Getting professional indemnity for your new accountancy firm is vital for you in order to actively trade, but it tends to be one of those tasks that gets left to last minute and turns into a mad rush to obtain the policy you require!
Standard procedure is to fill out a proposer form provided by the broker, then wait for terms/a quotation to be sent to you by return – but what happens when you’re still waiting, and waiting. If you’re in the boat, like many others (don’t worry!) where you have left it till late to get your professional indemnity, time becomes of the essence and if that’s been additionally consumed on waiting it can leave you hot under the collar.
Subject to receiving a completed proposal form and any additional information requested we can usually provide a same day turn around on Professional Indemnity quotations for accountants, in worst case scenarios the turnaround can extend to the next day.
A frequent question asked by clients when completing the proposal form is “what indemnity limit do you recommend” or “what level of indemnity should I have” – luckily there is an easy answer! Being regulated by ACCA they set out requirements in respect of Professional indemnity insurance in order to be compliant.
So in all cases we suggest following their strict guidelines, because chances are, when you’re due for renewal, they will take away your practicing licence.
To find out ACCA’s guidelines on Professional indemnity insurance, we recommend viewing the following address:
https://secure.accaglobal.com/content/dam/acca/global/PDF-members/2012/2012p/PII_reqs.pdf
But when you need a quotation – Give us a call!
