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Professional Indemnity Insurance

What is P.I. Insurance?

Professional Indemnity (PI) insurance indemnifies the professional bookkeeper from losses suffered by third parties due to negligence, error, failure or mistake on the bookkeeper’s part. PI cover provides funds to make good the loss suffered by a third party and to pay the costs of defending an action to ascertain liability.

Why Have PI Insurance?

PI Insurance is an important protection for any professional person or organisation. It mitigates the financial exposures you face of being in business and, in doing so, helps to better safeguard your business and personal assets. BAS Agents are required by the Tax Agent Services Act to maintain PI insurance to a level specified by the Tax Practitioners Board. BAS Agents are required to notify the Tax Practitioners Board of their coverage status. The specific requirements of the Tax Practitioner Board’s PI requirements are spelled out in their Explanatory Paper TPB(EP) 03/2010. 

PI Insurance for ABN Members

ABN is pleased to be offering members access to what we believe to be two of the most comprehensive PI Insurance products on the market for bookkeepers which are offered by Westcourt and iSure insurance. Information on the providers polices and how to apply is outlined below:

iSure PI Insurance
Westcourt PI Insurance