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Products Updated June 4, 2018

Professional Indemnity Insurance For Bookkeepers

If you are working as a book-keeper then it is important that you have professional indemnity insurance because this will provide the protection you require to defend any legal action taken against you by clients should you make any errors.

2 providers expertly compared:

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All credit types
Rated 4.8/ 5

Simply Business Why?
Why?

This provider is our Expert’s Choice in its category as it won tops marks for the following.

  • TRUST
  • VALUE
  • EXPERTISE & KNOWLEDGE
  • CUSTOMER SERVICE

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Provider
Simply Business

Products
Small business insurance

speciality
Professional Indemnity Insurance

Simply Business is an insurance broker that specialises in helping small businesses get the professional indemnity cover they need to protect their business. Get a quote for a personal illustration.

2 providers expertly compared:

Available via broker only
All credit types
Rated 4.5/ 5

Hiscox

Provider
Hiscox

Products
Business Insurance

speciality
Professional Indemnity Insurance

Hiscox PI insurance is designed to protect anyone who could face claims and risks associated with such things as negligence, breach of contract, defamation. Cover is available for all business types including sole traders, partnerships and companies.

Professional Indemnity Insurance For Bookkeepers

We will work with you to find you the right cover at a cost that suits your business needs and this can all be set up with a regular monthly payment so you know exactly what you are paying. Professional Indemnity Insurance for book-keepers provides essential protection from a financial perspective and should a client suffer financial loss as a result of negligence, omission or error this cover will help you and your business to meet the cost of defending these claims as well as paying any damages.

PI Insurance For Bookkeepers

PI Insurance For Bookkeepers

Being a book-keeper means that you are seen as an expert and you therefore offer a service as well as advice, this means that clients rely on you, so should you make a mistake that can prove costly for them, they will seek to claim for any damages, which means the requirement for professional indemnity insurance has never been greater.

Claims made against book-keepers are on the rise so having the correct cover is essential because without it, it will have a huge impact on your business in many different ways.

How does it work?

It is crucial for your business to have professional indemnity insurance because you provide a service and because of this, it means that you could potentially make errors that could prove costly for clients. This form of insurance is also known as “Claims Made” insurance because any claims made should relate to the period in which cover was put in place. This form of cover will provide you with complete reassurance because you can be sure that if your client experiences any losses as a result of negligence or error then they will want to sue for damaged. Professional indemnity insurance will ensure that your business can continue to operate as normal whilst all costs related to defending your business as well as any compensation payments will be covered.

The features

Professional indemnity insurance comes with these features:

  • Simply put, your business will be covered and protected from all potential claims for damages made against you
  • If a claim is made against you, payment will not be released until the liability of the claimant has been understood
  • You will be protected for one year and the cover will protect you in many different waysYou will quickly realise how important this is to your business and it will be quickly absorbed as a crucial part of your running costs
  • Should the time come when you need to defend yourself, you can rest assured that all costs will be covered
  • The policy put in place will be written on a “Claims Made” basis, and this will be the case for the duration of the cover. This means that you will be covered for the timeframe in which the policy is in place should any claims be made against you
  • Different amounts of indemnity available
  • Loss of crucial documentation is covered
  • Court attendance costs are covered
  • Different payment options are available to you

What are the benefits?

The following are the main benefits of having professional indemnity insurance:

  • Total peace of mind because you know that your business is following any legal requirements as well as regulatory expectations
  • Defending any claim made against you is simple as the cover will provide reassurance and safety
  • If your client is awarded compensation by the courts, you know that having cover will ensure that any costs are taken care of
  • It will help you to defend any claims and the costs related to this, even if the claim has no real backing
  • Expert advice will be readily available to you and representation should you require it
  • If a claim is made, your business can continue to operate in the same way as it usually would which means that your business will not lose money
  • Giving your clients the impression that you are professional and trustworthy is crucial, so having professional indemnity insurance in place will help you to reassure clients
  • You monthly payments are set at a level that suits your needs whilst offering you the maximum cover possible

 

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