In conjunction with the ICB, Willis Australia Ltd has developed further insurance solutions specifically designed for ICB members. Three additional covers have been tailored to respond to bookkeepers general insurance needs.

Download the Willis Insurance Facility for Members of the Institute of Certified Bookkeepers brochure here.

The following provides a general description of the insurance covers together with indicative pricing, for full details, click on the links.

1. Professional Indemnity Insurance

2. Public and Product Liability Insurance

3. General Property Insurance - Portable Business Equipment

4. General Propery Policy - General Business Equipment other than portable items

1. Professional Indemnity Insurance

 

* Bookkeeper priced premiums

* Cost of defending a claim are covered in addition to the limit

* Two claims per year COVERED 

ICB is proud to announce the appointment of Willis Insurance Australia as broker of choice in preparation of the ICB Professional Indemnity Insurance program.  The Insurance being provided by Allianz Australia Insurance Limited.

 

ICB & Willis have worked together 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.)

 

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 about you protecting your client but also yourself in the case of error. 

The ICB Professional Indemnity Insurance program

The following is a bullet point summary of  policy coverage offering,

 

• Premium Cost effective policy limit per bookkeeper,

• Costs Exclusive policy limit, ie Defence Costs in addition to, and not part of, the Policy sum insured,

• Costs Exclusive policy excess, ie no excess applies to Defence Costs. The policy excess is only $1,000 too,

• Civil Liability policy coverage. This is broader than a negligence wording as it covers strict liability where no negligence is involved,

• Broad business description to cover the many normal business activities of bookkeepers,

• One Reinstatement of Policy Limit per period of insurance,

• Automatic policy coverage up to the policy limit for: Libel, Slander or Defamation; Intellectual Property Rights; Misleading, Deceptive or Unconscionable Conduct; Loss of Documents; Dishonesty of Employees

• Policy coverage to a sub limit of $100,000 for Costs of Official Inquiries,

• Policy coverage to a sub limit of $50,000 for Fidelity,

• Automatic coverage for employees of bookkeepers and cover for any sub contractors whilst performing work on behalf of Insured bookkeepers can be negotiated case by case,

• Broad Definition of Claim

Reading between the lines you can see that it is a policy very applicable to us as bookkeepers.  NOTE: your costs involved in defending a claim ARE NOT part of the excess nor limit.  NOTE: Inclusion of employees and sub-contractors to be considered. 

PREMIUMS

Willis Insurance Australia has created a PI insurance package with premiums I believe are attractive and applicable

 

The premiums vary based on two main factors

 

1)       The level of fee income that you earn

 

2)       The level of cover that you require

 

Your precise premium is confirmed following your submission of an application for Insurance. 

 

Stamp duty is on the premium (excluding the GST).  GST is on the premium (excluding stamp duty). 

 

 

Indicative Premiums (ALL COSTS INCLUDED) 

- (example costs only, your precise premium is confirmed following your submission of an application for Insurance)

 

Level of cover	$250,000 per claim	$2m per claim
Where your fee income up to $120k the premium will be:	$528.00	$1089.00
Where your fee income up to $150k the premium will be:	$621.00	$1430.00
Where your fee income up to $250k the premium will be:	$940.00	$2233.00

 

You can dowload the Willis Insurance ICB Calculator here, please note that this calculator is to be used as a guide only.

 

2. Public and Product Liability Insurance

Your Willis/ICB Professional Indemnity insurance will protect you against claims alleging financial loss but not personal injury or property damage due to your negligence.

The Willis/ICB Public and Products Liability policy closes the circle of protection by indemnifying you against claims by third parties (clients, their employees and the general public) alleging you are legally liable for personal injury or property damage they have suffered due to your negligence.

On client premises claims can arise from instances such as:

• Spilling a glass of water on electronic equipment, laptop, PABX

• Accidentally knocking or dropping client equipment

• Bumping into a client or their employee and causing an injury

• Accidentally causing a fire or leaving a tap on

Incidents at your premises can also give rise to claims such as a client or supplier visiting your office is injured, e.g. tripping over cable or on a slippery surface

Non premises specific claims events may include accusations of libel or slander or unintentional breach of copyright

The policy limit of indemnity is $10,000,000 any one occurrence unlimited in any one period of insurance except for Product Liability claims where a $10,000,000 aggregate limit applies.

Within the $10,000,000 limit expenses and other costs covered include

• Legal costs and expenses associated with any inquiry

• All charges, expenses and legal costs awarded against you

• Expenses incurred by you for first aid rendered to third parties at the time of an occurrence

Property in your care, custody and control. The policy responds to claims alleging you are legally liable for damage to:

• Leased or rented premises (including fixtures and fittings) not owned by you

• Premises at which you are undertaking work in connection with your business and the contents of such premises which are in your care or control

• Vehicles (including spare parts and accessories thereon) not belonging to or used by you in connection with your business whilst within a car park belonging to or under your control where the car park is not used for any motor trade purposes

• Visitors, guests, volunteers and employees property

Any other property not mentioned above which is in your care custody and control up to $50,000 per occurrence and in the aggregate during any one period of insurance.

Indicative Premiums (including all statutory charges and broker fees)

Your precise premiums will be confirmed following submission of your application form, (click here to download a form). The following illustrations are selected bands. A sliding scale of premium applies within the bands.

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3. General Property Insurance and Portable Business Equipment

Protecting your valuable portable business equipment against physical loss, destruction or damage anywhere in Australia and New Zealand. Theft from premises or vehicles which are unlocked is excluded.

Portable business equipment comprises notebooks, laptops, audio, video equipment and mobile phones used in your business.

Select a sum insured up to $10,000.00

For general business equipment, other than notebooks, audio, video equipment and mobile phones see Policy 3 General Business Equipment.

Indicative Premiums (including all statutory charges and broker fees)

Your precise premiums will be confirmed following submission of your application form (click here to download a form). The following illustrations are selected bands. A sliding scale of premium applies within the bands.

4. General Property Policy - General Business Equipment other than portable items

Protecting your general office equipment, including desktop computers, furniture and fittings, against physical loss, destruction or damage at a fixed location i.e. home office or business premises.

Select a sum insured up to $50,000.00

Indicative Premiums (including all statutory charges and broker fees)

Your precise premiums will be confirmed following submission of your application form (click here to download a form). The following illustrations are selected bands. A sliding scale of premium applies within the bands.

Important: If you are purchasing 3 covers, deduct $55.00 inc.GST from the total price for the three sections.

Willis can provide quotations for higher limits of cover for all policies; if required. 

Core Policies Scheme Benefits

General Liability

- Limit of Indemnity $10m

- Excess $250

Portable Business Equipment

- Covers physical loss, destruction or damage anywhere in Australia

- Select cover up to $10,000

General Office equipment

- Physical loss, destruction or damage at office premises

- Select cover up to $50,000

Support Services

- Premium funding options

- Guaranteed competitive pricing

- Dedicated claims and service teams

- Options for higher limits

- Insurance tailored to suit member�s requirements

- Harnesses group buying power

- Increase profitability

- International Broker technical support

- Premium rates are exclusive to ICB members

- Monthly instalments

- Assist in cash flow management

- Personalised service

- Easy contact options include 1800 phone number

How Do I Obtain a Quote?

To obtain a quotation, please complete and return the application form, which is obtainable by clicking here or by clicking on the links provided below. 

Completed application forms should be sent to:-

Facsimile: 03 8681 9980

Email: walshg@willis.com

Mail:   Willis Australia Limited

         GPO Box 956,

         Melbourne, Vic, 3001

Enquiries:      03 8681 9826