Why choose Hensure for PI insurance
Personal Service
Our business is not a call centre, but instead provides a personal service and dedicated team to assist with your queries.
Experienced Team
Our team has a wealth of experience and knowledge to help you and your business get the most appropriate cover for your needs.
Online System
Our full 24/7 quote and buy facility allows you to run a personalised quotation, at a time that suits you and your business.
Why professional indemnity insurance for Bookkeepers makes sense.
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 for Bookkeepers provides cover for both the cost of defending such claims, and for subsequent damages for which you may have become liable.
It is important for Bookkeepers to carry a sufficient limit of Professional Indemnity Insurance as mistakes can be costly and so can the legal fees. 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.
Here at Hensure, we can act as a one-stop shop for your insurance needs, with a question set that is tailored specifically for bookkeepers. We have managed to source preferential rates for IAB members.
We can also look to build a bespoke business insurance for bookkeepers offering clients a policy which includes office equipment and liability cover, accident and incapacity cover and legal expenses cover.
Bookkeeper Roles
As a general rule, the roles can be split into the following categories:
- General 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
For further information on any aspect of PI insurance for bookkeepers, please do not hesitate to contact us.
Things we look for
- Practice Size – this is the gross annual income of the company & 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 provide that you hold the relevant qualification will be a mark of quality and should allow the underwriter to discount their premium.
Policy coverage
A typical Professional Indemnity insurance policy for bookkeepers will normally cover the following areas:
- Breach of civil liability
- Negligent act, error or omission
- Unintentional intellectual property rights infringement (other than patents)
- Unintentional breach of confidentiality
- Unintentional defamation
- Loss of third-party documents or data
- Computer virus transmission
- Negligence of sub-contractors
- Irrecoverable fees
- Bodily injury or property damage arising from breach of professional duty
- Defence costs
- Court attendance costs
Your policy coverage may vary between insurer.
Insurance types
Professional Indemnity
- Professional Indemnity provides cover for claims that arise as a result of the work you have completed or advice you have given.
Public Liability
- Public Liability provides cover should members of the public receive an injury or property damage due to your work. This protects your business should a compensation claim be made, also covering any legal costs that result from this.
Employers’ Liability
- Employers’ Liability provides cover for compensation claims and associated legal costs, arising from employee injury or work-related illness.
Cyber Insurance
- Cyber Insurance provides support in the event of cyber-crime and unintentional data breaches, offering cover against the cost of revenue and fines.
Directors and Officers
- Directors and Officers insurance policies protect you financially against any claims that are made against you personally in your position as a director, partner or officer of your business.
Legal expenses insurance
- If you were involved in a legal battle, knowing that any money you spend on legal bills would be reimbursed could make all the difference. Legal expenses insurance does just that. It ensures that your business remains financially stable after a legal case by helping to compensate the business for incurred costs.
Contact us to find out more about the right cover for your business.
