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bookkeepers professional indemnity insurance

Bookkeepers professional indemnity insurance

Why is bookkeepers professional indemnity insurance something you should actively consider?

A bookkeeper acts in a professional capacity and offers advice and a professional service to clients who rely on the accuracy of your service. If you make an error or omission in the advice that you give and this causes a third party to suffer a financial loss then you could be held liable.

Professional indemnity insurance provides cover for both the cost of defending such claims, and for subsequent damages for which you may become liable.

It is important to carry Bookkeepers Professional Indemnity Insurance as mistakes can be costly and so can the legal fees that are incurred in the defence of such claims. It is therefore prudent to carry a sufficient limit of professional indemnity cover.

If you are an ICB Member then you will be required by your professional body to carry a minimum of £ 50,000 Professional Indemnity Insurance, but it is often sensible to carry higher limits than this.

Hensure Business Insurance Consultants has over 40 years of experience of trading with sole traders and small businesses and can offer very competitive rates for Professional Indemnity Insurance with minimum premiums starting as low as £40 + IPT and a small admin fee.

With instant online quotes, the ability to bind cover online and receive policy documents, it’s guaranteed to save you both money and time at just the touch of a button.

We are not a call centre and so you will be assigned to an experienced Account Handler who will give a warm, friendly, fast and efficient service for your total peace of mind.  Our staff have considerable experience in the placement of professional indemnity insurance.

We can also look to build a bespoke insurance offering for clients to include office equipment and liability cover, accident and incapacity cover and legal expenses cover if required

Please click the link above or below to get a quotation from us in minutes. Or contact us or call 01270 758056 .

As a general rule the role of a bookkeeper can be split in to the following categories;

General bookkeeping.

  • Bookkeeping
  • Accounts preparation
  • Budgets
  • Cash flows
  • Computerised accounts

Compliance accounting and taxation

  • VAT
  • Personal income tax
  • Business income tax
  • Corporation tax
  • Chargeable gains /CGT

Payroll

  • Wages and salaries

Management consultancy

  • Business planning

What will underwriters look for when deciding on the professional indemnity premium for bookkeepers?

  • Company size – this is the gross annual income of the company and the number of partners/directors/employees.
  • Qualifications and experience – a new start up is likely to have to pay more for the professional indemnity insurance than a firm that has been trading for 10 years and that has a proven track record of experience and a clean claims record. An underwriter may wish to see the CV of the bookkeeper if they are a new start up. Being able to prove that you hold the relevant qualifications will be a mark of quality and should allow the underwriter to discount their premium.
  • Type of work – what role does the bookkeeper perform and how is the income split between each type of work performed?
  • Retroactive exposure – does the business have an exposure to claims arising from past work, whether in the current business or a previous company?

Contact us now for further information or get a quote.

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