Bookkeeper Insurance

Bookkeeper insurance, also known as Professional Indemnity insurance, protects bookkeepers from financial losses arising from client claims due to errors or omissions in their work. It can cover legal fees, damages, and other costs of defending claims.

Bookkeeping is an important aspect of any business, and bookkeepers play a critical role in managing a company’s financial records. However, errors or omissions in bookkeeping can lead to serious financial consequences for both the bookkeeper and the company they work for. That’s where bookkeeper insurance comes in.

Bookkeepers can be held liable for various errors or omissions, including:

• Mistakes in financial statements
• Misclassification of expenses and
• Failure to detect fraud or embezzlement.

Without bookkeeper insurance, sole traders could be held personally responsible for any damages or losses resulting from these errors.

Additionally, many clients require bookkeepers to carry insurance as a condition of doing business. Having insurance not only protects the bookkeeper’s assets but also helps to project a professional image to clients and prospects.

At Webber Insurance, we have created our own Bookkeeper and BAS Agents insurance facility. Cover options and prices are as follows:

* Please note: The appropriate amount of cover for a registered Bookkeeper may be more than what is indicated the minimum requirement. Higher limits of cover are also available.

The Webber Insurance Bookkeeper Insurance facility is designed to meet the specific needs of bookkeepers.  This policy will meet the Tax Practitioner Board’s insurance requirements, even though it is not a mandatory requirement. Your policy will include:

• Scope of Cover: Specific Bookkeeping policy wording. This provides cover for claims resulting from of a breach in your professional duty, while conducting your services.
• Persons covered: Cover is provided for the agent, directors, partners and employees; as well as for any work performed by a contractor for which the policyholder is liable.
• BAS Agent Services Covered: Should you become accreditated as a BAS Agent, there is no requirement to change or update your insurance policy.
• Exclusions: Policy does not exclude contractor cover and actually extends cover to the contractor subject to the terms of the policy.
• Excess: This policy has a $500 excess which exceeds the requirements of the Tax Practictioners Board (maximum of $1,000).
• Insurance provider: The insurer is an APRA approved insurer.
• Automatic Fidelity Cover: $100,000 sub-limit automatically provided (not included for sole traders)

The Bookkeeper Insurance policy also provides the following automatic extensions:

• Fraud/dishonesty
• Legal/defence costs
• One Automatic reinstatement
• Run-off cover

Please note that Public Liability cover is also available for Bookkeepers.

Providing services other than as a BAS Agent? Try these pages:

• BAS Agent
• Tax Agent
• Accountant

Please note we are able to combine services where needed into the one insurance policy. This can be done once the quote form has been recieved.

To arrange a quote for Bookkeeper Insurance, please click the quote button below and complete the quote form. If you have any questions, please call 1300 932 237.