What types of audit practices are covered?

We cover all types of audit practices including statutory auditors, assurance firms, internal audit services, forensic auditors, and specialist audit consultancies.

How much does auditing insurance cost in the UK?

Auditing insurance costs typically range from £2,000-£5,000 annually for small audit firms, £5,000-£15,000 for medium-sized practices, and £15,000-£50,000+ for large audit firms with statutory audit clients. Costs depend on fee income, audit types, client risk profile, and coverage levels required.

Do I need professional indemnity insurance as an auditor?

Yes, professional indemnity insurance is essential for auditors as it covers claims arising from audit opinions, assurance failures, and professional negligence in audit work.

What happens if I issue an incorrect audit opinion?

Professional indemnity insurance covers incorrect audit opinions, financial statement errors, and going concern assessment mistakes that result in financial loss to clients or third parties.

Are regulatory investigations and fines covered?

Yes, our policies cover FRC investigations, professional body disciplinary proceedings, and regulatory fines arising from audit quality issues and professional standards violations.

What about coverage for fraud detection failures?

Professional indemnity insurance covers claims arising from failure to detect fraud, material misstatements, and internal control weaknesses during audit procedures.

Auditing Insurance

Specialist Insurance For Auditors And Audit Firms

Bring professional indemnity, cyber, office and management risks together around the services your firm actually provides.

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FCA-authorised UK broker Cover shaped around your services Quote support online or by phone

Protect Your Advice, Data, People And Operations

Auditors can face allegations arising from professional work as well as the property, people and technology risks of running a firm.

Professional Work

Protection for covered claims alleging an error, omission or breach of professional duty.

Cyber And Data

Options for data incidents, cyber events and the response costs specified by the policy.

Office And Equipment

Cover for declared premises, contents and equipment against selected insured events.

People And Leadership

Liability and management cover options shaped around your workforce and firm structure.

Core cover

What Can Auditing Insurance Include?

Your package should reflect the work you undertake, the clients you advise and the limits your contracts or professional body require.

Professional Indemnity

For covered defence costs and damages following allegations about professional services.

Cyber Insurance

For selected cyber incidents, privacy events, response costs and business interruption.

Public Liability

For covered third-party injury or property damage connected with your business activities.

Employers’ Liability

Normally required when you employ staff, subject to the applicable legal exemptions.

Office And Contents

For declared office contents, computers and other equipment against selected insured events.

Management Liability

Options for certain claims involving directors, officers and employment practices.

Not sure which sections apply?Tell us about your services, clients, people and contracts and we’ll help you compare suitable options.

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Who it is for

Cover For Audit And Assurance Practices

Insurers assess the work your firm performs rather than relying on the job title alone.

Statutory audit practices
Internal audit consultancies
Assurance and attestation firms
Accountancy firms providing audit services
Risk, governance and controls consultants
Sole practitioners and multi-partner firms

What affects the quote

Information Insurers Usually Need

Services: audit, assurance, consultancy and other professional work
Income: turnover split by activity and territory
Clients: sectors, largest fees and listed or regulated entities
People: partners, qualified staff, employees and contractors
Controls: engagement terms, review procedures and data security
History: claims, circumstances and disciplinary matters

Practical risk context

Examples Of Claims An Audit Firm Could Face

Cover depends on the selected sections, policy wording and the facts of each claim.

Alleged Audit Error

A client or third party alleges that professional work failed to identify a material issue.

Confidential Data Incident

Sensitive client information is exposed and the firm needs specialist incident support.

Office Disruption

An insured event damages equipment or premises and interrupts normal operations.

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What To Have Ready For A Quote

Bring your service and fee split, client profile, partner and staff details, professional body requirements, contracts, risk controls and claims history.

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Frequently asked questions

Auditing Insurance Questions

What insurance does an audit firm usually need?

Professional indemnity is central for many practices. Cyber, public liability, employers’ liability, office and management cover may also be relevant depending on how the firm operates.

Does professional indemnity cover every audit dispute?

No. Cover depends on the insured services, policy wording, limits, excesses, exclusions and claim circumstances. All material services should be disclosed.

Can regulatory investigations be covered?

Some policies may provide specified investigation or defence-cost extensions. The scope varies and fines or penalties may be excluded or uninsurable by law.

How much professional indemnity cover is required?

The right limit depends on professional body rules, contractual requirements, client profile and the scale of potential loss. A broker can help compare those factors.

Can new audit firms obtain cover?

Potentially. Insurers will usually want the principals’ experience, planned services, projected income, client types and quality-control arrangements.

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Tell us about your services, clients, people and controls and we’ll help present the risk clearly to suitable insurers.