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Professional Indemnity (PI) Bookkeeping Insurance

Protect your Bookkeeping Business with ABN's PI Partners.

Professional Indemnity Insurance for BAS Agents & Bookkeepers

What Insurance Do Bookkeepers Need?

While you don’t need Professional Indemnity (PI) Insurance to be compliant with Australian bookkeeper insurance requirements, it’s advisable to safeguard yourself and your bookkeeping business with a trusted and up-to-date professional indemnity insurance policy. It is mandatory for BAS agents to operate their business with PI insurance (also known as BAS Agent insurance). However, other bookkeepers are also strongly recommended to take out a PI Insurance policy. 

What is PI / Bookkeeping Insurance?

Professional Indemnity (PI) insurance for bookkeepers indemnifies the professional bookkeeper from losses suffered by third parties due to professional negligence, error, omission, failure or mistake on the bookkeeper’s part. Professional indemnity insurance for bookkeepers provides funds to make good the loss suffered by a third party and to pay the investigation and legal and defence costs of 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 of cover 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 on the TPB Website

PI Insurance for ABN Members

Thinking about taking out professional indemnity insurance cover for bookkeepers and BAS Agents? Australian Business Network (ABN) understands the complexity of dealing with insurance brokers and sorting through your general insurance requirements when you have other more pressing business activities to take care of. As such, ABN is pleased to be offering members access to what we believe to be three of the most comprehensive PI Insurance products on the market for businesses who provide bookkeeping services. These PI Insurance policies are specifically tailored for bookkeepers and we believe offer the most comprehensive cover for BAS agents and Bookkeepers. Information on the provider's policies and how to apply is outlined below:

PI Shield by Accountancy InsuranceWestcourt PI Insurance

 

PI Shield - provided by Accountancy Insurance

Professional indemnity insurance for bookkeepers, BAS agents, and tax agents.

We are proud to offer our PI Shield scheme to all ABN Members.

Understanding which professional indemnity insurance is the most appropriate for your circumstance can be overwhelming. However, it is important to understand the inclusions and exclusions of your policy. Without this knowledge you risk potentially catastrophic effects on your business.

The team at Accountancy Insurance acknowledge that you deserve personalised, high quality service and advice. With Accountancy Insurance’s PI Shield, this is exactly what you will receive. The professional indemnity insurance is designed specifically for bookkeepers, BAS agents, and tax agents. PI Shield is designed to take into consideration that all bookkeepers, BAS agents, and tax agents are different. So you can be sure that Accountancy Insurance will provide you with the right cover to suit your needs.


Obtaining a quote is simple!

Bookkeepers, BAS agents, and tax agents who receive a quote for PI Shield are often pleasantly surprised with the extensive covering and competitive offering. As a result of a strong relationship with the Australian Bookkeepers Network, Accountancy Insurance is able to offer members a special discounted premium for their PI insurance.

Alternatively, you can email the team and provide your current expiry date and we will contact you.

     


The advantages of PI Shield for bookkeepers, BAS agents, and tax agents.

  • PI Shield complies with Australian professional association by-laws, and fulfils the requirements of The Tax Practitioners Board in Australia, under the Tax Agents Services Act 2009
  • A broad civil liability policy to cover you
  • Full retrospective liability cover
  • Fidelity $100,000
  • Cost exclusive limit and excess
  • Optional extension to include Public Liability Insurance
  • Discount for existing Cyber Shield clients
  • Plus more

Highlights of the cover

PI Shield complies with Australian professional association by-laws, and fulfils the requirements of The Tax Practitioners Board in Australia, under the Tax Agents Services Act 2009.

In addition to providing the essential elements of professional indemnity insurance cover, PI Shield boasts the following additional features:

  • Market leading professional indemnity policy
  • Expert claims handling, managed locally with highly competitive premiums
  • No lengthy proposal forms to complete at renewal time
  • Convenient premium funding options for pay by the month instalments

Read our brochure:

PI Shield by Accountancy Insurance


Key PI Shield Policy Features

Bookkeepers, BAS agents, and tax agents are specialists in their field, and Accountancy Insurance is too with offerings exclusively for your profession. We realise that all bookkeepers, BAS and tax agent professionals have different needs. Your professional indemnity insurance should be tailored specifically to your needs, and if you are a client of Accountancy Insurance, it will be. Read on to find out about some of the key features of PI Shield.

