Whatever the size of your practice, CLEAR can arrange professional indemnity insurance together with a wide range of options just for accountancy firms.
We provide cover that complies with the main regulatory bodies for accountants, as well as those who are either unqualified or members of an alternative regulatory body. As a regulated profession, we appreciate that the provision of professional indemnity cover is governed by compliance with institute conditions, but our knowledge and experience of the accounting industry means we also recognise that this should be regarded as the minimum requirement for any firm.
Our experts can provide your practice with a tailored insurance package to help protect you or your firm in an event where you could be held liable.
Cover features and benefits
In addition to the key Professional Indemnity cover, we can also provide:
- Public liability insurance
- Employers liability insurance
- Business interruption insurance - covering the costs if you were to stop trading for a period of time as a result of an insured loss
- Office insurance - cover for contents such as computers against theft, fire, floods, accidental & malicious damage
- Directors & officers insurance - protecting you, as a director or officer, for claims from third parties in connection with your duties
- Cyber & crime insurance
What our customers have to say
What you need to know
Here are some of the most frequently asked questions we receive about our insurance for accountants:
How can I choose the right level of cover?
There is no right solution. Whilst different governing bodies have minimum levels of cover some argue that you should 'buy what you can afford'. In other cases your customer will specify a minimum level of cover. In any event, you should assess the greatest loss that might result from a mistake on any particular project/contract. Ultimately, no one will take on your responsibility to ensure you have enough cover but you should carefully review this area with your broker.
If I work outside of the UK will I be covered?
Not all policies cover work overseas automatically so check the terms of your policy and if not covered already, arrange with your broker for the necessary amendments to be made. Most policies will protect you against claims made against you in the UK, but if you want to be defended abroad you may need to change the 'jurisdiction clause' and this must be correct to ensure your activities are covered. Tell your broker about all your overseas work especially if you change this during your policy period.
My policy is on a 'claims made' basis – what does that mean?
Unlike many liability insurances, professional indemnity is underwritten on what is known as a ‘claims made' basis. This means that the policy will only provide cover for incidents that are discovered and notified to the insurers during the period of insurance. Your policy will provide cover for advice given in previous years, often limited to a retroactive date (see below). It is important to note that if you want to continue with the protection Professional Indemnity cover provides you need to keep renewing cover or buy 'run off' cover.
What is run off cover?
If you are closing your company or are a sole practitioner/partnership and are retiring from practice that does not mean that claims will not arise on work undertaken in prior years. Whilst the majority of claims are made quite quickly, it is still possible for a claim to go back many years, and for this reason most insurance professionals will recommend a minimum of six years' run off cover. If no policy is in place at the time a claim is made, then you may face liability which can not only be traumatic, but financially devastating.
What is a retroactive date?
The retroactive date refers to the date from which work undertaken is covered i.e. a current Professional Indemnity policy with a retroactive date of 1st January 2005, will provide cover for claims arising out of work undertaken on or after 1st January 2005. Any work prior to this date will be excluded. If no retroactive date is shown, or if it is noted as ‘None’, the cover is provided relating to all work that you have undertaken previously (subject to that work falling within the scope of activities declared to Insurers).
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