Professional Indemnity Insurance

For practicing firms of Accountants, Bookkeepers and Taxation Practitioners.

Overview

Professional Indemnity (PI) insurance is mandatory for Accountants and Taxation Practitioners to comply with their respective professional bodies.

If your business provides professional advice, offers consulting services, or handles data for a client, then Professional Indemnity insurance cover, could protect your business against:

  • Professional Negligence on a Civil Liability
  • Defence Costs
  • Representation Costs for Disciplinary Hearings
  • Loss of Documents / Data
  • Compensation Costs for Court Attendance
  • Libel, Slander & Defamation

Eligibility

Practicing firms of Accountants, Bookkeepers and Taxation Practitioners.

  • Fee income under £500k; get a quote over the phone

  • Fee income over £500k; complete a proposal form and send it back to us by email at accountants@aon.co.uk

Why choose Aon?

Aon is one of the UK’s largest insurance brokers (ranked 3rd by brokerage, Insurance Times, August 2016). We pride ourselves on our ability to build strong relationships with our clients; our retention rates* are proof of our strong rapport in this price driven market place.


Key benefits

  • You'll be assigned a dedicated client manager, who will be there to assist you from start to finish throughout the customer journey.
  • Our experience as a broker means we can be confident in our ability to arrange your insurance.
  • We consider ourselves specialists in your sector - we understand the industry and appreciate the challenges you may face on a daily basis.
  • We have a wealth of experience - cumulatively our team has over 25 years' experience.
  • If your fee income is under £500k, we can quote over the phone, there's no need to submit a proposal form.

In addition to arranging PI insurance, we also offer access to a range of other insurance products including:

  • Motor insurance (for work or private vehicles)
  • Office insurance (if you work at business premises or at home)

*On average 89% of our clients choose to stay with us (Accountants retention rate year to date as of Dec 2016)

Policy & Documentation

The below Product Summary provides an overview of the policy cover and the Documentation section provides the documents you will need to obtain a quote.


Product summary

  • Compliant with Professional Body Minimum Terms
  • Compensation Costs for Court Attendance
  • Free Legal Helpline
  • Representation Costs for Disciplinary Hearings
  • Civil Liability
  • Mitigation Costs
  • Awards by Ombudsman
  • Libel, Slander & Defamation
  • Defence Costs
  • Loss of Documents / Data

Documentation

FAQs

Frequently Asked Questions (FAQs) about PI insurance for the industry:

What is Professional Indemnity insurance?

Professional Indemnity insurance provides cover should a third party suffer a financial loss as a result of your professional error, omission or negligence. 

What limit of indemnity do I need?

We recommend you check your institute’s guidelines. It is always good practice to review your contracts both pending and current to assess whether your limit of indemnity is sufficient. 

Will my policy cover my past work?

The policies we arrange provide cover retrospectively. 

Would my policy respond if I have a claim for work I undertook 3 years ago before I moved to Aon?

Professional Indemnity is constructed on a claim made basis and it is the policy in force when the claim is made, which would respond regardless of when the work was undertaken, subject to policy terms and conditions.

How do I make a claim?

In the event of a claim, notify Aon Claims Solutions (ACS) as soon as possible. Any notifications must be made to:

Call: 0207 086 4099

Email: acs@aon.co.uk

N.B. If you decide to email your claims notification to ACS, please ensure that the message is received safely by requesting a confirmation of email receipt.

Accountants Professional Indemnity insurance is arranged by Aon UK Limited and underwritten by Maven Underwriters, which is a Managing General Agent operating under a delegated underwriting authority on behalf of the insurer’s . Maven Underwriters is a trading name of Aon UK Limited, which is authorised and regulated by the Financial Conduct Authority.

FP.PSG.1704.MH