We are expert in broking and placing Accountant’s Professional Indemnity insurance. We provide insurance that meets the requirements of the professional bodies that represent Accountants in the UK.
Insurers have seen sharp increases in PI claims for accountants in the last few years, particularly in respect of tax schemes failing to deliver the promised savings and also from claims resulting from accountants taking on work that is beyond their skill set. It is therefore essential that your practice is aware of potential exposures and that stringent risk management processes are adopted and monitored regularly.
Quality, Professionalism, and Integrity
We place great importance on delivering an insurance program based on our core values: quality, professionalism, and integrity. We believe that our clients’ needs should come first and not that of the insurer.
Unlike some of our competitors, we are not tied to any one provider, ensuring that we can be objective when placing your insurance. And as we are an independent Specialist Broker, with none of the overheads of the larger National firms, we can pass these cost savings on to our clients!
We can also help with Cyber, Directors and Officers and Office Insurance:
Cyber Insurance
Because of the sensitive and valuable data being held, Accountants are highly attractive to Cyber Criminals. Ransomware attacks are one of the most common types of loss seen by insurers and the impact can be devasting to a business. PI policies now exclude Cyber and Data loss as standard, so its vitally important that firms purchase a robust Cyber Liability Insurance policy.
A Cyber Liability policy can provide cover for the following:
- Breach notification costs and crisis management expenses
- Legal costs and third-party compensation payment costs in the event of a data breach
- Data recovery and system repairs
- Business Interruption – loss of income because of a data breach
- Theft of money from Cyber Crime
- Insurable penalties and fines
Directors’ and Officers’ Insurance (D&O)/Management Liability Insurance
Directors’ and Senior Executives in the UK are subject to legislation, such The Companies Act 2006 which contains more than 200 offences. Your personal assets can be at risk should a claim be brought for alleged wrongful actions and decisions taken while running the business.
Examples could be regulatory investigations, corporate insolvency, breach or mismanagement of data, corporate manslaughter and employment related issues, such as harassment or discrimination.
Directors’ and Officers’ (D&O) Insurance reimburses directors’ and senior managers for legal defence costs, compensation payments and investigation costs and can also reimburse the entity should they pay a claim on behalf of the individual.
For a free, no obligation review of your current insurance arrangements, contact hayley.dawson@qualitypi.co.uk, or call 07955 270487. Alternatively send us a quick message below and we will be in touch!