Professional indemnity insurance for ICAEW members
We’re here to meet the needs of all ICAEW members, including firms with five or more partners and those that engage in more unique and diverse activities. As your business grows, the risk profile changes and so should your insurance coverage. We provide advice and guidance on the best options for your practice.
Marsh Commercial is the exclusive, appointed insurance broker for ICAEW members’ PI, office and cyber insurance. Our team of PI insurance specialists across the UK provide in-person service and support on all business policy lines.
Why Marsh Commercial?
Our team draws on 15 years’ experience as Rewards Partner and trusted adviser to ICAEW to deliver our value proposition to members.
Exclusive Marsh facilities
We work with a panel of A rated insurers on your behalf and can frequently offer clients exclusive products and enhanced policy wordings.
As well as the ICAEW members’ PI insurance scheme, we have two more exclusive Marsh facilities with enhanced wordings negotiated for the benefit of firms like yours. We can also use our expertise to find a more bespoke, open-market solution to provide your business with the protection it needs.
Service and expertise
Our team of more than 20 PI specialists offer in-person service and support all over the UK. We pride ourselves on providing straight forward advice, with a personal, local touch.
In the unfortunate event of a claim, you’ll have access to our in-house, specialist PI claims team who will guide you through the process. If you suspect a claim might be brought against you, speak to one of our claims advisers early on for their advice on when to notify the insurer and what your next steps should be.
As a trusted Rewards Partner, we take every opportunity to share our expertise with ICAEW members. You may have read some of our regular thought leadership on relevant topics, visited the AIM tool designed especially for members, or engaged with us at a recent ICAEW event. We’re dedicated to our role as insurance and risk adviser.
With you as you grow
As part of world-leading insurance broker and risk adviser, Marsh, we have the depth and breadth of expertise needed to protect your business as it grows and evolves. We support a full range of accountancy clients, including those members than engage in more complex activities, such as:
- Tax mitigation.
- Corporate finance.
- Mergers and acquisitions
Get in touch with the ICAEW team
Get in touch by calling this number, or alternatively, complete an online form and we’ll call you at a time that suits.
Frequently asked questions
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If you're found responsible for causing financial loss to your client due to an error or omission in the services you have provided, professional indemnity (PI) cover protects against legal costs and expenses involved in defending a claim, as well as compensation payable.
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This depends entirely on your policy, so you'll need to ensure it provides adequate cover for the advice and professional service you provide and the risks you may face. For example, this could include:
- Civil liability (such as damages and costs) for breach of duty.
- Legal fees and expenses in defending a claim.
- Helplines to help you manage risks.
- Relevant regulatory body requirements.
Not all PI insurance policies are the same, so it’s advisable you work with an experienced PI insurance broker to ensure you have the cover you need.
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PI insurance is considered mandatory by some regulatory bodies. Examples include those associated with accountants, architects, surveyors, and independent financial advisers (IFAs). For other professionals, having PI insurance in place may be part of a contractual obligation.
Many choose this cover because of the protection and security it provides if their advice or service fails to meet a client's expectations. Having PI insurance in place can also play a key role in securing new clients and reassuring your existing ones.
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The cost of PI insurance can differ, and it depends on different elements like the level of cover, number of employees, annual turnover and your particular business risks. Every business is different, and there isn't a one-size-fits-all PI insurance policy. We always advise working with a broker who specialises in arranging PI.
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In the UK, accountants must hold professional indemnity insurance to comply with regulatory requirements. The limit of indemnity varies based on the size and nature of the accounting practice, but typically, professional bodies such as the ICAEW mandate a minimum level of coverage. For example, ICAEW requires a minimum of £100,000 or 2.5 x the firm’s gross fee income, whichever is higher. This ensures that accountants have adequate financial protection against claims. We are here to provide you with all the options the market provides so you can make an informed decision.
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PI insurance is widely available through general insurance brokers and online insurance providers as well as specialist PI brokers. It's important to carefully select a provider that can meet your business needs. Some key considerations to keep in mind when choosing a provider include:
- Does the provider understand your business?
- Can the policy be tailored to suit your business?
- Does the provider have a good reputation and work with reputable insurers?
- Does the provider offer the cover you need?
- Does the provider offer a high standard of customer service, during and after the initial sale?
- Will the provider help guide you through any future claims?
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Yes, most business insurance including professional indemnity insurance is considered an essential cost and is tax deductible.
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Yes it does. Marsh Commercial is the exclusive, appointed insurance broker for ICAEW members’ PI, cyber and office insurance. We work closely with ICAEW as trusted Rewards Partner and we ensure that every member gets the insurance they need to protect their business as well as meet ICAEW insurance requirements.
