At Simcox Brokers, we can arrange Professional Indemnity (PII) insurance for Accountants.
HOW WE CAN HELP YOU
As an independent broker we have built strong working relationships with a wide panel of specialist insurers in this sector and can assist you throughout the application process, helping best present your firm to the insurers and fully supporting you in the event of a claim.
Whether you are a sole practitioner or work in practice, we can arrange professional indemnity insurance with approved insurers, which meets the requirements set down by your regulatory body and protects the risks you face
We offer tailored risk management and support on every aspect of your insurance needs
Deep insight and understanding of the professional risks experienced by accountants, combined with our strong insurer relationship
A PERSONAL SERVICE
Independent & Specialist Insurance Broker
Transparent & Simple Communication
Friendly & Personable Approach
Valuable insight and industry knowledge
Understands your industry specific risks
Impartial & objective
A TAILORED SOLUTION
Access to a wide panel of Insurers
Comprehensive selection of products & services
WHAT CAN YOU BE COVERED FOR?
If you're responsible for causing financial loss to your client due to error or omission in the services you have provided, your professional indemnity (PI) policy will protect you. As an accountant, you strive to avoid making mistakes, but occasionally they do happen. PI insurance protects you and your business if your client alleges a financial loss for:
A breach of a professional duty of care or unintentional breach of contract
Unintentional breach of confidentiality or copyright
Loss of documents or data
THINGS TO CONSIDER
Professional Indemnity insurance is a compulsory cover for all regulated Accountants such as members of the Institute of Chartered Accountants in England and Wales and the Association of Chartered Certified Accountants. Members of the ICAEW must adhere to the following:
The required cover is two and a half times the income of the firm for its last financial year (including nonrecurring income) subject to a minimum of £100,000 and a maximum of £1.5 million. This figure may include an excess of up to £30,000 per principal. For example, if you only require the minimum level of indemnity of £100,000, you could have a policy with a £30,000 excess and £70,000 sum insured. The policy will pay the excess of the claim over £30,000; you have to pay the first £30,000.
Please note, you are required to take reasonable steps to meet claims arising from professional business. Although the regulations do not require more than £1.5 million of cover, this limit may not be adequate for your firm.
Other governing bodies include the Chartered Accountants in Ireland, the Chartered Institute of Taxation, the Association of Accounting Technicians, the Institute of Chartered Accountants of Scotland and CIMA – Chartered Institute of Management Accountants
FINANCIAL ADVISORS, BRISTOL
After drowning in complicated forms, confusing small print and expensive quotes, Simcox Brokers were like a breath of fresh air – clear, informative and approachable. They managed to negotiate a very competitive quote, saving me over 25% from the previous year. Excellent service, thanks
CHARTERED ACCOUNTANT, SHROPSHIRE
Simcox Brokers have provided me with an excellent service this year, not just in providing quality insurance cover and advice but also in support too. I had a claim during the year which (not through our or Simcox’s fault) lasted for around five months and their support throughout has been fantastic in terms of guiding me, keeping me regularly updated without me having to prompt and reassuring me. They made the whole process much simpler and so much less stressful than it could have been. Thank you to the Simcox team!
RENEWABLE ENEGRY COMPANY, BRISTOL
Simcox Brokers was able to navigate the complexities of our market and offer us a solution that perfectly met our needs. This was undoubtedly derived from taking the time to understand our business thoroughly