits must be clearly understood
Directors' and officers' liability is not a substitute for PI

Do accountants need professional indemnity insurance?PI insurance for accountants is a vital component of any accountancy insurance package for a number of reasons.

Access specialist business services as part of your policy cover

14.5 Looking forward

Our customers say...

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

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.

PII frequently asked questions

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 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 bet betting offers new customers uk 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.

Coverage must extend to all employees and subcontractors
Exclusions for fraud or dishonesty are typically permissible
Defence costs are usually included within the limit of indemnity
Insurer must have a claims handling office in the UK

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 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. 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.

Type of Breach	Potential Disciplinary Action	Impact on Practice
No valid PII in place	Suspension of practising certificate; fines.	Cannot offer services to public.
Inadequate cover limits	Directed to rectify; possible conditions on licence.	Increased personal liability risk.
Failure to disclose claims	Investigation; potential finding of misconduct.	Policy may be voided; reputational damage.
Using an unapproved insurer	Required to switch provider; licence review.	Cover may not be recognised.

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.

Insurer Category	Acceptability for ACCA	Minimum Financial Rating (e.g., S&P)	Policy Requirements
UK Admitted Insurer	Fully Acceptable	A-	Must meet ACCA minimums
EEA Insurer (Passporting)	Acceptable	A-	Must meet ACCA minimums
Lloyd's of London Syndicate	Acceptable	Secure Syndicate	Must meet ACCA minimums
Non-EEA Insurer	Case-by-case approval	A	Stricter review, may need reinsurance

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? 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.

Cost: ACA vs ACCA

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? 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.

Regulatory setting

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.

Cancellation and termination

Find out more on the Financial Services Register. 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.

Published: Wednesday, 28 June 2023

Many self-employed professionals choose this cover to maintain a regular source of income should an unexpected accident at work happen.Additionally, it can provide you with a lump sum payment in the event of:- Loss of hearing- Loss of speech- Loss of limb(s)- Loss of sight- Permanent Disablement- Death Occupational personal accident insurance can provide you with a weekly payment in the event you are injured (resulting in temporary total disablement) in the course of your work (subject to a 14-day deferment period) and unable to work. Many self-employed professionals choose this cover to maintain a regular source of income should an unexpected accident at work happen. Additionally, it can provide you with a lump sum payment in the event of: Cyber and data risks insuranceCyber and data risks insurance is an important cover that protects against the costs involved with a cyber attack, including:restoring data and equipmentinforming clientsmeeting ransom demandsloss of your net profitIt covers your defence costs, as well as any damages you are liable to pay third parties. You may wish to consider this cover to protect against confidential information about your clients' finances being stolen from internet-connected devices. 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.

What is the Assigned Risks Pool?

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.

The Right Level of Cover Beyond the Minimum?

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. 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 out more on the Financial Services Register.

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ACCA Professional Indemnity Insurance (PII) regulation update