ACCA's Insurance Requirements for Incorporated Practices

Before taking out cover, firms must complete the CILEX Professional Indemnity Application Form, which can be used with CILEX qualifying insurers, and receive provisional authorisation. Once a quote has been agreed, firms should arrange for a copy of the insurance certification to be sent to CILEX. In addition to ACCA membership, ACCA members wishing to undertake CAA and ATOL reporting work must register and complete the training required by CAA/ATOL to receive a licence. Under the eligibility terms for a CAA/ATOL licence, members must hold PII that is at least sufficient to cover the liability cap in the CAA Guidance Note 10.

Provider / Scheme Name	Type of Offering	Key Features / Notes	Contact Method
ACCA Approved Scheme (via Lockton)	Dedicated scheme for members	Competitive rates, ACCA-approved policy wording.	Online portal / dedicated phone line
Marsh Commercial	Broker with ACCA expertise	Tailored quotes for accountancy practices.	Broker website and direct contact
Hiscox	Direct insurer	Specialist in professional and financial risks.	Online quote system
Travelers	Direct insurer	Offers comprehensive practice insurance packages.	Via appointed brokers

The current liability cap ranges from £250,000 to £20,000,000, depending on the number of passengers and the public revenue of the particular ATOL holder.

Do You Have a Legal Requirement to Have Professional Indemnity Insurance?

Some bookmakers provide an extra incentive on top of the combined odds for winning bets, to customers who place a certain number of bets. The bonus comes in the form of a free bet, the value of which usually depends on the stake or stakes placed. This is a genuine free bet offer but in some cases customers must place another accumulator using the free bet. A relatively new facility is the Edit Your Acca service. Customers can add extra selections to an accumulator, swap them for other selections or take some away, even while some of the events are taking place.

Can Learnsignal courses count as ACCA CPD?

This option can be available up until bets on the last fixture have been settled once the match has ended. Edit Your Acca is an option for multiple bets with four selections or more. Members of ACCA are required to have Professional Indemnity Insurance with the following limit of indemnity:- Fee income less/equal to £200,000 – the greater of two and a half times the firm’s total income for past financial year and 25 times largest fee paid in past financial year, subject to a minimum of £50,000. Fee income £200,000-£700,000 – the greater of the aggregate of £300,000 and the firm’s total income for past financial year and 25 times largest fee paid in past financial year. Fee income over £700,000 – the greater of £1,000,000 and 25 times the largest fee paid in past financial year.

Breach of Confidentiality

The maximum excess allowed is calculated as the lesser of 2% of the limit of indemnity in respect of each and every claim or £20,000 per principal. The policy cover should be on a ‘civil liability’ wording and the limit should be on an “any one claims basis”. Fidelity guarantee cover must be included under the policy for partners, directors and employees. The cover must be provided by ‘reputable’ (DTI approved) insurers. Run-off cover following cessation of practice must be maintained for a minimum of 6 years. It is essential to check your limit of indemnity and any sub-limits to ensure you have the appropriate level of PII to cover the work your firm intends to undertake.

What the insurer underwrites on

The potential profit from this bet is therefore as follows: Most accumulator insurance offers are related to football, with a few on horse racing, but customers can place accas with four selections or more across many sports: Bettors can combine four teams or more in an accumulator. The cash out option is usually available on the match result and other markets during the bet. Cashing out an accumulator guarantees a return from an active bet, whether locking in profit or limiting further loss. Bettors can combine four horses or more in an accumulator. The qualifying bets can be win or each-way accumulators, with a minimum number of selections usually required for acca insurance.

6.1 The CIOT minimum

Bettors can combine four players or more in an accumulator. If the early selections win or are ahead in their matches, the bet can be cashed out to ensure a known win or limit the loss. There are many sports well suited to accumulators; cricket, golf, rugby union and league, Gaelic sports and the four big US betting sports are also popular, but in theory pretty much any sport can be bet on as an accumulator. Customers can place accumulators with selections from the same sport, or from a range of sports. The components may vary but the calculation is always the same regardless of the sport or sports involved.

16.6 Group schemes versus open-market for sole practitioners

All the sports mentioned provide accumulator options, but for the purpose of the various acca insurance offers, this article will focus on football. Bookmakers like accumulators because having multiple selections effectively means there are more opportunities for the bet to lose. Singles therefore offer customers the best value, but accumulators can be an enjoyable way to bet on a series of events, or a way to try and win more profit from outcomes at very short odds. As more options are added to an acca, the probability of the bet winning decreases as the odds increase, as reflecting probability. This is one reason why many bookmakers offer incentives for bettors to place multiple bets with four selections or more. This is not only to make sure that you comply with the relevant regulatory requirements, but also to make sure you are adequately protected against claims brought against you. Failure to do so could expose you to significant business risk and potential loss of your own personal assets.

• Update the policy promptly if you change your address, as the postcode affects the risk assessment.
• Add or remove drivers from the policy as circumstances change to avoid coverage issues.
• Cancel the policy correctly through the insurer if selling or scrapping the vehicle; do not just let it lapse.
• Be aware of cooling-off periods and cancellation fees when taking out or ending a policy.
• Review the policy annually at renewal to ensure it still meets your needs and remains competitive.
• Compare quotes from different insurers to ensure you are getting suitable coverage at a fair price.

Please contact us if you need any guidance on the limits required. For more information, visit Lockton’s ACCA Accountants page.

• Choose an appropriate level of cover: Third-Party Only (TPO), Third-Party Fire and Theft (TPFT), or Comprehensive.
• Consider optional add-ons like breakdown cover, legal expenses insurance, or courtesy car provision.
• Review the policy excess amounts (compulsory and voluntary) and ensure they are affordable.
• Check if the policy includes coverage for personal belongings or audio equipment.

