Business insurance for Accountants and Bookkeepers

In accounting, insurance serves to protect your bottom line from risks that might arise from your work, or strike from outside the spreadsheet.

From mitigating the impact of miscalculations and equipment damage to shielding your business from data loss due to cyber crime, accountancy and bookkeeping insurance helps keep your profession’s risks in check.

Attention to detail is everything in this field, so mistakes can have costly implications. If a client alleges you’ve misplaced a decimal point, legal disputes may follow.

Accountants’ and bookkeepers’ insurance helps keep your business moving forward with financial support and expert guidance if anything goes wrong.


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Why choose Hiscox for accounting and bookkeeping insurance?


Cover from £10 a month*As an accountant, you know every penny matters. Hiscox business insurance is flexible, starting at £10 a month

*Figures based on policies from at least 10% of our customers in 2019


Expert guidance for business owners

Through our Business Support Hub, Hiscox customers get access to discounted legal, HR and funding support


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Why do accountants need insurance?

A costly miscalculation

If you file accounts with HM Revenue and Customs and a miscalculation means thousands of pounds aren’t accounted for, your client could find themselves facing a larger-than-expected tax bill. If this happens, they may blame you and take legal action to reclaim the lost money. For an accountant, Hiscox commercial cover can be tailored to include professional indemnity insurance, which helps with the cost of defending and settling the case. It’s welcome protection, whether your accountancy firm makes a mistake or faces false accusations.

Hackers hold data to ransom

When hackers get into an accountant’s files, the data-heavy nature of the industry means they can do untold damage. Confidential client data could be stolen, and a ransom may be demanded in exchange for its return. Customise your Hiscox business insurance for accountants to include cyber and data risk insurance and you’ll be able to take care of the ransom and speak to cyber specialists too. This promotes a speedy bounce-back and may help to strengthen your data security against future threats.

Protect your equipment

Running a busy accountancy firm can bring a keen sense of responsibility for your clients – after all, they trust you with intricate business details. However, in order to service them effectively, you need functioning kit and a secure office environment. If an overnight break-in sees dozens of computers stolen, then bookkeeping duties cannot be undertaken. Office insurance can fund new equipment for a swift return to business as usual and even help with lost earnings, so you can get back to running the numbers.

What cover is included in insurance for accountants and bookkeepers?

Each business is unique – some accountants may also benefit from office insurance, public liability or employers’ liability insurance.

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These are just some of the types of business insurance for accountants that we can offer. We can provide other specific types of cover and build them into a policy that’s tailored to the exact needs of your business.

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Insurance for accountants: FAQs

What’s included in Hiscox professional indemnity insurance for accountants?

Hiscox professional indemnity insurance covers a wide range of complaints an accountant may face, including allegations of negligence, breach of confidence and giving poor business advice.

Should you provide good-faith tax guidance which turns out to be suboptimal, we’ll pay related legal fees and compensation. Likewise, if your cashflow forecasts turn out to be incorrect and a client sues, we’ll help with the aftermath.

Our professional indemnity insurance can also cover tax accountants and company registrars as well as bookkeeping, auditing and payroll professionals. This means a wide range of industry activities, from filing to invoicing, are covered.

Do accountants need public liability insurance?

Every business entity is liable to members of the public for injuries or property damage that might occur because of its activities – public liability insurance is designed to absorb the cost of such cases.

Many businesses can face public liability claims, even if they aren’t public-facing – for instance, an office sign could fall from a commercial building.

However, public liability insurance might become more important with frequent client interactions. If an accountant invites people into their home or office to discuss business, then this cover could be beneficial.

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