Anybody providing a service that requires skill and judgment is at risk of being sued when they make mistakes. Like lawyers, surveyors and architects, accountants are obliged by their regulatory bodies to take out professional indemnity insurance.

Accountants are generally considered a good risk for professional indemnity insurers. On the whole, they are highly trained professionals with excellent standards of care who exercise caution to define or limit the scope of their retainer with their client. They regularly refresh their knowledge, and do their best to comply with their regulatory obligations.