 Policy Feature  What this means  PI Shield Policy Protected

Scope of Cover

The terms and conditions
on which indemnity
is provided

Fidelity cover (limit $100,000), Competition and Consumer Act 2010, Libel and Slander, Dishonesty, Loss of documents, Previous Business, Good Samaritan Acts, Intellectual property rights, Advancement of defence costs, New subsidiary companies, Official inquiries, Continuity, Public relations expenses, Vicarious Liability.

Persons Covered

The person to whom the insurance extends
  • Directors
  • Partners
  • Principals
  • Employees

Insurance Provider

The insurer of the PI policy Assurance of the highest standard. The policy is underwritten by Arch Underwriting at Lloyd’s (Australia) Pty Ltd, an Australian APRA approved insurer with a Security and AM Best rating of A+ (Superior)

Additional Features for ABN Members

Depending on your individual circumstance, you may be eligible to receive the benefits of standard PI Shield scheme. Otherwise, we will provide you with a tailored professional indemnity solution to suit your specific needs. If you need a tailored solution, we source the best quality policy at a competitive price with the ability to customise the cover options to meet your firm’s needs.

 Policy Feature

 What This Means

 PI Shield Policy

 

Fraud/dishonesty/fidelity

Covers claims made against the insured (provided they are not the perpetrator) for losses through dishonest or fraudulent actions, or caused through loss of monies

Innocent party fraud/dishonesty and fidelity cover

Legal defence costs

The costs associated with defending a claim for civil liability

Legal defence costs are included as part of the limit of liability

Automatic Reinstatement

In the unfortunate event that you have to make a claim on your policy, the limit of cover is automatically reinstated. This ensures that if there is another claim against you, the full amount of your cover applies

One reinstatement

Indemnity Limits

Maximum amount paid by the insurer for each claim

Fideility cover (limit $100,000)

Deductible Amount paid by you towards each claim A cost exclusive sum insured which is not reduced by any costs or expenses that are paid in investigating or defending a claim

PI Premium Examples:

 Fee Band

 

 Limit of Indemnity


Excess 
$1,000,000 $2,000,000

0-$50,000

$140

$320

$500

$150,000 - $300,000

$220

$375

$500


Get a quick quote

Bookkeepers, BAS agents, and tax agents who receive a quote for PI Shield are often pleasantly surprised with the extensive covering and competitive offering. An easy online application process is all that is required and your policy will be active typically within 1 - 2 business days, or less.

If you have purchased a professional indemnity insurance policy with another provider which does not offer adequate cover, you may find that it could be as costly as having no cover at all in the event of a claim! We strongly encourage you to understand exactly what your current policy covers, and more importantly what it does not. If you are uncertain of the extent of cover being offered by other insurers, contact the team at Accountancy Insurance.


Case study: Covered by PI Shield

Incorrect advice provided for estate tax return

A tax agent was employed to complete a deceased estate tax return. The tax agent advised that the estate was not required to pay any tax for the financial year, and that the tax component passed to the beneficiaries. It transpired that this was in fact incorrect and the ATO intervened. The beneficiaries were asked to refund the money to the estate so the appropriate tax owed could be paid.

The total amount paid in the claim was $5,975.

Bookkeepers, BAS agents, and tax agents can rest assured knowing that in the event they are required to make a claim on their professional indemnity insurance, they have comprehensive cover with PI Shield.

This case study demonstrates how one decision can lead to a time consuming and potentially costly outcome.


About Accountancy Insurance

Accountancy Insurance was established in 2003 to specifically service the needs of accounting firms.

Operating across Australia, New Zealand and Canada, Accountancy Insurance provides service to more than 3000 accounting firms across regional and metropolitan areas.

Tax audit insurance (Audit Shield), professional indemnity insurance (PI Shield) and cyber insurance (Cyber Shield) are commended offerings provided by Accountancy Insurance which are available to Australian accounting firms.

Contact Us

To find out more information on the comprehensive offering available with Accountancy Insurance to ABN Members, visit the Accountacy Insurance website or call our friendly team.

T: 1300 552 867

E: pi@accountancyinsurance.com.au

W: www.accountancyinsurance.com.au


All information provided on this page has been prepared by Accountancy Insurance Pty Ltd. This information a broad summary of the cover available and does not constitute advice in relation to the policy. For more information please call Accountancy Insurance on 1300 552 867 or email pi@accountancyinsurance.com.au ABN is an accredited referrer to Accountancy Insurance.

pi insurance

 

The isure ABN members combined liability insurance package, has been designed to protect bookkeepers like you. The package offers the flexibility to purchase professional indemnity insurance for bookkeepers and BAS Agents, with the option to add either public and products liability insurance and/or directors and officers liability insurance. You only pay for the cover you need and the online application is quick and easy.

