Not all PII policies are the same - what to compare beyond price

Two professional indemnity (PII) policies can look similar on headline limits and still respond very differently when a claim lands. How do you compare PII cover beyond the premium and what are the questions that can save you time (and surprises) later?

Why this matters

Many accountancy firms only discover the real differences between policies at the worst moment: when a client complaint escalates into a claim.

Comparing cover early doesn’t have to be complex. A small set of checks can help you understand what you are actually buying and whether it fits the work you do today.

Six areas worth comparing

1. What exactly is covered?

Start with the fundamentals: how “professional services” are described and whether your current service mix is clearly within scope.

Have you expanded into advisory, corporate finance support, payroll, tax investigations support, or outsourced FD work since you last reviewed wording?

2. Exclusions that can bite

Exclusions are not unusual - but they can vary materially.

Are there any exclusions that are particularly relevant to your client base, sectors, or higher-risk engagements?

3. Excess structure (and affordability)

An excess isn’t just a number. Some policies apply excess differently depending on the claim type or whether costs are included.

If two issues happened in the same year, could the excess apply more than once?

4. Aggregation wording

Aggregation determines whether multiple allegations are treated as one claim (one limit/one excess) or several.

Does the aggregation wording align with the way claims can arise in your practice (for example, a recurring error across multiple clients)?

5. Retroactive cover and continuity

Continuity matters. Changes to retroactive dates and prior acts provisions can affect how historic work is treated.

If you changed insurers last year, are you confident about “prior acts” and retroactive cover

6. Additional covers and practical support

Some policies include wider support services or additional covers that can be valuable in real-world situations.

Beyond the policy wording, what support is available if you face a complaint, notification, or claim?

A broker’s perspective: price vs value

Premium is important. But a policy that is slightly cheaper can become expensive if:

• It restricts key services you provide.
• The excess is structured in a way that creates multiple out-of-pocket hits.
• Claim scenarios you consider plausible are treated unfavourably.

A sensible goal is not “the cheapest policy” - it’s cover that is fit for purpose.

How Marsh Commercial can help ICAS members

Through the ICAS partnership, Marsh Commercial offers members PI insurance with enhanced benefits including:

• Interest-free instalment facility.
• Free tax advice helpline for you and on behalf of your clients.
• Free 24-hour legal advice helpline for all partners as well as a counselling advice helpline, and health and medical advice helpline for all staff.
• Additional cover for representation costs.
• Additional cover for public relations costs.
• Cover for loss of documents.
• Compensation for court attendance.

Marsh Commercial supports member firms with:

• Free PII insurance review (a practical sense-check of current cover).
• A clear route to discuss renewal timelines and what the underwriter will ask.
• Support that is mindful of the time pressures in practice.

Next steps

If you’d like a no obligation free PII insurance review or would like more information about Marsh Commercial’s PI insurance for ICAS members contact their dedicated ICAS team.

Call us on 0330 175 5876 or visit marshcommercial.co.uk.

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The Institute of Chartered Accountants in Scotland is an Introducer Appointed Representative of Marsh Ltd and Marsh Commercial is a trading name of Marsh Ltd. Marsh Ltd is author­ised and regulated by the Financial Conduct Authority for General Insurance Distribution and Credit Broking (Firm Reference No. 307511). Copyright © 2026 Marsh Ltd. Registered in England and Wales Number: 1507274, Registered office: 1 Tower Place West, Tower Place, London EC3R 5BU. All rights reserved.

This blog is one of a series of articles from our commercial partners, Marsh Commercial. The views expressed are those of the author and not necessarily those of ICAS.