Professional protection

It pays for accountancy companies to review their professional indemnity insurance packages - but that is not all they should insure for

Accountancy companies are no different in a lot of ways from the corporate clients to whom they provide their accounting services. However, as well as looking to generate profit, whether it be for the partners or shareholders of the company, they have the added burden that the advice and services they provide could lead to expensive mistakes, such as large tax bills or bankruptcy. All accountants are therefore required to take out professional indemnity (PI) insurance cover, which is often their most expensive and important insurance. For an accountancy practice as a business in its own...