Explicit legal requirement threshold for employers' liability
Source: AXA
You're required by law to have £5 million cover, but we give you £10 million as standard.
Accountant
Claims AXA makes that competitors do not (3)
Specific optional cover for business equipment/tech protection
Source: AXA
Business equipment cover helps with the cost of replacing or repairing ant lost, stolen or accidentally damaged equipment.
Legal expenses optional extra with defined claim limits
Source: AXA
Get cover up to £1 million and up to £100,000 for any single claim.
Claims competitors make that AXA does not (5)
Portable equipment insurance as separate modular cover
Source: Hiscox
Add portable equipment insurance to protect items like laptops and smartphones when used away from your offices.
Commercial property (buildings) insurance for owned premises
Source: Hiscox
And, if you own the building, commercial property (buildings) insurance can cover the bricks and mortar.
Specific coverage for work-related stress claims
Source: Hiscox
For example, if one of your accountants claims you'vefailed to support them with work-related stress.
Coverage for reputational damage claims
Source: Hiscox
PI cover can help to protect you against the cost of legal action if a client claims they lost money or suffered reputational damage as a result of your work, professional services or advice.
Specific coverage for tax guidance and cashflow forecast errors
Source: Hiscox
Should you provide good-faith tax guidance which turns out to be misplaced, we may help to pay related legal fees and compensation. Likewise, if your cashflow forecasts turn out to be incorrect and a client sues, insurance can help with the aftermath.
Areas where AXA's language is weaker (4)
Professional indemnity coverage scope and specificity
AXA says:
With professional indemnity insurance you can choose the level of cover you need. You'll be protected from claims made against you if a client of yours loses money after following your advice or using your services.
Hiscox says:
Hiscox professional indemnity insurance is relevant to many complaints an accountant can face. It can help to cover allegations of negligence, accidental breach of confidence and giving poor business advice.
ICAEW compliance and minimum terms alignment
AXA says:
Accountants insurance is tailored to businesses like yours and, if you are a member of a Chartered Accountant Institution, it meets the standards of your professional body.
Hiscox says:
The ICAEW (external link) is the only body in the UK that publishes minimum terms for the Professional Indemnity coverage it requires its chartered members to have. Hiscox has a Chartered Accountant policy wording that meets all the ICAEW minimum terms requirements.
Business contents/property insurance positioning
AXA says:
— nothing on this topic —Hiscox says:
With an office insurance package from Hiscox, you can combine several property-focused covers. Start with business contents insurance to protect your offices against damage caused by flood or fire or from losses incurred after a break-in.
Legal consequences of non-compliance
AXA says:
If you've got anyone working for you then employer's liability insurance is a legal requirement.
Hiscox says:
You can be fined up to £2,500 for every day you are not covered.
Differentiation suggestions (5)
Develop and explicitly market a modular 'office insurance package' combining contents, portable equipment, and buildings cover (if owned), mirroring Hiscox's bundled approach
Hiscox clearly articulates how multiple property covers work together; AXA mentions business equipment but doesn't position it within a cohesive office protection narrative that accountants would recognize
Expand PI cover language to explicitly name covered scenarios: negligence, breach of confidence, poor advice, tax guidance errors, and cashflow forecast errors
Hiscox provides concrete examples of what PI covers (tax guidance, cashflow forecasts, negligence); AXA's generic 'bad advice' language is weaker and less reassuring to accountants evaluating specific risks
Create a dedicated 'ICAEW Minimum Terms Compliant' policy variant and prominently state it meets all ICAEW published minimum requirements
Hiscox explicitly names ICAEW minimum terms compliance as a policy feature; AXA only vaguely references 'standards of your professional body,' missing an opportunity to signal regulatory alignment
Quantify the financial penalty for non-compliance with employers' liability (£2,500/day) in marketing materials to increase perceived urgency
Hiscox cites the specific daily fine; AXA states it's a legal requirement but omits the financial consequence, reducing the motivational impact for accountants to purchase
Explicitly add work-related stress and reputational damage to PI cover descriptions
Hiscox names these as covered scenarios; AXA's current language ('bad advice', 'improper practices') doesn't signal coverage for modern workplace claims or reputational harm