Professional Indemnity Insurance for Accountants | Auditors | ICPAK Members

Professional Indemnity (PI) insurance is essential for accountants, particularly for members of the Institute of Certified Public Accountants of Kenya (ICPAK). This insurance safeguards professionals against potential claims arising from errors, omissions, or negligence in the course of their duties. For ICPAK members, holding PI insurance is not only a prudent risk management strategy but also a mandatory requirement for obtaining a practicing certificate.

What Is Covered

Professional Indemnity Insurance provides cover against legal liability claims that may arise as a result of errors, omissions, misrepresentation or negligent advice provided in the course and scope of their professional services. The insurance cover will also take care of defense costs associated with these claim(s) subject to the limit of liability purchased.

Who is Covered

The Professional Indemnity insurance for accountants covers members who are:

Are Registered members of ICPAK
Provide accounting services at a fee
Practice as per The Accountants Act (No. 15 of 2008)

Available Extensions

The cover may extend to also cover: Libel & Slander, Loss of Documents, Employee Dishonesty, Partners’ Previous Business and outgoing Partners at additional premiums.

Benefits of Professional Indemnity Insurance for Accountants

a. Financial Support
Professional Indemnity policy will cover court judgments awards and legal fees for defending yourself or the business
at the court of law. The policy may extend to also cover fees and other expenses that may arise from loss of documents.

b. Provides Peace of Mind
Professional Indemnity policy will increase confidence in carrying out the professional duty knowing that you have means
to defend yourself against any allegations for malpractice and defend your reputation thus enabling individuals and
companies to continue trading in successful businesses.

c. Enhance Brand Image & Credibility
Professionals are accountable for their services rendered and the professional Indemnity insurance provides support and
enhances goodwill as it prides confidence to your clients and investors knowing that any discrepancies that may arise in
course of your duty is covered.

d. Increased Chances of Winning Businesses
Most contractors and government authorities will put a minimum requirement for having a Professional Indemnity
Insurance to be considered in tendered businesses.

Requirements

Duly completed & Signed proposal form.
Copy of current practicing license(s)/ Certificate(s)
Copy of CV, Pin certificates & National ID for individual practitioner
For Firms: Copy of PIN certificates, incorporation certificate & CVs of partners and principals.

Why Chose our Agency

Competitive Premiums:
Our agency offers affordable rates without compromising coverage quality, helping you stay compliant while keeping costs manageable.

Fast and Efficient Service:
We prioritize quick policy issuance and renewals to ensure you meet ICPAK deadlines with minimal hassle.

Expert Guidance:
Our experienced insurance professionals understand the needs of accountants and ICPAK regulations, guiding you through policy selection and claims processes.

Trusted Underwriter Partnerships:
We collaborate with top-tier insurers known for reliability and prompt claims settlement, giving you peace of mind in case of a covered incident.

Ongoing Support:
Beyond policy issuance, we offer continuous support, including reminders for policy renewals and assistance with adjustments to your coverage as your practice grows.

Premium Rates

The standardised premium rates are as follows, however get in touch with our team to get a conclusive quote that is inclusive of all statutory levies.