Bookkeeper Insurance

Bookkeeping Insurance

If you offer bookkeeping services, protect yourself against claims related to your professional activities with bookkeeper insurance.

Trusted by over 300,000 Canadian small business owners!

Save up to 35% on your insurance

Get the best insurance quote in a few clicks!

Trusted by over 300,000 Canadian small business owners!
Save up to 35% on your insurance
Get the best insurance quote in a few clicks!
Get a Free Quote
Zensurance - Bookkeeper

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Bookkeeping Professional

Insurance for bookkeepers

Bookkeeping is a vital function for all small business owners. Their roles carry several mission-critical responsibilities, from accurately classifying and identifying transactions to managing client billing, paying vendors, a business’s payroll, and preparing internal management reports. With no room for errors, getting a bookkeeper insurance policy in place can protect their business if something goes wrong.

Bookkeeper insurance is a policy package designed to protect bookkeeping professionals against the specific risks of providing financial services, such as negligence or errors and omissions.

Mistakes can happen and disrupt your business in a matter of minutes. We know what makes your business unique; leave it to us to find the best fit for you

A comprehensive bookkeeper insurance policy typically includes the following types of coverages:

  • Errors and Omissions (E&O) Insurance: E&O insurance, or professional liability insurance, is a must-have for bookkeepers. It is designed to protect bookkeepers from liabilities incurred if you make a mistake or are accused of negligence by one of your clients. E&O coverage covers economic losses suffered by your clients, as well as the outcome of lawsuits alleging errors, omissions, misconduct, negligence, and failure to deliver a service as promised.
  • Commercial General Liability (CGL) Insurance: CGL is designed to protect you and your business from third-party claims alleging bodily injury and property damage, such as an accident on your premises. Often called ‘slip-and-fall’ insurance, CGL also covers advertising-related liability and damage or loss to your clients arising from your business operations or products that occur on your business property.
  • Cyber Liability Insurance: Most business is conducted online nowadays, and for bookkeepers, electronically exchanging confidential information is commonplace. It is your responsibility to keep your clients’ financial and confidential information secure from the risk of a cyber-attack or an accidental data breach. Cyber liability protection provides you with coverage for costs associated with cybercrime and data breaches. It includes coverage for legal advice, credit monitoring, and repairs and restoration of your software systems due to a cyber-related event. It also provides coverage for losses you sustain due to a system outage resulting from a cyber-attack.
  • Legal Expense Insurance: Hiring and retaining a lawyer is not cheap. Legal expense insurance provides you with financial support for a broad range of reasons, such as if you require legal advice if you’re audited by the Canada Revenue Agency (CRA) or wish to appeal a decision made by the CRA. It also covers statutory license protection, employment or client contract disputes, and property protection and bodily injury if you choose to pursue legal action against a third party for damaging your property or harming you or one of your employees. Most importantly, if you need to retain a lawyer, legal expense insurance is designed to pay for that expense.

The average insurance cost for a bookkeeper starts at around $300 per year for an E&O policy with a $500,000 coverage limit. However, the exact cost of your policy will vary depending on several factors, such as:

  • Training and experience
  • Certifications
  • Your office location
  • Annual and projected revenue
  • Services provided
  • Number of employees

Professionals who offer bookkeeping services should highly consider insurance to protect themselves from potential lawsuits against their business.

We’ve insured more than 1,000 financial professionals. Some of our clients include:

Your profession is unique, and coverage requirements may vary. Speak with one of our licensed brokers about customizing your policy to suit your specific business insurance needs.

Getting insured is quick and easy!

Complete our 5-minute online application for a free bookkeeper insurance quote.

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Common claims scenarios

Bookkeeping Error

Problem: After misstating your client’s company’s expenses on a loan application, they were denied a government business loan.

Outcome: Your E&O insurance may cover your legal defence fees as well as the cost of a successful lawsuit against you.

Wet Floor Sign in Office

Problem: A client slips on a wet floor in your office, falls, is injured, and requires medical attention. The client sues you for injuries that caused them to lose income while they are recovering.

Outcome: Your CGL insurance may cover the cost of your client’s medical bills and the outcome of the lawsuit against you.

cyber hacker stealing financial infromation

Problem: Your computer was hacked and had all your clients’ financial information stolen for ransom.

Outcome: Your cyber liability insurance may cover the cost to settle the ransom, your legal expenses if sued, and provide credit monitoring services for your affected clients.

Frequently asked questions

Why do bookkeepers need insurance?

Even the best bookkeeper may make a mistake or miscalculation. If an error, omission, or miscalculation is made and results in your client suffering a financial loss, your client could sue you for damages. Even a frivolous claim of wrongdoing by one of your clients may result in legal expenses that run into thousands of dollars.

If I provide online bookkeeping services, do I still need insurance?

Yes. Even though the bookkeeping services you provide are online exclusively, you still need to purchase E&O insurance at a minimum to protect yourself against allegations of errors, omissions, misconduct, negligence, and failure to deliver a service as promised. Additionally, as a digital bookkeeping business, you should also consider adding cyber liability protection to your overall policy.

Do bookkeepers and accountants need different insurance coverages?

Not necessarily. As a bookkeeper, the types of coverages you need may be similar to those required by an accountant. For example, both professions must have E&O insurance (also known as professional liability insurance). Speak with one of our licensed brokers to ensure you have the right types of coverage for your business.

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If you add up the potential costs one lawsuit or incident can have on your bookkeeping business and professional reputation, the value of buying bookkeeper insurance to protect your assets is clear.

Get the balance right and fill out an online application to get a free quote.

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