Professional liability insurance for bookkeepers helps protect your bookkeeping business or consultancy from risks not typically covered by general commercial liability policies. Just as medical practitioners need malpractice insurance tailored to their risks, you need professional liability coverage for bookkeepers tailored to yours. Bookkeepers professional liability insurance is an essential part of your comprehensive business insurance portfolio, whether you work from an office or out of your home. If you already have a policy, you should review it periodically to make sure it is up to date. As your bookkeeping firm expands, it’s a wise idea to increase your coverage limits and reduce your exposure to claims.
Who Needs Professional Liability Insurance For Bookkeepers?
You need bookkeepers professional liability insurance if:
- Your clients require it as a condition of doing business with you
- Your professional association requires it as a condition of membership
- You or your employees provide advice or services that could result in a lawsuit or financial loss for your client due to any alleged error, omission or wrong-doing on your part
- You have personal assets that could be jeopardized if a client sued you
Professional indemnity insurance is recommended for all practicing Accountants and is generally required by law.
Professional Indemnity insurance offers vital financial protection for Accountants against probable losses occurring out of negligent acts, errors and omissions from a broad selection of advisory services including auditing, taxation, general consultancy, corporate finance and insolvency work.
Public Liability Insurance for Accountants
If you or any of your employees visit a customers premises your actions could cause an injury to another person. Similarly, if an accident happens whilst a member of the public comes to your place of business and they are injured you could be held liable. Public Liability Insurance protects you in the event that such accidents occur and a claim is subsequently made against you.