Insurance for Bookkeepers in Australia Simplified

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Insurance for Bookkeepers

One mistake can lead to a variety of liabilities when financial records are handled erroneously. A type of product liability insurance, insurance for bookkeepers helps you cover for claims due to mistakes in managing expense tracking and keeping general ledgers for clients.

If you are in the bookkeeping industry, running a bookkeeping business or have bookkeepers, you need professional indemnity insurance to help you prepare for legal and defence costs from claims than face the risks without protection.

Aside from Professional Indemnity Insurance cover, which can help you in instances of mistakes and omissions on your part, you should also add other important policies to your coverage.

Insurances you can’t go without in Australia

Creating the ideal insurance package for your business helps you cover all the necessary risks that your business may face. The amount of cover would also depend on your requirements.

Here’s a list of suggested, but not limited to, insurance policies for bookkeepers:

Public Liability Insurance

is a requirement when leasing business premises, including a home business. If your client claims for incidents such as slips and falls, public liability insurance may hep cover the legal and defence costs.

Professional Indemnity Insurance

An important policy to have in your insurance coverage is professional indemnity (PI) insurance. It covers expenses resulting from legal and defence costs incurred. Professional indemnity insurance policy also includes cover for any damages or costs if you have been alleged to have provided inadequate advice and service.

Office Insurance

This insurance policy may cover damage to your office premises internally, including furniture and equipment. Even if your office is at home, this insurance coverage works best if you want the contents protected.

Other business insurance products for Bookkeepers

Risks for Book Keepers are not only related to practice but to business operations as well. Aside from professional indemnity insurance and other above-mentioned policies, get covered by other business insurance. These policies below are a recommendation only and are subject to a review of your specific requirements

Management Liability

This policy is specifically for private companies and covers claims of wrongful management, employment practices breaches (wrongful dismissal or discrimination actions), crime (theft by employees or third parties), tax audit and statutory fines and penalties.

Business Insurance

This protects your business, covering equipment and property damage from accidents, losses due to theft, fire, glass but not limited to. You may also want to consider Business interruption, for the potential loss of income, under certain sections of the business policy.

Workers Compensation Insurance

Worker’s compensation is a mandatory requirement for all businesses to cover their staff and contractors in the event of an accident.

Tax Audit Insurance

Whether you run a small or large business or work as a contractor. This insurance will cover your business for tax auditing by the ATO.

Personal Accident and Illness Insurance

This insurance is for every individual business owner or contractor, as accidents and sickness do happen to business owners and contractors, this may assist your business to enable you to employ staff to cover you the business owner while you are unable to work.

Cyber Insurance

If you maintain a website or a digital record of your customers’ personal information, especially online, you are at risk of a data breach. This policy covers you from data theft.

Sparrow Insurance is a reliable insurance broker that offers you some of the most reliable insurance products on the market.

If you want to know more about our insurance solutions for your business needs, you can contact us by visiting our website or giving us a call and we will go through the process with you.


How do I find the right insurance broker for my business?

Contact Sparrow Insurance to help you with your insurance policy.