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Accountants and bookkeepers insurance is specialised business insurance for accounting and bookkeeping firms, sole traders and contractors.
You can buy different types of insurance:
Professional indemnity insurance - covers costs if clients are harmed
Employers liability insurance - covers costs if employees are harmed
Business contents insurance - covers costs if equipment is damaged or stolen
🚩Professional indemnity insurance is required for membership to professional bodies like the Association of Accounting Technicians (AAT)
🚩 Employers liability insurance is a legal requirement if you have staff
For accountant and bookkeepers, insurance can financially protect you if something goes wrong at work.
Without insurance you could end up paying some very high costs if your client accuses you of giving them advice that resulted in financial damage.
You can be taken to court if a client believe they have been financially harmed because of your company's business activities, including if their intellectual property is damaged.
Accountants and bookkeepers could be found liable for everything from breach of confidence to losing important documents and other client data breaches.
Professional indemnity insurance can cover the legal fees and compensation payouts in the event of a claim.
Business contents insurance can help you recover the cost of losing company equipment to fire, flood, theft and other disasters.
💡 Top tip: If you work from home, you should check if your home insurance covers your work laptop and other equipment - sometimes standard policy will not cover any business use.
Many companies will be wary about hiring accounting firms or bookkeepers who do not have comprehensive professional indemnity insurance policies in place.
You are likely to also struggle to become a member of professional associations without it.
If you are a UK business and you have any non-family members working for you (including interns) then by law you must have employers' liability insurance.
Without it, you can be fined up to £2,500 for every day you're not insured[3].
Employers liability insurance covers the compensation costs if a worker becomes ill or injured because of their work for you. This includes ex-employees.
Income protection insurance can replace your salary if you have to take time off work for ill health, so you don't have to worry about paying your bills or maintaining the lifestyle of your family.
That's how much was paid out in 2024. Without business insurance, those customers would have faced paying that bill themselves.
Comparing quotes from different insurers allows you to find the best deal out there.
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Professional indemnity insurance protect you against claims of negligence.
Employers’ liability insurance protects you if your staff become ill or injured at work.
Public liability insurance protects you if your work harms members of the public.
Business contents insurance protects equipment, including in home offices.
Commercial building insurance protects offices and workplace buildings.
Business interruption insurance protects against disruption from events like fires.
(Per Year) | Cheapest | Average |
|---|---|---|
Accountant | £78.95[7] | £103.79[8] |
The table shows the average prices paid by our customers for accountants insurance.
Average price means 51% of customers paid this amount or less. Cheapest price means 10% of customers paid this price or less.
According to our latest data, 10% of customers paid this when taking out an annual accountants insurance policy.
The cost of fixing insurable problems yourself is usually significantly more expensive than taking out insurance.
Almost 9 in 10[10] of business insurance claims made by MoneySuperMarket customers were accepted last year.
All insurance has conditions and exceptions, so you should read your policy documents carefully to make sure you know what is and isn't covered.
When it comes to business insurance, the cheapest option may not be the best option for you. Sometimes it is worth paying a little more to get a better level of cover.
Professional indemnity: Covers you if your business is responsible for any professional negligence
Financial loss: Covers you for any compensation you would have to pay to a third party that wasn’t caused by damage to or loss of physical property
Legal expenses insurance: Can help you pay for legal costs for things like employment disputes, property disputes, and tax investigations
Business contents: Covers equipment such as office furniture or computers and phone systems for if they’re damaged or stolen
Personal accident insurance: Offers a lump sum payment if you or an employee are no longer able to work as a result of an accident
Intentional harm or damage: Either by yourself or an employee
Drugs or alcohol: If you or your employees were under the influence of drugs or alcohol when the event you want to claim for occurred
Wear and tear: insurance won't pay out for damage or breaking of equipment that are the result of general wear and tear
Breach of contract: Some types of insurance will exclude cover for liability arising from breach of contract
The Association of Accounting Technicians (AAT) recommends you have professional indemnity cover above the following amounts:
Sole traders: £50,000 or 2.5x your company's gross fee income, whichever is higher
Partnerships and limited companies: £100,000 or 2.5x your company's gross fee income, whichever is higher
Companies with gross fee incomes above £400k: £1 million
These are minimums. You should have a high enough level of insurance to cover the maximum amount you could lose from a claim, a figure which would include legal fees and damages.
If you buy professional indemnity insurance through us you can choose cover of £1 million, £2 million or up to £5 million.
It is recommended that you keep your professional indemnity insurance active for a minimum of six years after you stop working as an accountant.
Claims can be bought against you years after the events in question happened. You will not be covered for the associated costs if your insurance has lapsed, even if you were insured at the time.
Yes. The Association of Accounting Technicians (AAT) recommends that sole trader accountants have professional indemnity cover equal to £50,000 or 2.5x their gross fee income, whichever is higher.
There is no legal or professional association requirement for accountants to have public liability insurance.
However, accountants may choose to take out this type of cover so they are not personally billed if they accidentally injure someone or damage their property.
Public liability insurance would cover you for situations such as inadvertently knocking scalding tea over a client or breaking an expensive piece of their equipment. Professional indemnity would not - this type of insurance is for when you make errors in your work or provide a subpar service.
If you buy through us, you can find professional indemnity policies with excesses - the amount you pay towards a claim - ranging from no excess to £2,500.
A higher excess can lower your premium, so raising it is one way to find cheaper business insurance, but you should always choose an excess that is affordable.
When you’re trusted with your clients’ financial well-being, you know even small mistakes can have major repercussions. For example, a miscalculation when filing accounts with the HMRC can lead to thousands in missed tax payments and penalties.
While accountants insurance may not be mandatory, it’s an invaluable safety net that offers peace of mind as well as financial and legal protection from expensive claims against your practice. Comparing quotes with MoneySuperMarket makes finding the best deal easy, so you can focus on your clients and your business operations.
Jake Edmonds Insurance Expert
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Our goal is to search deals from as wide a range of companies as possible so that you can choose the deal that suits you.
No, at this time business insurance is not an eligible product for unlocking our SuperSaveClub rewards. It is also not included in our Price Promise.
According to Simply Business data, 10% of customers paid this amount or less monthly for an accountants insurance policy. Figure based on annual policies purchased in 2024.
Simply Business is one of the UK's leading providers of business insurance, serving 1 million customers across 1,500 trades.
Source: Gov.uk
Simply Business data 2024
YouGov Survey 1st October 2023 to 30th September 2024. Net recommended score derived from “Which of the following online service website would you recommend to a friend or colleague, or tell them to avoid?” Base: Current Customers of (MoneySuperMarket n=19272, CompareTheMarket n=17631, Go.Compare n=10457, Confused.com n= 8421, Uswitch n=681)
From 01.06.23 to 31.05.24 MoneySuperMarket customers received £1.59bn estimated savings based on (i) SuperSaveClub reward redemptions, and (ii) savings claims per product multiplied by the number of sales. Products included - Car, Home, Pet and Travel insurance, Broadband, Credit Cards, Loans and Mortgages.
According to Simply Business data, 10% of customers paid this amount or less for an annual Accountantss insurance policy. Figure based on policies purchased in 2024.
According to Simply Business data, 51% of customers paid this amount or less for an annual accountants insurance policy. Figure based on policies purchased in 2024.
Average claims value for MoneySuperMarket customers who claimed on their business insurance in the last 12 months. Data provided by SimplyBusiness.
88% of business insurance claims made by MoneySuperMarket customers were accepted in the 12 months before March 2025. Data from SimplyBusiness.
