As a Bookkeeper, a client could claim that errors in your work caused them to suffer a financial loss. If this should happen, Professional Indemnity Insurance covers your legal defence costs and damages awarded against you.
The core cover – Professional Indemnity insurance – relates to the advisory element of your work. As a bookkeeper, financial matters are at the heart of what you do. Compensation claims can occur when a client – or another third party – claims that they have suffered a financial loss as a result of your work. This could be due to an error in the advice you give, or an omission – neglecting to give important advice when you should have done.
You can select a level of cover to suit your needs, with options up to a £5m limit of indemnity. As the level of compensation claims increases, we strongly recommend that you seriously consider the £5m limit if possible. The policy is also on a ‘claims made’ basis, which means that as long as your policy is in force, claims will be covered as they arise – even if they relate to old projects from before you took out the policy.
As well as Professional Indemnity cover, you can add any of the following additional covers to your policy:
Thankfully, claims against Bookkeepers are rare. When such claims occur though, they can be costly, complex and time-consuming. Because compensation claims are a legal matter, it’s important that you get the right advice quickly should the worst happen. Even spurious claims still need to be defended and this is best handled with the support of an experienced claims specialist.
Professional Indemnity cover provides this support through ourselves, the AXA claims team and where necessary, a solicitor to help you defend the claim. Rather than pay for any legal support upfront, you simply report the claim and we will guide you through the process.
As part of Bridge Insurance Brokers – one of the UK’s Top 50 brokers – we hold ‘Chartered Insurance Broker’ status. This is in recognition of our technical knowledge, capability and ethical business practices. We arrange cover for Bookkeepers with AXA Insurance UK – an established insurer with a strong reputation for claims service. You can spread the cost of your insurance with us through interest-free instalments.
As an Independent Professional, the cover you need to protect yourself from compensation claims needn’t be expensive. You can get an indicative quote very quickly, be covered within minutes and spread the cost through interest-free instalments. All of our policies include Professional Indemnity cover – with full retroactive cover – as standard, with cover provided by AXA Insurance plc.Start your quote
Chosen provider of iPro's insurance products