Insurance for bookkeepers

Suited helps you secure bookkeeping insurance quickly and without fuss. We're simply-priced, flexible and upfront.

Pay as you go
Low prices
Professional indemnity and public liability up to £2m
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Insurance for bookkeepers
Insurance for bookkeepers
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Priced in a Jiffy
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subscription model
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The problem

Self-employed bookkeepers face many risks

Accusations of costly errors and omissions

As a bookkeeper you handle your clients' finances and if a client believes your services cost them money, they may demand compensation.

Bookkeeper weighed down by insurance risks.

Client injury on your premises

If you see clients face to face, there are risks of trips or falls during meetings with you.

Not making ends meet due to illness

As a small business owner, you are likely to be the key person in the business. Could you keep up with the business monthly outgoings if you fell seriously ill?

HMRC penalties for misreporting

If a client feels they were fined as a result of your services, they may start proceedings against you.

You need bookkeeper's insurance that's well priced and provides great legal support if you face a claim.

the suited way
Insurance simplified

Our mission is to see small business insurance done fast, clear, upfront and painless.  

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Save time by getting a price after four questions.

Buy online

Get insured anytime. Manage cover from your DIY portal.

Top insurers

Sleep well knowing your cover is backed by trusted UK insurers.

Pay as you go

Keep money in your pocket. Pay monthly, no APR or fees.

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Holiday mode

Pay less when not working by hibernating your PI cover.

UK call centre

Get help when you need it from our Bristol based team.

covers to consider

What insurance do bookkeepers need?

Choosing the right insurance for you depends on the size and nature of your business. Key insurance covers bookkeepers should consider include:

Professional indemnity

Provides you with legal defence against claims of mistakes, breach of confidentiality or saying the wrong thing.

Public liability

Protects your business against claims of causing an injury or property damage to clients and a third party.

Business owner protect

Reimburses business expenses if you become seriously ill or injured and can't work.

Finding the right cover

Why get bookkeeping insurance?

The law doesn't require you to have any kind of bookkeeper's insurance but no matter how diligent you are, numbers are pesky and they have a way of not being always right.

If your mistake as a bookkeeper has had a negative financial impact on your client's business or they end up facing an HRMC investigation, you could be in trouble.

Even if you manage to eventually sort out your errors and put things in order for your client, the risk of having to pick up your client's defence cost or worse paying a compensation is real in these scenarios.

When starting up in a new business, there is sometimes the temptation to keep costs down by not investing in adequate liability insurance for bookkeepers. However, the cost of a good PI cover is surprisingly inexpensive in comparison with just one hour with a solicitor whose help you would need if a client accuses you of negligence or a costly error. And experience tells us that it is usually startups that end up in hot water with upset clients.

The other reason why you might need insurance for a bookkeeping business in place is if you are or plan to become a member of a professional organisation. It is usually a condition of the membership.

Professional indemnity insurance for bookkeepers

The first consideration should be professional indemnity insurance because of the advisory nature of the bookkeeper profession. Other covers depend on the nature and size of your business.

Professional indemnity is a legal cover which protects a bookkeeping business against accusations of professional errors and mistakes by unhappy clients. Some of the scenarios we have mentioned above but we have also have a real story to share when professional indemnity insurance helped a bookkeeper in a difficult situation.

A laptop computer with a plant and a stack of pencils.

How does PI insurance protect bookkeepers?

Professional indemnity insurance for bookkeepers provides financial protection and expert legal advice if you find yourself in trouble with an unhappy client as a result of your bookkeeping activities.

Suited professional indemnity insurance provides cover up to £2 million backed by quality insurers and a dedicated legal team to assist if a situation arises.

The legal team is there for you at the early stages of a possible conflict with a client, advising you how to proceed to either stop the issue in its tracks or limit any possible damage. If the situation escalated, the legal team will step in to defend your case. The insurers pay for all your legal costs as well as any compensation if it becomes due.

Suited PI cover also comes with a bolt-on in the form of £100,000 legal expenses cover, useful for situations such as a tax dispute, negative PR crisis or some other commercial legal issue faced by your business.

Other insurance bookkeepers should consider

As a bookkeeper you probably meet your clients face to face either at your home/office or at the client's premises. Public liability cover  protects you and your business against silly accidents like a spilt coffee over your client’s expensive laptop or your client slipping on your wet floor. The cost of injury compensation plus associated legal costs can easily run into thousands.

Then you'll need to consider whether you employ staff. Employers liability insurance is required by law and it is needed even if you have only part time employees or contractors. Premises and content cover is another consideration for businesses that have an office and couldn't easily bear the replacement and repair cost if something were to happen.

Choosing limits

Bookkeeper professional indemnity insurance limits.

