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Bookkeeping Insurance
Compare insurance for bookkeepers
Tailored insurance for self-employed bookkeepers
Protect against claims from clients and the public
Bionic is the comparison site for your small business
We compare a vetted panel of trusted business suppliers
Bionic specialises in business insurance for sole traders, small businesses and more
Get cover to protect against claims from clients and the public
Get the protection you need with no needless extras. No jargon.
What is...
bookkeeper insurance?
When you’re managing books, financial records and sifting through transactions for clients, insurance is probably the last thing on your mind. But, it could help protect you if you make a financial error or mistake in your work and a client makes a claim against you.
Bookkeeping insurance is designed for professionals who handle finances for clients and can help provide financial protection and peace of mind so you can focus on the job at hand.
What types of bookkeepers can be covered?
Here is an example of the type of bookkeepers we can help:
- Self-employed bookkeepers
- Bookkeeping firm owners
- Virtual bookkeepers
- Part-time bookkeepers
- Payroll specialists
- Small business bookkeepers
- Certified bookkeepers
- QuickBooks ProAdvisors
Can’t see yourself on the list? Whether you’re self-employed or run a small business, it’s likely we can help. Get in touch with us today to explore your options
Why do bookkeepers need insurance?
As you work closely with clients and with sensitive information, you might run into the following risks:
- You make an error in a client’s financial records
- Your laptop with sensitive client data is stolen
- A fire or disaster damages your office
- A client accuses you of not fulfilling your contractual obligations
If you have any employees, you’ll need to take out employers’ liability insurance, a legal requirement. If you are self-employed or contracted and work alone, you won’t need this.
What does bookkeepers’ insurance cover?
Policies will vary per provider, and terms and conditions apply, so always check the small print in your policy wording to see what’s included and excluded. Your insurance cover could include:
Employers’ liability insurance
In case an employee gets ill or injured because of the work they do for you. A legal requirement if you have employees.
Public liability insurance
In case you injure someone or damage something while providing your services
Professional indemnity insurance
In case a customer sues you for damages because of a mistake in your work.
Business interruption insurance
Covers lost income if you have to close due to a covered event, like a fire or flood.
What doesn’t it cover?
Although not every insurer is the same, you’re likely to see some exclusions. Always refer to your policy wording to see what’s included and excluded. You may see the following exclusions:
- Deliberate malpractice or negligence
- Personal liability unrelated to your business
- Claims arising from illegal activities
- Work outside your declared business activities
- Losses from cryptocurrency transactions
How much does bookkeeper insurance cost?
No two insurers are the same, so it’s difficult to give a solid figure for what you might be paying for an annual insurance policy. The following will affect the price of your premiums:
- Extent of cover - The more cover you opt for, the more expensive your package is likely to be.
- Your insurer - The insurer you choose will also influence costs.
- Experience level - Your insurer could take into account how long you’ve been qualified.
- Location – Where you work is taken into consideration when calculating the price of your premiums.
- Claims history - Whether or not you’ve had previous claims made against you or you have made previous claims may affect your future premiums.
The difference between accountants and bookkeepers
While both services deal with financial records, the roles are slightly different and therefore need slightly different coverage.
- Bookkeepers - Record day-to-day financial transactions and maintain general ledgers. They also process payroll, handle accounts payable and receivable and also deal with bank statements.
- Accountants - Analyse financial data and then prepare financial statements. They also provide tax planning advice, conduct audits and offer strategic financial guidance.
Arrange bookkeeping insurance with Bionic
At Bionic, we support UK business owners and want to help in every way we can. That’s why we have knowledgeable insurance brokers who work with a panel of trusted insurers to compare business insurance to find the right fit. Get in touch with us today by starting a quote online.
“Mistakes and errors can have major impacts on your business. Secure your bookkeeping practice with tailored professional indemnity cover."
Insurance Director, James Barwell
How Bionic business Insurance comparison works
Compare business insurance quotes in three simple steps
1
Start your quote online
Speed up the process by submitting basic business details online – whenever you have time.
2
Speak to our UK-based team
Schedule a call with one of our insurance brokers to discuss the details to ensure they’re correct.
3
Compare tailored quotes
Get your quotes from our panel of trusted insurers and talk any questions through with our team.
What do I need to get started?
You only need a few details to get started with getting a quote online, so it’s best to have the following information ready to go:
Your business name and trade
Your policy start date
Your name and contact details to receive your quote options
You may be asked additional questions about business activities
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