Professional Liability Insurance
For Accountants
**BRAND NEW AND NOW LIVE**
Comprehensive Professional Liability insurance for small general accounting firms, bookkeepers, chartered & non-chartered, certified & non-certified accountants.
At 2Vision, we understand the unique risks faced by small professional accounting firms and the specialist coverage considerations required by the governing bodies. That’s why we offer a broad, tailored, comprehensive Professional Liability insurance solution, designed specifically for most types of small accounting firms.
Whether your clients offer advice on tax matters, secretarial work, share registration, financial advice to management, book-keeping, management accounting, financial investigation and reports, the negotiation and settlement of financial claims, company formations, investment advice, insurance and pension scheme advice or computer consultancy, our policy helps protect their business from the unexpected.
What we offer
- Whether it’s cover for a primary layer or excess of loss we have a solution to fit your client’s needs, backed by Lloyd’s of London.
Our comprehensive policy includes the following benefits and coverage:
- Civil Liability
Coverage for a wide range of civil liabilities, including defamation, breach of confidentiality and more. - Professional Negligence
Claims arising from errors, omissions, or breaches of professional duty. - Cover for Alternates
If an individual or entity is covering the incapacity or death of a sole practitioner cover is included. - Past partners or directors
and those appointed during the period of insurance. - Legal Defence Costs
We cover the cost of defending claims – even if they are groundless. - Free Legal Helpline
Available during usual business hours. - Deductible does not apply to the Defence Costs
If a claim settles with no liability payment, just costs, the insured pays nothing. - Claims Made Basis
Protection for claims made during the policy period. - Any one claim policy limits
The limit of indemnity applies to each claim no matter how many claims are made. - Defence Costs are in addition to the limit of indemnity
If a claim reaches the claim limit we will still pay the cost of defence in addition (proportionate to the overall claim value). - Extended Reporting Period
The policy is automatically extended at the end of the period of insurance for up to 30 days unless it’s renewed in the meantime. - Discovery Period
A discovery period of up to 24 months can be requested if the insured ceases trading. - Criminal Prosecution Defence Costs
We will pay the cost to defend against a criminal prosecution for an alleged breach of any statutory regulations in relation to the insured’s business. - Selection of Defence Counsel
Insureds have the option to use their own defence counsel. - Payment of Outstanding Fees
If an insured’s customer refuses to pay an invoice and is threatening to bring a claim our policy will pay the outstanding fees to try and prevent the claim being made. - Ombudsmen awards
We shall pay any covered amounts the insured is required to pay by the Ombudsman. - Witness Attendance costs
Any costs associated with the attendance of an insured or its employee at a work related hearing of any kind are covered by our policy. - Difference in Conditions
If our policy is deemed less favourable than required by the industry the policy is automatically extended to comply. - Flexible Limits of Indemnity
Choose the level of cover that best suits your insured. - Fast & Fair Claims Handling
Our experienced claims team is here to support your insureds every step of the way. - Affordable Premiums
Competitive pricing without compromising coverage.
Downloads
- Accountants Professional Liability Policy Summary
- Accountants Professional Liability Proposal Form
- Professional Liability Appetite Sheet
- Professional Liability Claims Form
Why professional liability insurance matters
Even the most experienced professionals can make mistakes. A single claim could result in costly legal fees, reputational damage, or financial loss. Our policy ensures the policy holder is protected—so they can focus on growing their business.
Get your client covered today
Let us help you build a tailored policy that fits your client’s needs.
Did you know?
The Institute of Chartered Accountants in England, Wales, Scotland and Ireland requires that an accountant’s professional liability insurance policy contains certain minimum coverage criteria:
-
- A minimum limit of liability equal to 2½ times the firm’s gross fee income but never less than £100,000
- The maximum limit a firm is required to buy is £1,500,000
- The maximum uninsured retention must not be more than £20,000
- It must offer at least six years retroactive cover
- It must offer a mandatory run off period of at least 30 days
- It must cover all civil liability arising from accountancy work
- It must include cover for an individual or entity that is covering for the incapacity or death of a sole practitioner, this is called an Alternate
- It must include a difference in conditions clause ensuring compliance with industry minimum coverage
2Vision’s bespoke professional liability insurance policy for accountants is fully compliant with industry standards.
Are you a new broker to 2Vision?
We welcome all enquiries from new brokers. If you haven’t dealt with us before, click to register today.
Are you looking for a broker?
Although we do not deal directly with insureds, we can help you find a broker who will access our range of products for you.