Insurance for Bookkeepers
Wether you are a stand alone bookkeeper or run a bookkeeping business, there are two insurance policy types that you ABSOLUTELY must have to protect your business.
Professional indemnity – this is an absolute no brainer for your business. As a professional who advises clients, you need to make sure that in any event where your advice or recommendations are misinterpreted, that you are covered against any resulting liabilities.
From 1st July 2011, the Tax Practitioners Board (TPB) requires all Australian book keepers, tax agents and BAS agents to purchase a minimal level of professional indemnity (PI) insurance based on annual turnover.
The table below specifies the minimum level of cover required:
|Tier||Annual Turnover||Minimum amount of aggregate cover required|
|1||Up to $75,000 (ex. GST)||$250,000 cover inclusive of legal and defence costs|
|2||$75,001-$500,000 (ex. GST)||$500,000 cover inclusive of legal and defence cost|
|3||Over $500,000 (ex. GST)||$1,000,000 cover inclusive of legal and defence costs|
Get the right cover for your bookkeeping business
The other vital cover is: Public liability insurance, essential if you have an office or meet clients at their premises.
In addition, you we strongly recommend you consider the following insurance policies.
Cyber insurance – you keep records electronically and these need to be protected. But it’s impossible to protect against all cyber events, so this is another essential ingredient in your policy makeup.
Business insurance – standard policies can cover property, business interruption, theft, employee fraud, electronic equipment – everything you need to ensure that your business can continue to run smoothly.
Because we work with so many bookkeepers, we’re well placed to advise you on what cover you’ll need, and we can bundle policies together for cost effectiveness. This can save you a lot of money on your premiums.
When we are working with you and recommending policies, our focus is twofold.
First, we consider the premiums. We have dozens of insurers on our panel. That means we can cherry pick the premiums that give you the right coverage, without eating into your hard-earned profits.
Second, the extensiveness of the cover. We need to make sure you are adequately covered against any adverse events, even those in which you are not at fault.
To get a custom quote (and yes, you really NEED a custom quote so you don’t end up paying too much or, even worse, with insufficient cover, we really need to talk to you.
Simply fill in the form below and we’ll get in touch.