Insurance for Bookkeepers
Whether you are sole trader bookkeeper or run bookkeeping business you have come the SMART place for suitable professional indemnity and public liability insurance.
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|
If you are trading as a bookkeeper, you need to protect yourself with Professional Indemnity Insurance. Professional Indemnity Insurance can protect you against legal action initiated by your clients if you make any errors whilst performing your duties as a bookkeeper.
Claims can run into the hundreds of thousands of dollars, so it is important that an adequate level of cover is chosen to protect against major financial loss, which will not only have an impact on your business, but could also affect your personal assets.
Public liability insurance can sometimes be combined with professional indemnity insurance in the one policy for bookkeepers.
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