Accountancy is one of the more 'established' professions, but this hasn't stopped the sector becoming fragmented with a confusing mix of several professional bodies and unqualified but highly experienced advisors.
You will also know that firms vary greatly in size and services, which is why insurers have to take extra steps with accountants before accepting a professional indemnity policy.
To make sure your accountancy firm is ready to submit a new or renewing policy, here's 10 pieces of information insurers scrutinise including the risk associated with each check when signing off professional indemnity for accountants.
Avoiding complaints or dealing with them expeditiously, is important to a successful business.
Last year 75% of complaints were accepted by the Ombudsman because firms had not resolved the complaint within the eight week period allowed to a surveyor for internal resolution.
Only 19% were referred because the complainant was not satisfied with the surveyor's response to the complaint. There is substantial scope for reducing referrals to the Ombudsman if this eight week period is used more effectively.
Depending upon the nature of your business, depends on how important you hold cyber risks.
Citynet have set up a PIB London Markets unit dedicated to providing a personalised service for anyone across PIB Group who want to access the London market.
Jon Stanley, Chief Risk Officer for PIB group shares information on how the group has put contingency plans in place.