Professional indemnity insurance

Professional Indemnity Insurance (PII) is required by all self-employed members. Employees should be covered by their firm.

The Professional Indemnity Insurance Regulations govern this requirement and members should familarise themselves with these.

A check on members' PII policies may be undertaken by the Association.

**The PII regulations and guidance are in the process of being reviewed but in the meantime the definition of member in practice has been updated see note available here. This definition will be applied from 1st April 2021 and if members have any queries regarding the requirements for PII following this change they should email the Professional Standards team standards [at] att.org.uk.**

List of Professional Indemnity Insurance providers

Members should be aware that the ATT cannot recommend that members take out a particular PII scheme. However, the ATT has an arrangement with the providers below that, by virtue of their membership, any quote provided to a member will be is compliant with ATT requirements.  

TaxPro – provided by Hiscox via Gallagher

TaxPro provides specialist Professional Indemnity Insurance that meets the requirements of the ATT, and is available from as little as £5 per month.

Cover is designed to protect you against a wide range of risks, including claims made against your business, the cost of rectifying mistakes, loss of documents, and liabilities arising from employee dishonesty. It also covers pre-bono work (not all PII policies include this).

Tax businesses of all sizes can benefit:

  1. Individuals and small firms with an annual turnover up to £5,000 – priced from just £5 per month (including IPT) – you can purchase a policy here
  2. Firms with an annual turnover up to £300,000 – read more and get a quote here
  3. Large firms with an annual turnover over £300,000 – read more and get a quote here

Gallagher also offers a range of other business covers including cyber liability cover and Directors’ and Officers’ insurance. To find out more and get a quote visit taxproinsurance.co.uk or contact Neil Ramsdale on 01245 326880. Alternatively, email neil_ramsdale [at] ajg.com / taxadmin [at] ajg.com

Arthur J. Gallagher Insurance Brokers Limited is authorised and regulated by the Financial Conduct Authority. Registered Office: Spectrum Building, 7th Floor, 55 Blythswood Street, Glasgow, G2 7AT. Registered in Scotland. Company Number: SC108909.

MFL Professional (MFL)

  • We have developed a facility, underwritten by AXA Insurance Plc meeting the needs of members.
  • We offer an exclusive policy wording that satisfies the requirements of ATT and is also ICAEW compliant for those Practices requiring this.

What do MFL Professional do for members?

  • MFL Professional - a specialist insurance broker to the tax and accountancy sector operating a bespoke PII facility for practices of all sizes from Insurers with ‘A’ rated financial security.
  • Firms qualify for the scheme if a director, partner or any senior staff within the firm is a member of ATT.
  • Members can obtain a compliant quotation by completing the members’ proposal form, tailored to the tax consultant here.           
  • Once in place, cover is ATT compliant and we shall provide appropriate verification of this.
  • Provision of specific Claims and Risk Management assistance and a programme of regular technical bulletins.

If you require a quotation, please contact us as below.

Manchester
Barlow House, Minshull Street, Manchester M1 3DZ
Primary Contact: Gillian Elderkin gilliane [at] m-f-l.co.uk
Tel: 0161 233 4491

Menston
Ashfield House, Windermere Avenue, Menston, LS29 6NR
Primary Contact: Mark Ramsbottom
Tel: 01943 816866

Leeds Building
3, Leeds City West Business Park, Gelderd Road, Leeds LS12 6LN
Primary Contact: Mark Philmore
Tel 0113 323 1040

MFL Professional is a trading style of McParland Finn Ltd. McParland Finn Ltd is authorised and regulated by the Financial Conduct Authority.

By visiting the previous links, you are being taken to external websites over which we have no control and we are not responsible for the content or any advice given by those sites.