Giving you peace of mind so you can thrive in your profession
Caunce O’Hara Insurance Brokers was founded in 1995 with a simple objective – to put customers first. This objective is not just part of the company DNA but is embodied in our culture today.
It is our mission to help our clients plan for the unexpected, feel protected, and thrive in their businesses through our comprehensive insurance packages. Our dedicated broking service, in-house claims, and risk management services are always on hand to provide outstanding advice through the good times and the bad.
Our experience tells us that everybody’s insurance requirements are different. Therefore, we take time to assess your risk and understand what you need, so we can tailor your insurance to make sure you are comprehensively covered.
With support from our team of business insurance experts, you will benefit from the right amount of cover from the most appropriate insurers, at a highly competitive premium. If you need to submit a claim, our dedicated in-house claims team will work hard to settle it quickly and efficiently for you, so you can get back to normality, fast.
Why Do I Need Professional Indemnity Insurance?
If you’re in the business of providing any form of advice, provide design or specifications, you’ll know that errors in your work can lead to a financial loss to your customer, who may seek to recover that loss from you.
Professional indemnity insurance protects your business from not only the costs of putting right those mistakes, but the legal costs associated with defending your position. As a result, holding this cover is frequently requested in contract terms from customers or by regulatory bodies.
Not all professional indemnity policies are the same and our experts will take the time to understand your needs and recommend an insurance cover that meets the needs of your business, client and regulator.
The COHIBL Difference
It is our privilege to be part of a team of people who pride themselves on putting customers first, always. COHIBL are one of the few remaining truly independent insurance brokerages in the UK and, in being so, we are able to put your insurance and risk management needs before the needs of all others.
The very foundations of COHIBL were forged because Chris Caunce and Martin O’Hara believed that customers were not being treated in the right way, and they set out to change that. In essence, the our company began with a focus on customer care, and we have been proud to continue to service clients in this way ever since.
We operate in a landscape which is increasingly pushing customers towards automation and low involvement on a personal or face-to-face basis. Where other brokers are seeing their clients less and less, we remain true to our core values, and ensure that all our clients, whether commercial or private lines, receive the same level of personalised service.
We have always been multifaceted, with both an in-house claims team and the value-added service of risk management. Regardless of the size of your business or the amount of premium that you are paying for your insurances, the level of care that you receive doesn’t waiver at COHIBL.
Services Offered:
By choosing Caunce O’Hara to assist with your insurances you will have access to: -
If you would like to find out more about how COHIBL can support you with your Professional Indemnity insurance, please contact Stephen Fox on 0161 833 5648 or StephenFox@cohibl.com, or click the link to start the application process today.
Get a Quote
We are delighted to be able to offer an exclusive 10% discount to all AIA members. Simply input the promotional code AIA10 on your application form, and the discount will be automatically applied to your quotation.
Click here to obtain your quotation now
Latest Insights
In today’s fast-paced business landscape, a company’s most valuable asset is its workforce. At COHIBL, we understand the pivotal role that employee benefits play in shaping the wellbeing, engagement, and retention of your team. Our Employee Benefits Division is dedicated to revolutionising the benefits landscape by tailoring solutions that cater to the distinct needs of each client and their workforce.
We firmly believe that every organisation deserves a benefits programme that resonates with its values and priorities. Our mission is to craft a well-designed benefits programme that goes beyond the conventional, with a focus on employee engagement, productivity, and retention. Our unique approach ensures that your benefits align seamlessly with your company’s goals and objectives whilst managing the mental, physical, social, and financial dimensions of wellbeing within your workplace.
Why conduct an Employee Benefits audit?
At COHIBL, we believe that a well-crafted employee benefits strategy isn't just about perks; it shows your commitment to the wellbeing of your staff.
Most policies these days have some function that overlaps or impacts another benefit you may offer. This can be rather confusing when using multiple partners for your benefits.
Our audit provides an analysis of your current benefits structure and highlights areas of improvement aligned with your unique company vision and values. It's an opportunity not just to meet industry standards but to exceed them, creating a workplace that attracts, retains, and nurtures top-tier talent.
What does the Audit look for?
Our audit diligently examines your current benefits structure to identify inefficiencies and cost-saving opportunities. This can be from pension scheme set up (often not commonly reviewed), properly benchmarking insurance policies to assessing duplicated benefits.
We conduct a thorough analysis to identify and mitigate risks associated with compliance, legal issues, or outdated benefit structures. Our service highlights any potential financial and reputational impact your company can avoid by addressing these risks promptly.
We assess and enhance benefit packages to contribute to improved employee satisfaction and retention. By aligning benefits with employee needs, our audit identifies next steps that foster a positive work environment, leading to increased productivity and lower turnover.
Benefits are frequently put in place with good intention but not with a plan for long-term development, the audit can to be used as a strategic tool for aligning employee benefits with your company's growth plans.
