Accountant Insurance | Professional Indemnity Insurance for Accountants

Professional indemnity insurance is compulsory by law for members of the Institute of Chartered Accountants in England and Wales (ICAEW), the Institute of Chartered Accountants of Scotland (ICAS) and the Association of Chartered Certified Accountants (ACCA). Cover must comply with a minimum standard policy wording and be placed with an approved insurer. PI Direct is on the ICAEW and ICAS lists of participating insurers, and we insure chartered and non-chartered accountants.

The minimum limit of professional indemnity insurance required by the ICAEW for a business with a gross fee income of less than £600,000 is 2½ times the gross fees of the practice for the last accounting year, subject to a minimum of £100,000. If the gross fee income of the firm exceeds £600,000 the minimum limit of indemnity must be £1.5 million for any one claim and in total.

Minimum limits of indemnity for members of ACCA are as follows:

Firms with income up to £200,000: the greater of £50,000 or 2.5 times the total income, or 25 times the largest fee.
Firms with total income between £200,000 and £700,000: the greater of £300,000 plus the total income or 25 times the largest fee.
Total income over £700,000: the greater of £1,000,000 or 25 times the largest fee

Minimum limits for members of ICAS are as follows:

Where the firm's gross fee income is less than £400,000, the annual minimum Limit of indemnity is two-and-a-half times its gross fee income subject to a minimum of £50,000 for a sole practitioner and £100,000, in any other case.
Where the firm's gross fee income is greater than £400,000 the annual minimum limited of indemnity shall be £1 million for any one claim and in total.

At PI Direct, we specialise in providing competitive quotations to small and medium-sized firms.

We issue all quotations on a net basis and, because you can get a quote direct from us, there is no broker's commission or fee - meaning that your terms may be cheaper than would otherwise be the case.

Need a quote? Call us on 0800 294 8466 or

It provides you with reassurance that, in the event a client makes a claim against you, both damages and legal fees are covered and you won't be bankrupted. Tim Smith - Chartered Accountant Read more

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Professions: Accountants