A one-stop liability solution for bookkeepers

The ICNZB Liability Scheme conveniently packages the policies relevant to bookkeepers and provides added benefits negotiated especially for ICNZB members by Abbott Insurance Brokers.

It means ICNZB members can access better policy wordings providing greater protection and at a better premium than you could get elsewhere by going it alone.

Basically, there’s strength in numbers and the collective buying power of the ICNZB is one of the many advantages of your membership.

Customise your cover

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.

What’s covered and why

There are four main categories of claims that could be made against bookkeepers.

  • Claims relating to your professional advice or services
  • Claims arising from property damage and personal injury
  • Claims relating to breaches of NZ law resulting in prosecution
  • Claims arising from employees

You can mitigate these risks with the following liability insurance policies:

Professional indemnity insurance

Who’s it for?

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.

Why you need it

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:

  • Failed to provide promised services
  • Been negligent in rendering professional services
  • Provided shoddy, incomplete or incorrect work
  • Made mistakes, oversights or omissions

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.

What does it cover me for?

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.

The policy also includes ‘Run-Off Cover’ to protect you against long-tail exposure under the Limitations Act, and a market-leading ‘Errors and Omissions’ wording for greater protection.

General Liability Insurance

Who’s it for?

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.

Why you need it

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.

What does it cover me for?

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.

Statutory Liability Insurance

Who’s it for?

All businesses operating in New Zealand, including contractors and consultants.

Why you need it

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.

What does it cover me for?

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.

Employers Liability Insurance

Who’s it for?

Every New Zealand employer.

Why you need it

Employers Statutory 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.

What does it cover me for?

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.

How much does it cost?

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 rate tables.

Who is involved in providing the scheme?

The ICNZB Liability 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.

Who can I contact for more information?

Our broker team is available to help with any questions you may have about the ICNZB scheme. Simply email icnzbinsurance@abbott.co.nz and we’ll take it from there.