As an ICB Practice Licence holder, it is compulsory for you to carry Professional Indemnity Insurance (PII)
In addition to maintaining your policy, it is your responsibility to ensure that you are insured to the right level at all times throughout the year.
Under the requirements of the Provision of Services Regulations, you have to disclose information about your PII to clients.
ICB has appointed Qdos as its Preferred Supplier to ensure that ICB members can obtain competitive rates and special discounts for being qualified. Qdos also offers new practices free PII for the first three months*.
What is Professional Indemnity Insurance?
Any business or individual operating in a professional capacity can be held liable if an error or omission in their advice or services causes a financial loss to a third party. Bookkeepers are no different.
Professional indemnity insurance provides cover for both the cost of defending such claims, and for subsequent damages for which the policy holder is liable.
When should my policy start?
You need to have PII in place before you apply for your Practice Licence for the first time, unless you are obtaining PII through ICB Preferred Supplier, Qdos. If obtaining PII through Qdos, you do not need to wait for your PII policy to be processed and can apply to ICB and Qdos simultaneously. Please tick the applicable box on your Practice Licence application form and we will contact Qdos to confirm the details for you.
What level of cover do I need?
ICB practices are required to have at least £50,000 indemnity cover, and are advised to insure at a minimum of 2.5 times their annual turnover. This being said, all members in practice should consider their potential liabilities individually and ensure that they insure to an adequate level. It is worth checking with your chosen insurer that your policy will operate on an ‘any one claim' basis - i.e. the limit of indemnity you choose will apply to each claim made under the policy independently, rather than offering an aggregate limit.
ICB exclusive PII scheme
ICB Practice Licence holders may choose to obtain insurance through Qdos, providers of an ICB-exclusive scheme.
ICB exclusive Qdos premiums start at £45 per year (or £3.75 per month), and are based on the level of cover you require.
First three months free for new practices
*ICB understands that PII adds to the start-up cost for practices. Qdos offers new ICB practices, with no trading history, £50k cover for the first three months free of charge. Please refer to the proposal information for more information here. (link opens in external site)
If you would like to discuss your insurance requirements further with Qdos, or have any other questions or queries, please do not
hesitate to contact a member of their team on 0116 269 0999 quoting reference ICB, or send an email to firstname.lastname@example.org
Qdos Consulting Limited is an appointed representative of Qdos Broker & Underwriting Services Limited which is authorised and regulated by the Financial Conducts Authority. Qdos Consulting also provides ICB's legal, tax, VAT and Employment helpline.