Business insurance for Bookkeepers


Hiscox specialist cover is designed to provide expert insurance to a bookkeeper. Our tailored insurance includes defined wording for your sector and is built to protect against industry-specific risks.

A policy for bookkeepers can be tailored to include several covers, including professional indemnity insurance to mitigate mistakes. Cyber cover could also help with recovery from hacking incidents.

With the backing of business insurance, bookkeepers can experience the reassurance of being able to focus on organising accurate ledgers and keeping clients happy.

 

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Why choose Hiscox for bookkeeper insurance?


1

ICB license compliant

For ICB license holders, Hiscox bookkeepers insurance can help with compulsory compliance by including professional indemnity cover

2

Insurance from £9.80*

A bookkeeper understands that expenses add up – to help, our business insurance starts from £9.80 a month

*Figures based on an average of at least 10% of our customer base between October 2020 and October 2021

3

Expert support

Hiscox customers can gain access to the Business Support Hub, which offers discounted services, including legal advice and PR expertise

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Why do bookkeepers need insurance?


Record mistake

Although you pride yourself on precision, sometimes mistakes happen. While updating a company’s general ledger, you accidentally record two transactions incorrectly. This uncharacteristic mistake lands the client in some hot water during an audit. If they decide to place the blame with you and file a claim for negligence, cover may help with defence and settlement. Professional indemnity insurance can provide this support for bookkeepers by helping with the cost of the legal process.

Employee illness

As soon as you bring staff on board to help with workload, adding employers’ liability insurance to your bookkeeper policy is a legal requirement (external link) in most circumstances. You might employ an apprentice or an assistant to lighten the load – but if they fall ill due to their duties, or experience a workplace injury, you could be held liable. If they decide to claim, employers’ liability cover can help with legal costs and pay compensation sums, if required.

Equipment theft

The equipment your business uses underpins all your services. Computers with bookkeeping software, printers and scanners are all everyday tools. If an overnight break-in results in dozens of stolen computers, then you can’t complete your bookkeeping duties– but equipment insurance could help with quick recovery. By tailoring your policy to include business contents cover, Hiscox can assist with the cost of replacement kit.

What insurance is available for bookkeepers?


It’s also possible for a bookkeeper to add other types of insurance to their policy, depending on requirements – this includes employers’ liability cover, personal accident insurance and legal protection cover.

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

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Insurance for bookkeepers: FAQs


What’s the difference between a bookkeeper and an accountant?

Although bookkeeping and accountancy fall under the same financial umbrella, the roles are different. A bookkeeper maintains financial records – from sales to payments made – while an accountant uses these records to advise the business in their financial matters.

The role of a bookkeeper can involve:

  • Managing documents
  • Financial reporting
  • Issuing and processing invoices

The role of an accountant can involve:

  • Providing tax advice
  • Preparing budgets and business plans
  • Creating cashflow forecasts

Is professional indemnity insurance compulsory for bookkeepers?

Professional indemnity insurance is a requirement for bookkeepers that have a practice licence from certain industry bodies, including the Institute of Certified Bookkeepers (ICB).

To let your clients know you’re serious about organising their financial information and complying with regulations, you may aim to become a member of a body such as the ICB.

Once PI insurance is in place, it could step in to support your business with legal costs linked to a negligence claim due to errors in your work.

How soon can a bookkeeper get insurance and proof of cover?

With Hiscox, a bookkeeper can get a quote and buy insurance online in a matter of minutes. It’s possible to get a quote in just five minutes and purchase quickly afterwards – as soon as you’ve purchased, you’ll receive immediate coverage.

We also understand that bookkeepers might be asked to provide proof of professional indemnity insurance cover before starting a contract. Hiscox policy documents follow via email shortly after you buy insurance.

Related articles and guides


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The importance of confidentiality in the workplace

As a bookkeeper, you know confidentiality is key for your clients. Read our guide on the importance of confidentiality and the steps you can take to protect information.

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Common tax return errors made by small businesses

Although you run a tight ship, mistakes are still a possibility. Check out this guide to the common errors small businesses make with their tax returns for more.

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What is professional negligence?

Your role comes with a high levels of responsibility, so understanding how to avoid falling foul of the rules can be important. Learn more about professional negligence here.