Working with you we can build a strategy for using over multiple years that quantify your investments via tools such as an ‘employee turnover calculator’.
Our audit process is highly customisable, tailoring recommendations to meet the unique needs and preferences of your workforce. We understand that one size doesn't fit all, and our recommendations reflect the diversity of your workforce.
We can compare your current benefits package against people you identify as competitors offering a clear perspective on where you stand in the market where information is available. This benchmarking serves to emphasize the value our audit brings by ensuring your benefits package remains competitive in your industry.
Our service incorporates visual aids such as charts and graphs, presenting data in an easily digestible format. Allowing you to understand your options and make decisions. If you engage with us further, we then use this approach in our employee communications.
Get your free Employee Benefits Audit today
We are delighted to be able to offer all AIA members a complimentary Employee Benefits Audit. Simply email your AIA membership number, plus the contact details of the person you’d like us to liaise with at your business, and we can get started.
Professional Indemnity (PI) insurance is a vital safeguard for your practice. It protects you against claims made by clients for losses they’ve suffered due to your professional advice or services. While having PI insurance is essential, preventing claims from arising in the first place is equally important, as is being able to provide your insurers with the evidence they’ll need to robustly defend your work. Here are some best practices which will help prevent claims in the first instance and mitigate the impact they will have should they occur.
Client records
Accurate and detailed record-keeping is the cornerstone of risk management for accountants. Ensure all client interactions, advice given, and decisions made are thoroughly documented, and ideally, confirmed back to the client in writing. This not only helps in providing clarity and transparency but also serves as crucial evidence if a dispute arises.
Communication
Effective communication with your clients can prevent misunderstandings that may lead to claims. Make sure to explain your advice and the reasoning behind it clearly, and ideally in writing. Always confirm that your clients understand the implications of the decisions they make based on your guidance.
Industry standards
The industry is constantly evolving, with changes in regulations, tax laws, standards, and best practices. Keeping your knowledge up to date is critical. Regularly participate in continuing professional development (CPD) courses and stay informed about industry changes. This not only improves your service quality but also reduces the risk of errors.
Internal controls
Strong internal controls can significantly reduce the risk of errors and omissions. Implement procedures for reviewing and cross-checking work and ensure that these controls are consistently applied. Having a peer review process can help identify potential issues before they escalate.
Engagement letters
A well-drafted engagement letter outlines the scope of your services, the responsibilities of both parties, and the terms of your agreement. This document sets clear expectations and can help prevent disputes. Ensure that your clients understand and agree to the terms before commencing work. Beware engagement creep! Always ensure that you regularly review your engagement and work within its scope. If the services you are providing have evolved, so should your engagement letter.
Terms of business
Your terms of business should comprehensively outline the scope of services you provide, your fee structure, payment terms, and the responsibilities of both parties. Clearly defined terms help set expectations and reduce the likelihood of disputes arising from misunderstandings. Make sure these terms are discussed and agreed upon before commencing any work, and periodically review them to ensure they remain relevant and up-to-date with current practices and legal requirements.
Liability limitations are designed to cap the extent of your financial exposure in the event of a claim. Ideally these limitations should be within your professional indemnity limit of indemnity whilst also reasonable. Limitations can include a maximum amount for damages or limiting the types of claims that can be brought against you. It is essential to ensure that these limitations are fair and clearly communicated to your clients. Always seek legal advice when drafting these clauses to ensure they are enforceable in practice.
Take advice
Don’t hesitate to seek advice from other professionals, especially when dealing with complex issues. Collaborating with legal advisors or specialists in specific areas can provide additional protection and ensure that you are providing the best possible service to your clients. When using the services of a third party, ensure that they have adequate professional indemnity insurance in place when relying on their advice.
Safeguarding your practice against risks is essential for your continued success. While you’re busy providing valuable accountancy advice to your clients, it's crucial to have the right insurance cover in place to protect your business from unforeseen events. Here’s a breakdown of the essential insurance covers every accountancy firm should consider.
Professional Indemnity Insurance
Professional indemnity insurance is a must-have for accountants. This cover protects you if a client claims they've suffered a financial loss due to your professional advice or services. Even the most experienced accountants can face allegations of negligence or mistakes and even unfounded claims can be costly and time consuming to resolve. Professional indemnity insurance covers legal costs and any rectification payments, ensuring that a claim doesn’t put your firm’s financial stability at risk.
Professional indemnity insurance is often a contractual and/or regulatory requirement. Many clients and business partners mandate that accountancy firms carry this insurance as a condition of their contracts to ensure that any potential claims can be resolved without financial strain.
Regulators like the Financial Conduct Authority (FCA) and professional bodies such as the Association of International Accountants (AIA), require firms to maintain adequate professional indemnity insurance to operate, often specifying the amount of cover that should be held. The AIA's Professional Indemnity Insurance Regulations state that members must have a minimum PI cover of £100,000 or 2.5 times their gross fee income, whichever is higher.