At isure our single purpose is to provide cost effective insurance solutions that meet the real needs of busy professionals.

isure covers all bookkeeping businesses from sole practitioners to small businesses with 5 employees and from under $25,000 turnover to $2 million turnover per annum.

Renewal of your policy is all done online and we will send you reminders in advance to you ensure you have continuous cover and remain protected. You can also increase your cover during the year too. You can do this all online – it’s quick and easy.

An enhancement to the isure policy wording was launched in March 2018, with the inclusion of a Cyber Liability extension.

This extension will provide indemnification in respect of damages and claimant's costs for data breaches, network security and hacking incidents to a policy holder's own computer system, subject to policy terms and conditions.

The sub limit for this "first party" loss cover is $250,000 in the aggregate.

GET ONLINE QUOTE NOW

What are the benefits of isure?

  • Price in seconds
  • Cover in minutes
  • A+ (S&P) Insurer Security
  • PI limits up to $5 million
  • Individual cover – not a pooled policy providing greater peace of mind
  • Free retroactive cover
  • Indemnity limits and deductible levels tailored to ABN members

Why Should I Buy PI Insurance?

Professional Indemnity Insurance is one of the most important coverages a bookkeeper should consider. PI gives you protection (up to level of indemnity) for:

 Claim  Protected  Claim Protected

Defamation

  

Loss of Documents

Negligence and Errors and Omissions

Dishonesty of Employees

Breach of Competition and Consumer Act 

Infringement of Intellectual Property Rights

Breach of Confidentiality

Legal costs to defend a claim

In addition, the Tax Practitioners Board (TPB) requires tax and BAS agents to hold PI insurance. The Board requires that agents have a minimum amount of cover (based on turnover) provided that the amount of cover maintained is adequate for the risks associated with the provision of tax agent services and BAS services in the risk circumstances of each agent. To review the Explanatory Paper with respect to the PI requirements see Explanatory Paper TPB(EP) 03/2010.

Key isure Policy Features:

 Policy Feature

 What This Means

 isure Policy

 

Amount of Cover

The Limits of Liability available for purchase

$250,000 to $5 million, depending on your turnover

Scope of Cover

The terms and conditions on which indemnity is provided

Negligent wrongful acts in the provision of bookkeeping services, administrative and BAS Services, tax agent services and referral services to professional services firmsThat such costs form part of the cover

Persons Covered

The persons to whom the insurance extends

  • Directors
  • Partners
  • Principals
  • Employees

Insurance Provider

The insurer of the PI policy

isure Pty Ltd is a Lloyd’s cover holder and an authorised agent of certain underwriters at Lloyd’s. Lloyd’s is an APRA approved insurer

GET ONLINE QUOTE NOW

Additional Features for ABN Members:

 Policy Feature

 What This Means

 isure Policy

 

Fraud/dishonesty/fidelity

Covers claims made against the insured (provided they are not the perpetrator) for losses through dishonest or fraudulent actions, or caused through loss of monies

Innocent party fraud/dishonesty and fidelity cover (except for sole practitioners)

Legal defence costs

The costs associated with defending a claim for civil liability

Legal defence costs are included as part of the limit of liability

Automatic Reinstatement

 

The policy limit of liability in on an any one loss basis, unlimited in the aggregate.

Cyber Liability

Cover in respect of damages and claimants costs for data breaches network security and hacking incidents to your computer system

Sub limit $250,000 in the aggregate

Run-off Cover

Cover for unknown claims made and reported following the expiration of the policy arising out of acts, errors or omissions occurring during the period of run-off insurance cover

The policy can be renewed annually to provide run off cover if the business is sold or wound up.

Indemnity Limits

Maximum amount paid by the insurer for each claim

From $250,000 to $5 million.

Deductible Amount paid by you towards each claim Loew deductibles to reduce financial risk.

You should refer to the policy wording available by clicking here to identify the full terms, conditions and limitations of cover.

PI Premium Examples:

Here are some examples of PI quotes for our online system.

 Fee Band

 

 Limit of Indemnity


Excess 
$250,000 $500,000 $1,000,000

0-$25,000

$174

$200

$245

$250

$25,001 - $100,000

$174

$210

$267

$250

$100,001 - $150,000

$187

$225

$290

$500

$150,001 - $200,000

$245

$298

$386

$750

$200,001 - $250,000

$300

$367

$479

$750

Premiums are indicative only and subject to change. Premiums do not include stamp duty and GST. Liability and D&O insurance is an additional charge. Premiums are the same for 1 to 5 employees.

