As a bookkeeper, you play a critical role in managing your clients’ financial records, payroll and compliance obligations. But even with the utmost care, mistakes can happen, and cyber threats are on the rise. That’s why having the right Bookkeepers Liability Insurance is essential – to protect your business, your reputation and your financial security.
The Bookkeepers Liability Insurance Scheme is designed for ICNZB members, including:
if you handle client financial records, tax filings, payroll or compliance tasks, the ICNZB members’ Bookkeepers Liability Insurance Scheme is for you.
While each business (and bookkeeper) is diifferent, bookkeepers face unique risks related to their daily tasks. Here are the most common areas of risk for bookkeepers:
Consequently, there are four main categories of claims that could be made against bookkeepers.
The Bookkeepers Liability Insurance Scheme conveniently packages the policies relevant to bookkeepers and provides added benefits negotiated especially for ICNZB members by Abbott Insurance Brokers.
Key benefits for ICNZB members:
There’s strength in numbers and the collective buying power of the ICNZB is one of the many advantages of your membership.
The scheme’s modular design means you can select the covers and policy limits that apply to your business, so you’re not paying for cover you don’t need.
The Abbott Insurance Brokers team will help you understand and identify the risks to your business and recommend the best mix of covers with the right level or protection for you.
Professionals who provide advice or a service to individuals, businesses or under government contract, or anyone who is required by contract to have their own Professional Indemnity cover in place.
This is possibly the greatest risk for bookkeepers and one that lingers even after you’ve sold or wound up your practice or retired.
If a client alleges financial loss as a result of something you’ve done or not done, the client may take legal action against you to recover those losses.
The client may allege you have:
The risk of a claim being made is not necessarily related to your skill or professionalism – it’s about whether an unhappy client alleges you’ve made a mistake, overlooked a critical piece of information, misstated a fact or the client has misinterpreted you in the course of your work.
Subject to the policy terms and conditions, Professional Indemnity Insurance will cover investigation costs, legal defence costs and court ordered settlements, which can be reasonably high.
It can literally make the difference between remaining solvent or going out of business.
All businesses that interact with other people, including contractors or consultants who work from home or visit client premises, or businesses with premises that clients or any members of the public can visit.
A general liability claim could arise from virtually any property damage or personal injury (not covered by ACC) that happens at your business premises or home office, or while you’re visiting clients etc. that can be attributed to you or your employees in the course of your day-to-day business activities.
Subject to the policy terms and conditions, General Liability Insurance will cover any compensation payments to third parties in the event of injury or death, the repair or replacement costs for damaged property and possessions, legal defence costs and court ordered settlements, including punitive and exemplary damages.
All businesses operating in New Zealand, including contractors and consultants.
Statutory Liability Insurance protects your business – you and any employees, directors, trustees and managers – against unintentional breaches of New Zealand laws that result in prosecution.
Subject to the policy terms and conditions, Statutory Liability Insurance will cover the legal defence costs and reparations if you unintentionally breach certain New Zealand laws, including the Privacy Act 2020, Health and Safety at Work Act 2015, Consumer Guarantees Act 1993, and Fair Trading Act 1986.
It also covers costs related to workplace injury or Commerce Commission investigations.
Every New Zealand employer.
Employers Liability protects business owners and directors from financial impacts if employees make claims against the employer on the basis of pain, suffering or loss of enjoyment of life.
Subject to the policy terms and conditions, Employers Liability Insurance covers the legal defence costs plus damages or settlements associated with workplace personal injury claims not covered by ACC, such as depression, anxiety or mental anguish; trauma, nervous shock or fright; and disease or infection resulting from unsafe workplaces.
Any business or organisation that relies on digital technology to store data, process transactions or operate online.
It’s an essential consideration for bookkeepers, accountants and financial professionals who manage sensitive financial data, process transactions and store client information digitally.
As a bookkeeper, you handle confidential financial records, banking details and payroll information on behalf of clients. This makes you a prime target for cybercriminals seeking to exploit security weaknesses, commit fraud or access sensitive data. Cyber Liability Insurance helps protect against financial losses, reputational damage and legal liability resulting from cyber incidents, data breaches, or fraud attempts.
Subject to the policy terms and conditions, Cyber Liability Insurance covers:
Cyber Liability Insurance is an additional cover, and the completion of a separate application form is required by insurers. Please get in touch if you would like to discuss this option.
The annual premium you pay will depend on the mix of covers and policy limits you select. Please click here to download a brochure with the current benefits and rate tables.
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Email your completed form to bookkeepers@abbott.co.nz
The Bookkeepers Liability Insurance Scheme is designed and managed by Abbott Insurance Brokers and underwritten by Ando Insurance Group Limited on behalf of The Hollard Insurance Company Pty Limited and certain underwriters at Lloyd’s managed by Ando Insurance Group Limited.
Our broker team is available to help with any questions you may have. Simply email Chantelle Charlton or Christine Atoa for assistance.
