Accountants Prof indemnity ins (PII)

Autobotsarego

Hi there,

I'm trying to cost up going out on my own but am struggling to get a quote out of insurers without having the practice set up yet.

Can anyone give me a ballpark figure? Fee income will be less than 25k year one and say 50k year 2.

Also is there much of a difference (I'd imagine so) with an audit registration? Say I'd 10k fee income from few small audits too.

Any help appreciated

gimli2112

Accountant PI rates are increasing, mainly in relation to taxation advice. I don't believe audit work is considered high risk. Accountants PI tends to be cheap because the claims experience is very good. Your Institute should be able to give you some broker names that should be able to quote. The limit you chose will probably be the biggest factor. Cost will likely be somewhere between €500 - €1,000, should be closer €500.

Autobotsarego

gimli2112 wrote: »

Accountant PI rates are increasing, mainly in relation to taxation advice. I don't believe audit work is considered high risk. Accountants PI tends to be cheap because the claims experience is very good. Your Institute should be able to give you some broker names that should be able to quote. The limit you chose will probably be the biggest factor. Cost will likely be somewhere between €500 - €1,000, should be closer €500.

Thanks for the reply. I'm CAI but can't seem to figure out what minimum level of cover I need for non-audit and then if I was to get audit registration. Have contacted a number of brokers but getting very little from them as company I plan to operate through not yet formed.

Cheers for your estimate though. I'd guessed about 600/650 so hoping for not a huge amount more.

Immy

I pay in and around the €500. No audit.