The Institute of Certified Bookkeepers recommends cover of at least £50,000 or to select a limit which is at least a minimum of 2.5 times of your annual turnover. However, there are other factors you might wish to consider.

  • How many employees or subcontractors do you have? The possibility of a professional mistake increases every time you delegate work to another person.
  • How big is your biggest client account? Generally the size of a client account goes hand in hand with its complexity and therefore a possible financial impact an error could cause.
  • How many clients do you have and what is the combined size? Sometimes the same, and possibly incorrect procedure, is applied time and time again causing a portfolio wide issue.
  • What is the most complex client account you look after and what is the size of it? Complexity increases risk. If you specialise in more complex industries, make sure your insurance is adequate.
Business legal protect
Included with your insurance

When you decide to protect your business with Suited we want you to get more than just insurance. That's why with every policy subscription we include Business Legal Protect. From the moment you sign up you gain access to extra support services which are all part of our price.

£100k of legal cover
  • IR35 & HMRC investigations
  • Legal matters concerning your business
  • Negative PR (£25,000 cover)
  • Criminal prosecution
  • Compliance & regulation issues
  • Unpaid invoices (over £200)
Telephone helplines
  • Free tax advice
  • Free commercial legal advice
  • Counselling for you and your staff
  • Access to a legal template library
  • Identity theft assistance
Price

How much does bookkeeper's insurance cost?

Price depends on many factors including business activity, the cover you choose and the level of protection (also known as the limit). With Suited you can mix and match covers and limits. Below are some cover examples, but you will be able to build your own.

examples

Business activity

Bookkeeping
from

£7.41

per month
from

£26.91

per month
from

£35.85

per month

Professional indemnity

Our core cover, to protect you and your business if you make a mistake in the course of your work, say something wrong about a client, or are accused of being negligent and your client says it has cost them money.

£250,000
£1,000,000
£2,000,000

Business Legal Protect

Commercial legal expenses insurance there to protect you and your business from commercial disputes, legal claims, IR35 investigations, HMRC enquiries, criminal prosecutions, negative PR and identity theft. It also offers free and confidential tax, legal and counselling assistance whenever you need it.

Included
with professional indemnity
Included
with professional indemnity
Included
with professional indemnity

Public liability

There to protect you as a freelancer, contractor or a small business if, despite doing everything right, a customer or third party accuses you of causing them an injury or property damage.

-
£1,000,000
£2,000,000

Business Owner Protect

A business overheads insurance and personal accident for small business owners that lends a financial hand to you, the business owner, if you become too ill to work. It will reimburse your taxable business expenses up to 6 months and pay a lump sum if you suffer a life changing accident.

-
£500
outgoings per month
£1,000
outgoings per month
Get a price
Answer 4 questions then select the policies and limits you need.
FAQs

Common questions

Is professional indemnity insurance for bookkeepers compulsory?

Bookkeepers are not required by law to have a PI cover in place.

Will the work of my employees be covered by Suited professional indemnity insurance?

Yes, any work by bonafide employees of your business is covered.

What is the difference between bookkeeping and accountancy?

A bookkeeper keeps track of receipts, invoices and any other financial transactions. An accountant can provide the same service but in addition offers financial advice.

How is the cost of professional indemnity insurance calculated?

At Suited we only take into account your annual turnover, that's it. We do not charge per person.

If I subcontract some work, will it be covered by Suited PI insurance?

SUITED professional indemnity does cover your subcontractors as long as you have a written contract in place with the scope of the work clearly defined. It is always highly recommended that you check your subcontractor has a PI cover in place for the type of work that they’re taking on.

Can I cancel my bookkeeper's insurance when I stop working?

You definitely shouldn't even though some providers offer the 'pause you insurance' option. A claim can come in at anytime for your past and present work. If you don't have a PI cover in place, you will have to fund your own legal costs and any possible compensation yourself.

Once you buy
If your plans change

No problem, with Suited you can flex your insurance as your business evolves.

Free to amend

Save money by not paying extra to change your cover.

Easy to cancel

No longer need us? Cancel anytime, no more to pay.

Testimonials

Professional service and a peace of mind

My work contract requires professional indemnity insurance. Suited were quick to call back and very helpful explaining the product to me. Suited offers a trustworthy, professional service and a peace of mind.

Evie Jarecki

Suited was super efficient

Suited was easy to use, to the point, concise, I found everything I was looking for , was covered. The process was efficient and quick. Fast forms to fill in. I think the price was pretty competitive too.

Justin Leo

I was looking for business insurance…

I was looking for business insurance this easy to use and very well explained web site made the process simple and painless. Had a quote in minutes.

Piers Field
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