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Insurance for Accountants & Tax Advisers
Insurance Solutions for Irish Accountants & Tax Advisers
Navigating the complexities of accounting and tax advising requires precision and trust. At ERM Financial Services, we understand the unique challenges faced by professionals in your field.
Our tailored insurance solutions are designed to provide comprehensive protection, allowing you to focus on delivering exceptional service to your clients.
Insurance for Irish Accountants & Tax Advisers
Insurance Cover We Recommend for Accountants
We provide full cover for your profession, tailored to your firm’s specific requirements, all in one place:
Professional Indemnity Insurance
Essential for accountants, tax advisers, and consultants. Covers legal costs and compensation if a client claims they’ve suffered financial loss due to your advice, service, or error.
Directors & Officers Insurance
Protects business owners, directors & senior managers against claims made personally against them for mismanagement, breach of duty, or regulatory failings — even when the business is not at fault.
Office Insurance
Covers your physical workspace — including contents, fixtures, and equipment due to fire, flood, or a break-in. Tailored for professional services offices.
Cyber Insurance
Cybercrime is one of the fastest-growing threats to Irish businesses. This policy covers your business in case of ransomware, phishing, data breaches, client confidentiality leaks, and more.
Why Choose ERM Financial Services?
- Expertise in Professional Indemnity Insurance: We offer policies that meet the specific requirements of Irish accountants and tax advisers, ensuring you have the necessary coverage against potential claims.
- Comprehensive Coverage Options: Beyond professional indemnity, we provide a suite of insurance products, including public liability, cyber liability, and office insurance, to safeguard all aspects of your practice.
- Personalised Service: Our dedicated advisors work closely with you to assess your individual needs, crafting insurance solutions that align with your business objectives.
- Regulatory Compliance: We stay abreast of the latest regulations affecting your profession, ensuring your insurance coverage remains compliant with Irish standards.
Frequently Asked Questions (FAQs)
1. What types of insurance should an accountant or tax adviser in Ireland have?
The most common and important policies include:
- Professional Indemnity Insurance (PI) – Protects against claims of professional negligence, errors, or omissions.
- Public Liability Insurance – Covers third-party claims for injury or property damage.
- Cyber Liability Insurance – Covers data breaches, cyberattacks, and GDPR-related exposures.
- Office Contents & Equipment Insurance – Protects IT, furnishings, and business tools.
- Directors & Officers (D&O) Insurance – Relevant for firms with directors or decision-makers, protecting against personal liability for governance risks.
2. Is Professional Indemnity Insurance a legal requirement in Ireland?
PI Insurance is not legally required by statute in Ireland for accountants, but it is:
- Mandated by many professional bodies (e.g. ACCA, CPA Ireland, CAI)
- Often required by clients or contracts
- Essential for protecting your practice against financial loss from claims
3. How much Professional Indemnity cover do I need?
The required limit of indemnity depends on:
- The services you provide (e.g. audit, VAT, tax advice, payroll)
- Client types and size
- Contractual obligations or membership rules
At ERM, we’ll help you assess your exposure and recommend the right limit — not just the minimum.
4. Can I bundle my policies into one package?
Yes. ERM offers customised insurance bundles that combine PI, office, cyber, public liability, and more — making administration easier and often more cost-effective.
5. Do I need Cyber Insurance even if I don’t store a lot of client data?
If you handle any client information, financial data, or email communications, you’re exposed to cyber risk.
Cyber cover protects against:
- Data breaches
- Phishing or ransomware attacks
- GDPR notification costs
- Legal and IT recovery expenses
6. What happens if I face a claim?
With ERM’s support, you get:
- Expert claims guidance
- Access to legal defence (subject to policy terms)
- Financial cover for damages or settlements (within your policy limits)
We manage the process so you can stay focused on running your firm.
7. I’m a sole practitioner. Do I really need this level of cover?
Yes. Sole practitioners are just as exposed to liability risks — sometimes more so, due to concentrated responsibility. A properly structured policy protects your personal assets, professional reputation, and continuity of business.
8. Is ERM Financial Services regulated?
Yes. ERM Financial Services is regulated by the Central Bank of Ireland, and has been protecting Irish professionals for over 30 years.