Insurance Made Easy is the ICB broker of choice in preparation of Professional Indemnity Insurance program.
ICB have worked with Insurance Made Easy to create a policy relevant and costed to all bookkeepers, from those in sole practice just for themselves through to larger organisations with multiple employees providing services. Designed and priced to appeal to bookkeepers. (ICB definition of bookkeepers: All persons commencing with data entry through processors, accounts clerks, reviewers, payroll administrators and troubleshooting consultants).
When considering a PI policy, be aware that some policies are more tightly worded than others, we have put together questions you should ask your Insurer when discussing your PI options. These questions are aimed to provide you with the information to know the answers and be comfortable with what you are getting. You can access these questions here.
Insurance Made Easy have made available the following information sheets to assist you.
Professional Indemnity Insurance
Business Insurance: including vehicles, property, professional indemnity, public liability and income protection.
Our Point of Difference
Your enquiry will always be answered by a real person and we consult with you as every client has their own individual needs.
- NIBA – National Insurance Brokers Association
- FOS – Insurance Brokers Dispute Facility
- VECCI – Vic Emp Chamber of Commerce & Industry
- AAIB – Australian Association of Insurance Brokers
- FCA – Franchise Council of Australia
- FBAA – Finance Brokers Association
- COSL – Credit Ombudsman Services Ltd
Over 3,000 Individual Business clients which include: Bookkeepers ,Business Coaches , Bakers, Florists, Tradesman, Graphic Designers, Manufacturers, Retailers, I.T Consultancies, mortgage originators, Travel Agents etc., including some major household names.
Professional Associations, Not for Profit Community / Sporting Associations, Franchise Groups
James Gillard - Managing Director
QPIB Over 20 years general insurance experience.
Helga Pitzer - General Manager
Over 30 years general insurance experience including National Claims Manager and Internal Dispute Resolution Manager for a major Australian insurer.
For further information regarding Insurance Made Easy, visit the Insurance Made Easy website here or call Adriana, Sam, Matt or Paul 1800 64 12 60 for assistance.
What is Professional Indemnity Insurance?
Professional indemnity insurance provides cover for claims brought against the policyholder due to their professional negligence.
Professional Indemnity insurance protects a professional from financial loss, injury or damage arising from a mistake or failure by the professional to exercise the required level of skill. This may mean that an award is made in favour of a person who suffers a loss, damage or injury. A professional may also be held to be liable for a mistake even though there was no negligence.
Therefore, if a professional holds themselves out as having a special skill, which can be relied upon by another, they should consider Professional Indemnity Insurance as crucial.
Professional Indemnity Insurance, other than just being logical, is required for all members of ICB who are in the business of providing bookkeeping services. A professional bookkeeper is assisted in establishing their credibility through being able to state that they are insured.
PI insurance is not just about you protecting your client, but also yourself in the case of error.
Who is a Professional?
Anyone who provides advice and/or services of a skilful character, according to an established discipline, can be regarded as a 'professional' in a legal sense.
So 'professionals’ include not only those who are traditionally viewed as professionals, such as doctors and lawyers, but also computer consultants, advertising agents, acoustics consultants, trade associations, fund managers, bookkeepers and so on.
There are three reasons why practising bookkeepers should hold PI insurance:
- To cover against financial (civil law) claims made against a company's work. These would usually be made by a client and could be directed at any party involved in a project for which the company might be responsible. (Examples of claims could be for input error, consumer loss etc).
- Under the Tax Services Act 2009, all bookkeepers who are registered BAS Agent's are required to hold current PI Insurance. Tax Practitioners Board states Insurance required for agents.
- Some clients, especially many government bodies, insist on this cover being in place before contracts are signed. This is to provide recourse in the event of the above.
More detailed questions are best posed directly to a PI insurance consultant who can provide specific answers based on knowledge of your business. We recommend that you contact Insurance Made Easy on 1800 64 12 60.