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

What is typically covered?

• Damages and claimant costs awarded against the insured
• Legal and defence costs
• Claims investigation costs
• Inquiry attendance costs
• Public relations costs

What is typically NOT covered?

• Intentional damage
• Known claims and circumstances
• Fraud and dishonesty
• Bodily injury / property damage

Protect your business today.

Business Insurance*

It’s important to take the time to consider protecting the assets that help to keep your bookkeeping business running. There are a variety of different types of business insurance options, these are a few to consider:

Contents: Covers your business contents or stock if they are damaged in a fire, storm or due to malicious damage or some other defined event listed in the policy

Building: Cover for loss and damage to buildings you own, as a result of an insured event (such as fire, storm, wind).

Portable Equipment: Portable Equipment insurance (also known as General Property insurance) covers you for loss and damage to items of portable equipment associated with your business. These can include tools of trade and items of stock.

Get more information

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