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Bookkeepers Insurance

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Bookkeepers insurance

Bookkeeper commercial insurance NZ

Bookkeeper Insurance is a tailored insurance package designed specifically for bookkeepers. It encompasses various types of insurance policies that a bookkeeper might require to protect against unforeseen events, legal challenges, and other risks associated with their profession.

Why is bookkeeping insurance important? 

Bookkeeping, while it may seem straightforward, comes with a host of responsibilities. One small error can lead to significant financial repercussions. Bookkeeper insurance ensures that in the event of mistakes, disputes, or accidents, you’re covered, allowing you to conduct your work with peace of mind.

In New Zealand, the average cost of bookkeepers insurance typically ranges between $75 – $150 per month. 

It’s crucial to have bookkeepers coverage if your business:

  • Handles confidential financial data
  • Provides advisory services
  • Operates with multiple clients
  • Faces potential legal disputes

What insurance covers are typically included in bookkeepers insurance? 

Bookkeepers Professional Indemnity

Bookkeepers PI protects bookkeeping businesses from financial losses if they make mistakes or are accused of negligence while doing their job. 

Best For
  • Negligence claims 
  • Errors & Omissions 
  • Professional mistakes 

Public Liability

This policy covers common bookkeeping business risks including bodily injuries, customer property damage, and advertising injuries. It’s required for most commercial leases.

Best For
  • Business Accident Coverage
  • Third-party Damages
  • Legal Cost Protection

Statutory Liability

This cover is a type of protection that helps bookkeepers cover costs if they accidentally break certain laws or regulations.

Best For
  • Unintentional breaches protection
  • Legal costs
  • Fines and penalties

Cyber Insurance

Insurance that helps protect bookkeeping businesses from financial losses caused by cyber-related incidents, like data breaches and computer attacks.

Best For
  • Ransomware attacks
  • Phishing scams 
  • Cyber extortion 

Management Liability

Management liability insurance in NZ shields bookkeeping company leaders from legal and financial risks due to their managerial responsibilities.

Best For
  • Directors liability 
  • Employment disputes
  • Legal defence

Business Contents Insurance

Business contents insurance in NZ is for protecting all the important stuff inside a bookkeeping business. If there’s a problem or accident, the insurance can help with the expenses.

Best For
  • Accidents 
  • Floods
  • Fires

How much does bookkeepers insurance cost?

Bookkeeping insurance premiums are calculated on several different factors including:

  • Types of cover
  • Turnover
  • Location 
  • Claims History 

Bookkeepers insurance in NZ typically costs between $75 to $150 per month.

Who needs bookkeepers insurance?

Anyone involved in the bookkeeping profession should consider this insurance, whether you’re an individual freelancer, run a small bookkeeping business, or operate a large firm. If you’re managing, organizing, or advising on financial records, this insurance is essential for your protection.

While it’s not a legal requirement, many clients and professional organizations may require it as a part of their contract or membership standards.

Yes, one of the primary purposes of this insurance is to cover potential financial losses arising from errors or omissions in your work.

How do I get an bookkeepers insurance quote? 

We understand the unique needs of bookkeepers in New Zealand. Leveraging our extensive industry knowledge and partnerships, we provide comprehensive bookkeepers insurance quotes from the top insurers in the country and globally. Entrust us with your requirements, and we’ll ensure you receive the most competitive and tailored coverage options available.

To obtain a bookkeepers insurance quote we may require you to provide some fundamental details about your business, such as:

  • The name of your business
  • The total number of employees
  • Predicted annual income
  • Years of experience in the industry

How do I get proof of bookkeepers insurance?

You can usually get proof of bookkeepers insurance same day when you purchase insurance through Gerrards.

Acquiring a bookkeepers insurance certificate from traditional insurance brokers may require a few weeks, a delay that could create problems for policyholders who need instant insurance proof for an imminent contract or project.

To obtain insurance coverage promptly, contact one of our bookkeepers insurance brokers. 

What does bookkeepers insurance not cover?

Intentional Wrongdoing

 This refers to any deliberate act of fraud, malfeasance, or deceit. Insurance is there to protect against honest mistakes or unforeseen circumstances, not intentional harm or fraud.

General Business Risks

Typical business risks like business interruption due to external factors or physical property damages in your office aren’t covered under Bookkeeper Insurance. Such coverages would fall under general business insurance.

Work Outside of Policy Territory

If you provide services internationally, be aware that some claims originating from work done outside the policy’s covered territory might be excluded. 

Other common questions about bookkeepers insurance

 Yes, you can. With Gerrards, we allow our clients to customize and add supplemental policies to provide comprehensive coverage tailored to their unique needs.

 Temporary or contract staff will most likely be automatically included. However it’s best to check with us to make sure as each policies terms differ.

Claims can potentially affect your future premium. The impact on your rates depends on the nature and severity of the claim, your overall claim history, and other factors. It’s best to discuss specifics with your broker.

While Bookkeeper Insurance covers many aspects of the financial world, specialized services like tax preparation might require additional or specific coverage. Always clarify with your insurance broker to ensure every facet of your services is protected.

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