Lockton is ACCA’s recommended broker for professional indemnity insurance: find out more.

What Happens If You Do Not Complete Your ACCA CPD?

Firms undertaking insurance distribution services are required to hold professional indemnity insurance (PII) equivalent to at least €1,250,000 per claim and €1,850,000 in the aggregate (total). Note that referring a client to another adviser is not an insurance distribution activity and is therefore not subject to the regulations. ACCA accountants are able to offer probate services to their clients by becoming authorised as CILEX Practitioners (ACCA-Probate) and setting up a separate CILEX-ACCA Probate Entity. As part of the requirements to become an authorised CILEX Practitioner, firms authorised and regulated by CILEX must take out and maintain PII in accordance with the CILEX Professional Indemnity Insurance Rules. The minimum level of cover is £2m (any one claim, excluding defence costs) and applies regardless of the actual wording of the policies. Protect your work, your reputation and your bank balance with professional insurance for professional people.

Step	Description	Deadline (Relative to Renewal Date)
1. Review Practice Changes	Assess new services, staff changes, fee income increase.	8-10 weeks before
2. Contact Broker/Insurer	Initiate renewal discussion and request updated quotation.	6-8 weeks before
3. Complete Proposal Form	Update all information accurately and comprehensively.	4-6 weeks before
4. Review Renewal Terms	Check coverage, limits, exclusions, and premium.	Upon receipt of documents
5. Accept and Pay	Formally accept the policy and arrange payment.	Before expiry of current policy
6. Notify ACCA	Upload new certificate of insurance to member's account.	Within 7 days of renewal

Quote online in less than 2 minutes from £15.46 a month for £250,000 cover Professional indemnity insurance defends you against claims of negligence, breach of confidentiality, dishonesty, libel and slander. £1,000,000 for physical damage and injuries caused by your business £10,000,000 legally required cover for employers Based on an annual income of up to £40,000.

Information Category	Specific Details Required	Purpose	Required For
Firm Details	Legal name, trading name, ACCA firm reference number.	Identification and record linkage.	All applications
Financial Information	Previous year's gross fee income, current year's forecast.	To determine required level of PII cover.	All applications
Business Activities	Detailed description of services offered (e.g., audit, tax, consultancy).	Risk assessment by insurer.	All applications
Claims History	Details of any claims, notifications, or circumstances in last 6 years.	Underwriting and premium calculation.	Renewals & new apps

Quote online for turnovers up to £500,000, or call and talk to an expert.

Why do accountants need insurance?

Understand the requirements for Designated Professional Body, CILEX- and CAA/ATOL-registered accountants To carry out certain regulated activities, accountancy firms may need to purchase additional levels of Professional Indemnity Insurance. Failure to do so could leave you exposed to risk in the event of a mistake, oversight or third-party claim. Below, we explain the requirements for Designated Professional Body, CILEX- and CAA/ATOL-registered accountants. Professional Indemnity Insurance (PII) is compulsory for all ACCA members who hold a practising certificate and engage in public practice and regulated activities in the UK and Ireland. The limit required for PII is dependent on a firm’s relevant total income, details of which can be found in the ACCA PII Regulations.

Loss of Documents or Data

Certain regulated work will require higher levels of PII cover arising from legislative requirements, or the requirements set by national bodies or regulators bet betting sites that offers sign up bonus in a particular sector. ACCA members are able to carry out a limited number of ‘exempt’ regulated activities under the Financial Services and Markets Act 2000, without the need to obtain Financial Conduct Authority (FCA) approval. These activities include mortgages, long-term care insurance and insurance distribution activities. The level of PII required to undertake these activities varies: For mortgages and long-term care insurance, there is no separate PII requirement and normal rules will apply. However, an ACCA firm wishing to carry on insurance distribution must comply with professional indemnity insurance requirements under the insurance distribution directive (IDD). When the numbers don’t add up Your clients expect the utmost care and attention.

• For young or inexperienced drivers, consider telematics (black box) policies to potentially reduce premiums.
• Build a No Claims Discount (NCD) by driving claim-free; protect the NCD if the policy offers that option.
• Declare any business use accurately, as using a vehicle for business on a social-only policy invalidates cover.
• Ensure all drivers hold a valid license for the vehicle category and have the insurer's permission to drive.
• Provide accurate annual mileage estimates to the insurer, as significant underestimation can affect claims.
• For classic cars, ensure the policy is specifically designed for classic or vintage vehicles with agreed value.

That’s perfectly understandable when it’s their money in your hands.

10. ICPA member PI scheme

The following are the most common bookmaker accumulator offers: Various firms have occasional or ongoing offers meaning customers can have their stake returned in the form of betting funds or a free bet, if they have one losing selection in accumulators with four or five selections or more. There is usually a qualifying maximum stake which is often £25. The refund is sent once the bet has been settled. Some bookmakers stipulate it must be used for another accumulator. Betfair’s acca insurance product works in a slightly different way, offering bettors the opportunity to accept lower combined odds for their accumulator, in return for the guarantee of having their stake returned should just one selection lose.

Does ACCA CPD reset each year?

Bookmakers enhance the return from a successful accumulator. A qualifying accumulator must have at least four or five selections. The maximum number of legs is usually 16. The winnings are boosted on a sliding scale and the boosts can be from 5 to 100%. Every selection in the accumulator bet sports betting promos sign up must win in order to activate the bonus.

What does run-off cover mean for PI insurance?

This offer is similar to the acca boost but includes trebles with three selections. The total return increases as more legs are added in line with an odds scale. The boost is applied to accumulators with up to 16 legs. Some bookmakers impose a maximum stake and a maximum amount that can be won as a result of the bonus in addition to the standard return. Football accumulators are amongst the most popular fixed-odds bets in the UK and Ireland.