Do accountants in Kenya need professional indemnity insurance?
ICPAK requires firms licensed for audit, tax, accounting or consulting work to hold professional indemnity cover 'appropriate to the risk assumed'; no minimum amount is set. Premiums depend on fee income and limit: an ICPAK-member scheme charged about KES 11,900 for KES 5 million of cover for a practice with KES 2 million in fees (October 2026).
ICPAK requirement
ICPAK requires firms licensed for audit, tax, accounting or consulting work to hold PI 'with a sum assured appropriate to the risk assumed'. No minimum amount is set, and ICPAK's rules do not list it as a condition for an individual practising certificate.
Source: ICPAK Guidelines on Licences
What insurers ask about your work
- Split of income: audit, accounting and secretarial, tax, management consulting, share registration, executorship and trusteeship
- Directorships held in client companies
- Work outside Kenya
- Staff complement and qualifications
- Gross fees for recent years
What accountants pay
| Cover limit | Small practice (fees ~KES 0.5M) | Practice with fees ~KES 2M | Practice with fees ~KES 5M |
|---|---|---|---|
| KES 1 million | 5,100 | 8,300 | 19,100 |
| KES 5 million | 8,300 | 11,900 | 22,800 |
| KES 10 million | 12,800 | 16,400 | 27,300 |
| KES 50 million | 49,100 | 52,800 | 63,600 |
Indicative annual premium for accountants (KES, including levies)
- Small practice (fees ~KES 0.5M)
- 5,100
- Practice with fees ~KES 2M
- 8,300
- Practice with fees ~KES 5M
- 19,100
- Small practice (fees ~KES 0.5M)
- 8,300
- Practice with fees ~KES 2M
- 11,900
- Practice with fees ~KES 5M
- 22,800
- Small practice (fees ~KES 0.5M)
- 12,800
- Practice with fees ~KES 2M
- 16,400
- Practice with fees ~KES 5M
- 27,300
- Small practice (fees ~KES 0.5M)
- 49,100
- Practice with fees ~KES 2M
- 52,800
- Practice with fees ~KES 5M
- 63,600
Useful extensions
Loss of documents
Often included for accountants.
Employee dishonesty
Available from most insurers.
Incoming and outgoing partners
Keeps cover continuous when partners change.
Frequently asked questions
Do accountants need professional indemnity insurance?
ICPAK requires firms licensed for audit, tax, accounting or consulting work to hold PI appropriate to the risk they take on. Individual accountants are not obliged by ICPAK rules, but clients and employers often ask for it.
Is there an ICPAK scheme?
Yes. At least two insurers run ICPAK-member PI schemes: one prices on your fee income and limit, the other publishes rates by limit. They are useful for smaller practices; larger firms are usually better served by an individually underwritten policy.
How much does professional indemnity insurance cost in Kenya?
For individuals, published rates start at about KES 3,100–7,100 a year for KES 1 million of cover (advocates and GPs) and rise with your specialty and limit: a GP pays roughly KES 17,500–21,000 for KES 5 million, a surgeon about KES 32,000–36,000. Firms are priced on fee income, staff and claims history. Levies of 0.45% plus KES 40 stamp duty are added.
Are my employees and partners covered?
Yes. Firm policies cover mistakes by partners and employees acting in their professional roles, and some also cover people working under your supervision. Tell the insurer about partners joining or leaving: incoming and outgoing partner extensions are available.
Can I switch insurer without losing cover for past work?
Yes, if there is no gap. Give the new insurer your existing retroactive date and proof of continuous cover, and declare any circumstances you know of. We handle the switch so that past work stays covered.
Licensing your firm?
Tell us your fee income and the limit you need. We compare scheme and individually underwritten options.
Licensed by IRA · No obligation · We reply within 1 hour
Sources
- ICPAK Guidelines on Licences
- Itemised insurer quotes, Oct 2026
- Insurer proposal forms (GA, Kenya Orient, Liberty, Madison), Oct 2026
- First Assurance and Liberty wordings, Oct 2026
- Published professional indemnity rates from Kenyan insurers, checked 5 October 2026
Facts and published prices checked 5 Oct 2026; last reviewed October 2026 by Naveah Capital. Prices are indicative published rates, not a quote or a promise. Naveah Capital Insurance Agency is an IRA-licensed insurance agency in Nairobi; this page is general information, and your policy wording decides your cover.
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