While the AIA's minimum PI cover provides some protection, higher levels of cover are often advisable due to the potential for substantial legal claims that can exceed these limits, particularly when you consider the legal costs associated with resolving a dispute.
Higher PI insurance not only safeguards against significant financial risks but protects both the public and the integrity of the profession, ensuring that clients have recourse in the event of professional negligence, errors or omissions.
Cyber Insurance
Cyber insurance is becoming increasingly critical for accountancy firms due to the rising threat of cyberattacks. In the UK, small businesses are targeted by around 65,000 cyberattacks daily, with around 4,500 successfully breached, according to a report by one specialist cyber insurer.
Accountancy firms, which can handle sensitive financial data and operate payroll functions for their customers, are particularly vulnerable.
In the event of a cyber breach, accountancy firms must promptly notify the Information Commissioner's Office (ICO) as part of their legal obligations under the UK General Data Protection Regulation (GDPR). Firms are required to report the breach within 72 hours of becoming aware of it, detailing the nature of the breach, the types of data affected, and the measures taken to mitigate the impact. Timely notification is crucial to avoid hefty fines and to minimise potential harm to affected individuals.
Cyber insurance covers the costs associated with data breaches, cyber extortion, and the resulting business interruption. This includes expenses for legal fees, notification costs, data recovery, and even public relations efforts to restore your firm’s reputation after an attack.
Employers Liability Insurance
If your accountancy firm has employees, employers’ liability insurance is a legal requirement in the UK. This coverage protects your business against claims from employees who suffer work-related injuries or illnesses. It covers legal fees and compensation payouts, ensuring your firm complies with its legal obligations.
Public Liability Insurance
Public liability insurance protects your firm if a third party suffers an injury or property damage because of your business activities. Whether a client slips in your office or you accidentally damage a client’s property while on a visit, this insurance covers legal costs and compensation claims.
Commercial Crime Insurance
Commercial crime insurance is designed to safeguard businesses from financial losses due to criminal activities. This insurance typically covers employee theft, fraud, and cybercrime, but also includes cover for more traditional crimes such as robbery/burglary at your premises.
Accountants are often entrusted with sensitive financial information and some have access to their clients' funds and assets, creating a significant risk of being targeted by criminal activities, whether internally by employees or externally by cybercriminals and fraudsters.
Contact Us
These are just some of the core covers that your accountancy firm should consider.
At COHIBL, we offer bespoke insurance solutions that meet your practices needs. Whether you’re looking to review your current insurance policies or need advice on new cover, our team is here to help.
Please note that the above is intended as a guide to the intent of each type of cover only. Insurance policies vary by provider and may be subject to a range of exclusions which are unique to that provider or your practice. Please contact COHIBL for a personalised consultation, available to all AIA members free of charge.
Markel Direct are a specialist online insurer providing cover for contractors, small businesses, self-employed freelancers and tradespeople, as well as small charities, local community groups and clubs and societies. COHIBL have partnered with Markel Direct to bring AIA members the ability to quote and purchase their insurance cover online in just a few minutes.
Why choose Markel Direct
Arranging insurance with Markel Direct is fast and easy. A simple quote form will collect a few details about your business and provide you with a quotation in as little as 90 seconds (or as fast as you can type and click!) for a range of covers.
You can then select which covers you want to include in your policy, ensuring you only ever pay for the cover you want and no unnecessary extras. There are no hidden fees or cancellation charges when you arrange cover with Markel Direct, and you can spread the cost of your policy over 10 interest free instalments.
Buying cover with Markel online provides you access to a range of uses for services, including a 24/7 legal advice helpline manned by qualified solicitors, access to a fee dispute service to assist with unpaid invoices, a specialist cyber response helpline and legal templates and resources with Markel’s Business Hub.
Eligibility
Most AIA members should be able to purchase their cover online in minutes, but in rare cases (or should you prefer) you may need the assistance of one of our insurance brokers to source more bespoke cover. Please contact Stephen Fox on 0161 833 5648 or StephenFox@cohibl.com if any of the following apply to your practice: -
Annual fee income greater than £2,000,000
You have had a Professional Indemnity, Public Liability, or Employers Liability claim in the last 3 years.
Work undertaken in the following areas:
More than 25% of your annual income is derived from:
Available covers
The following covers are available with the ability for you to build your package depending on your practice’s unique requirements. If you require covers not listed here, or higher limits of indemnity, please contact COHIBL and speak to one of our insurance brokers.
How to get a quote
We are delighted to offer AIA members an exclusive 10% discount. Use code AIA10 in the link below.
Click here to obtain your quotation now.
If you need assistance obtaining your quotation online, Markel Direct operate a UK based call centre who are available Mon-Fri, 08:30 -17:30, and are contactable on 0333 242 8835.
If you are unable to apply online, or would like to speak to one of the insurance brokers at COHIBL, please contact Stephen Fox on 0161 833 5648 or StephenFox@cohibl.com
