Free fact finder · United Kingdom
Accountants' insurance fact find
Every question the accountants' professional indemnity forms ask, asked once in plain English. Your client's answers fill each insurer's form and start your demands and needs statement.
- No login needed
- Fillable PDF with your logo
- 80 questions
- Written for UK rules
What it asks
The questions underwriters ask, in plain English.
Each one comes with a line saying why it's asked, so your client answers fully the first time.
- 1Which services does the practice provide? Tick all that apply.Each service carries a different risk. Audit, insolvency and financial advice cost the most to insure.
- 2What were the practice's gross fees for the last completed financial year?Fee income is the main measure insurers use to price professional indemnity.
- 3Has the practice ever set up, run or advised on tax minimisation or avoidance schemes?Tax schemes have driven some of the largest claims against accountants.
- 4Does the practice use a written engagement letter or standard terms for every client?A clear engagement letter is the strongest defence against a claim about what you agreed to do.
- 5Is anyone in the practice aware of a mistake, complaint or situation that could lead to a claim?Anything known before cover starts is excluded unless declared now.
- 6Has the practice ever arranged or advised on pension transfers or opt-outs?Pension transfer advice is excluded by most accountants' policies.
The practice
Entity, people, professional bodies and AML supervisor.
Fees and clients
Three years of fee income, and the largest client.
Services
Tick the services, then the share of fees for each: tax, audit by type, advisory, insolvency and more.
Higher-risk work
Listed clients, offshore work, tax schemes, financial advice, pension transfers.
Risk management
Engagement letters, file reviews, training, money controls and cyber security.
Claims and history
Past claims, known circumstances, disciplinary action and declined insurance.
Current insurance
Insurer, limit, excess, renewal date and the retroactive date that must carry over.
Demands and needs
Covers wanted, the limit and why, budget, priorities and concerns, in the client's own words.
How it works
- 1
Open it and try it
Answer it on the page as your client would. Follow-up questions appear as you go. Nothing is saved.
No login
- 2
Send it, or download the PDF
Send your client a link to answer by form or chat, with reminders sent for you. Or download a fillable PDF with your logo.
PDF free, no email
- 3
Fill the insurers' forms
When your client answers, one click starts each insurer's form with their answers in, and drafts the demands and needs for you to finish.
Free 14-day trial
Minimum cover
ICAEW minimum professional indemnity limits
Firms regulated by the ICAEW must hold qualifying professional indemnity insurance. From 1 September 2024:
- Fee income under £800,000
- A minimum limit of 2.5 times gross fee income, and at least £250,000.
- Fee income of £800,000 or more
- A minimum limit of £2 million.
- Fee income over £50 million
- No qualifying insurance required, but appropriate arrangements the ICAEW monitors.
A summary, not advice. Check the ICAEW's current regulations, and ACCA's or ICAS's rules for their members.
Free tool or a free trial
The fact finder is free. A trial does the forms.
Free, no login
Everything you need to use it.
- The whole fact finder, answered as your client would
- How much of each insurer's form it fills
- Fillable PDF with your firm's logo
With a 14-day free trial
Your client answers once. No card needed.
- Send it as a link: answered by form or chat, with reminders
- Upload a PDF your client filled in and the answers are read in
- Start each insurer's form with your client's answers in
- A first draft of the demands and needs statement
- Next year, your client only confirms what changed
Before you ask
Questions about the accountants fact finder.
- Is the accountants' fact find really free?
- Yes. Answer it on the page as your client would, and download it as a fillable PDF with your logo, with no login and no email. Sending it to a client as a link comes with a free 14-day trial.
- Does it help with the demands and needs statement?
- Yes. ICOBS 5.2 asks you to set out a customer's demands and needs from information they gave you. Once your client has answered, Coverbound drafts the statement from their answers for you to finish. It recommends nothing: that part is yours.
- How does it fill the insurers' forms?
- Each question is linked to the same question on the accountants' forms in the Coverbound Form Library. Starting an insurer's form puts your client's answers in, and they confirm them instead of typing them again.
- Which insurers' forms does it fill?
- Accountants' professional indemnity proposal forms from Arch, Elmlake, NBS, Tokio Marine HCC and Travelers. The page shows how much of each one it fills.
- Can my client fill in the PDF instead of answering online?
- Yes. It's a real fillable PDF they can type into in any PDF reader. When they send it back, upload it to your account and the answers are read straight in.
Ask once. Fill every form.
Open the fact finder, try it as your client and download the fillable PDF. No login needed.
Open the fact finder