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Bookkeepers Professional Indemnity

Professional Indemnity Insurance (PI) is a key consideration for all businesses providing advice or professional services to their clients. PI protects the insured against the costs incurred in defending claims where it is alleged that the insured has been negligent or there has been an error in the services provided, such as incorrect advice or an unintentional breach of intellectual property rights. 

Should the defence be unsuccessful the policy provides further protection by also covering any compensation that the insured is deemed to owe as a result of the incorrect work.

Do I need it.

Any business or individual operating in a professional capacity can be held liable if an error or omission in their advice of service causes financial loss to a third party. Accordingly, in order to protect both themselves and their clients, it is s requirement of the Institute of Certified Bookkeepers Practice Licence to hold Professional Indemnity insurance protection.

There is no specification as to the level of cover that should be taken out, however a broad recommendation is that a practice should look to insure a minimum of 2.5 times their annual turnover. All practices should consider their potential liabilities individually and ensure that they insure to an adequate level and it is worth noting that the Professional Indemnity insurance offered by Qdos operates on an ‘any one claim’ basis. This means that the limit of indemnity chosen will apply to each claim made on the policy independently.

Why Qdos

The Institute of Certified Bookkeepers have appointed Qdos as the preferred supplier of Professional Indemnity insurance.

Qdos have negotiated with the insurer to provide ICB members with suitable cover at competitive prices. Premiums start at £45 per annum or £3.75 per month. New members of the ICB with no trading history are entitled to three months of Professional Indemnity insurance with a limit of £50K entirely free of charge.

Qdos are able to offer monthly payments by direct debit at no extra cost.

Statement of Demands & Needs

When purchasing a product from our shop you will first be asked to register for an account. Once you have completed our online application form and made payment, you will be able to log into your account to view your policy documents or product information.

It is important that before deciding to purchase a Qdos product you consider whether the insurance is appropriate for you. 

You should read thoroughly all the product information we have made available to you, in particular the Specimen Policy Wording together with the Summary of Cover (Key Facts) before deciding to purchase your chosen product. These documents contain the full Policy Terms and Conditions. 

Please note that you are basing your purchase solely on your own interpretation of the information we have provided.

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