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Why do Bookkeepers need it?

You focus on keeping your clients’ books neat, and we focus on sorting out your business insurance. We know you are always busy helping your clients, therefore we made it easy for you to arrange your business insurance – just a few clicks and one phone call, you have your policy documents emailed to your inbox.

Did you Know?

Bookkeepers have an exposure to their customers for breach of confidentiality. Discussing a client’s financial details with others can result in the Bookkeeper being sued.

Insurance for Bookkeepers

Professional Indemnity Insurance

Professional Indemnity Insurance is for businesses and professionals in fields where their customers, or other organisations may rely on their professional advice. As an ‘expert’, others may seek legal action against you if they suffer a loss from your professional advice. Bookkeepers provide professional advice and could potentially benefit from PI.

PI insurance generally indemnifies the insured for a claim that is first made whilst the policy is in force as a result of a breach of professional duty in respect of the conduct of the professional business as a Bookkeeper. The professional business of Bookkeeping can include any or all of the following activities:

  • Recording, Monitoring and Tracking the Value of Assets & Liabilities
  • Recording, Monitoring and Tracking Income and Expenses
  • Reporting Requested Bookkeeping Information

Bookkeepers generally require professional indemnity insurance for a number of reasons, which are set out below:

  • Risk management tool to assist in providing financial protection for a Bookkeeping firm.
  • Requirement of Bookkeeping Professional Associations
  • Requirement under new legislation
  • Requirement for many clients and/or tender processes
  • Heightened level of risk in uncertain economic times

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