Insurance for accountants

In the demanding world of accountancy, your expertise and precision are paramount. However, even with the utmost care, mistakes can occur. From small miscalculations to substantial data losses, these errors can potentially lead to significant financial and reputational damage.

Ultimately, accountants' insurance provides the peace of mind you need to focus on your core services, safe in the knowledge that you're protected against unexpected adversities.

But how do you know exactly what insurance your accountancy business requires? That’s where our unique Risk HealthCheck comes in! It takes just 5 minutes to complete and is designed to tell business owners like you exactly what insurance you need based on your specific needs and current circumstances.

Whether you're dealing with intricate tax requirements, invoicing, or bookkeeping, accountants' insurance is designed to safeguard both your operations and your reputation in the face of such challenges.

It can provide the necessary financial support and expert guidance to help your business bounce back swiftly if anything goes wrong. In addition to being a vital tool for risk mitigation, having the right insurance coverage, including professional indemnity, is a must if you belong to professional bodies such as ACCA, AAT, ICAEW, ICAS, or CIMA.


Take our Risk HealthCheck now and find out what insurance your marketing business might need

What people are saying about our HealthCheck

Peter Quintana
Peter Quintana

Director, hgkc

The risk profile generated by the SenseRisk insurance HealthCheck is a simple and easy way to start exploring the insurances you might need for your business, and a great place to start the conversation with a SenseRisk Advisor.

Bayley HR
Emma Bayley

Bayley HR Associates

I found the HealthCheck Platform a great tool to use when looking to understand what risks my business my face and what insurances to consider, it was very informative.

As business owners we don’t always think of the bigger and wider picture of what is maybe required when setting up company/employer insurance.

Greg Dodimead
Greg Dodimead

Owner, Brand Affiniti

I thought the HealthCheck Platform was very helpful and it confirmed that I have the right level of cover in place with SenseRisk already; It also recommended others I may need in future.

The HealthCheck was user friendly and got me to consider scenarios of future growth within my business and the potential risks they could pose and the right level of cover to deal with those changes.

Rose Sellman-Leava
Rose Sellman-Leava

Director and Co-founder, Inclusive Futures CIC

Sense Risk and their HealthCheck platform have been incredibly useful to us and our new business. The platform breaks down everything you might want to think about when looking at insurance in a really simple way. As a new business owner, you have to wear so many hats, and so it’s helpful when you can pass something as important as insurance over to the experts! The Sense Risk team are then on hand to support the whole insurance process in a really friendly and jargon-free way. I literally wouldn’t do insurance any other way!

Professional indemnity insurance for accountants

This can provide cover if you make any errors that lead to a financial loss for the client, and can cover costs associated with a legal defence and compensation payments.

For accountants this is especially important as you are providing important financial advice and services that can have a major impact on your client’s businesses. Professional indemnity insurance can provide cover in case you make a mistake in your accounting service, or if you provided a service that didn’t meet the required standard.

A typical professional indemnity insurance policy for an accountant can cover your business against claims for:

  • professional negligence which causes your client to suffer a financial loss
  • advice you give which turns out to be incorrect
  • other errors in your accounting or activities which end up costing your client money

Although professional indemnity insurance isn’t a legal requirement, most accountants accrediting and licensing bodies do require you to have it. So if you are licensed to practice accountancy by any of the following bodies then you will need professional indemnity insurance:

  • ACCA
  • AAT
  • ICAE
  • ICAS
  • CIMA

HealthCheck your business now!

Get a clearer picture of the risks your business might face.

What other types of insurance do accountants need?

As the accountancy sector is so varied and diverse, the exact type of cover you need will depend on a lot of factors – such as the type of services you provide and the advice you give, what equipment you use, where you meet your clients and how many employees you have.

Depending on your business activities and specific needs, you could benefit from the following types of insurance:

Public Liability insurance

This can offer cover for accidents you cause during your normal business activities that result in third-party property damage or injury.

This could be as simple as spilling coffee on a client’s laptop during a visit to their office, or a client tripping over wires and badly injuring themselves during a visit to your workplace.

If you regularly meet with clients or deal with members of the public for work, then you should consider a Public Liability insurance policy for peace of mind that your business is protected financially should an accident happen.

Equipment insurance

Whether you just need a standard laptop to do your work, or more expensive computer equipment to kit out your entire office, it can be a good idea to make sure it’s all covered.

What would the impact be on your ability to work if your equipment was stolen or damaged? An equipment insurance policy can help you keep working with minimum disruption should the worst happen.

Employers’ Liability insurance

If your accountancy has any employees, then you are legally required to have a minimum of £5 million Employers’ Liability insurance.

This can protect your business in case any member of staff suffers an injury or illness related to their work, and can provide cover for legal fees and compensation payouts.

For the purposes of Employers’ Liability insurance, a member of staff includes PAYE employees, directors, self-employed workers, labour-only workers, voluntary and temporary staff – anyone whose work you control.

There are many other forms of insurance that your accounting business might want to consider, including:

Cyber Insurance

Protection in case your business is a victim of cybercrime and incurs losses such as forensic, legal and notification costs as well as ransomware payments and any loss of income that you may suffer.

Management Liability Insurance

Protecting your management team and the business for failing in their duties including legal defence for statutory breaches and other unintentional wrongful acts committed individually or by the company.

Intellectual Property Infringement insurance

This can cover costs if you have to defend a claim of IP theft (including patents, trade secrets, trademarks etc) or to pursue a claim if your IP has been stolen or infringed upon.

Business Interruption insurance

Protection for lost income or increased costs following damage to your business premises. This can include lost profits, wages, and increased trading costs following damage caused by specified events such as fire, flood or theft.

Legal Expenses insurance

Helping you manage the legal costs of certain business matters such as disputes with employees, customers or suppliers.

HealthCheck your business now!

Get a clearer picture of the risks your business might face.