*An annual Administration Fee of $25.00 + GST is also payable. 

GET ONLINE QUOTE NOW

Who is isure?

isure Pty Ltd (ABN 48 159 365 947) is a Lloyd's coverholder and an Authorised Agent of certain underwriters at Lloyd's. isure Pty Ltd is an authorised representative (ARN 437064) of Arthur J Gallagher & Co (Aus) Limited (AFSL 238312). isure provides general advice on and arranges the issue of the insurance on behalf of the insurer. isure does not offer personal advice on the insurance.

Who is the Insurer of the isure ABN PI Policy?

All isure insurance products are underwritten by Lloyd's Lloyds are APRA approved in Australia and hold a S&P financial strength rating of A+.

Why have Public Liability Insurance?

Every business, no matter the size, has a duty of care to the general public. If a claim is made and your business caused physical loss, damage or injury to a person or their property, the courts may award costs and damages against you. How could it happen to you? Well, if you ever visit clients' premises or they ever visit your office, it could happen very easily. If you’re visiting them, no matter how careful you are, there is always the risk that you might accidentally damage something valuable. Even worse, if you’re working from their premises or using their equipment, someone could suffer an injury caused by you and you wouldn’t be covered by the client’s public liability insurance.

You can see why having public and products liability insurance offers peace of mind. Public liability insurance for up $20million can be added to the policy through the quote process.

How to obtain PI Insurance

Arranging PI cover through isure ABN policy is a quick and easy online straight-forward process. GET ONLINE QUOTE NOW


All information provided on this page has been prepared by isure Pty Ltd. This information a broad summary of the cover available and does not constitute advice in relation to the policy. .isure does not provide personal advice on the insurance. You should refer to the policy wording available by clicking here to identify the full terms, conditions and limitations of cover. For more information please call isure on 1800 447 873 or email
info@isureonline.com.au ABN is an accredited referrer to isure.

All-In-One Insurance Solutions - provided by Aviso EIA

Would you like all of your insurance taken care of with one simple call?

From public liability to motor vehicle insurance, Aviso EIA can take care of all your insurance needs and provide you with ongoing support including annual reviews and claims assistance.

Organising insurance for your personal life, let alone your business, can be overwhelming. Public Liability is often just one of a number of insurances a bookkeeping business owner will have to safeguard your assets and income. Cyber insurance, management liability and motor vehicle insurances are just a few of the additional covers you may need.

Aviso EIA is a one stop shop for both business and personal insurances. We work with you to understand your unique situation, compare and contrast insurance options and quotes to provide you with the best possible tailored insurance solution.

On average a broker will save you more than 11hours in placing insurance and more than 2.5 hours per claim. SMEs who use brokers also report better outcomes from claims and are less likely to be underinsured. ** (Source: National Insurance Brokers Association, Deloitte Access Economics Report 2020)

You deserve a bespoke insurance solution and someone on your side at claim time! Call us today.

Obligation free insurance review!

Bookkeepers, BAS agents, and tax agents who call Aviso EIA are entitled to an obligation free insurance review. We’ll review your entire insurance portfolio from bikes to boats, business and bookkeepers. Let us provide you with some recommendations, manage your renewals and ensure your policies are tailored to your risk appetite.

As partners of the Australian Bookkeepers Network we also offer all new members a discounted broking fee for the first 12 months.

Login to the ABN Members Centre to obtain a quote or arrange an review here. 

The advantages of Aviso EIA bookkeepers, BAS agents, and tax agents. 

  • All your insurances managed by a qualified, experienced broker
  • Competitive quotes and like-for-like comparisons
  • Access to the bulk buying power, schemes and discounts in the Steadfast Network and Aviso Group
  • Insurance that is compliant with Australian professional association by-laws, and fulfils the requirements of The Tax Practitioners Board in Australia, under the Tax Agents Services Act 2009
  • Tailored limits and excess, optional extras cover
  • Market leading advice, claims support and service

Each ABN policy owner enjoys individual cover. You are not grouped or under an umbrella limit with other bookkeepers. In simple terms, this means that the actions of other bookkeepers in the insurance pool in no way diminish the cover that applies to your policy. Complete an application form now, so we can review your bookkeeping insurance needs.

The Bookkeepers Charman PI Policy is feature rich and complies with all requirements of the Tax Practitioners Board:

 Policy Feature  What This Means  TPB Requirement Bookkeepers Charman PI Policy

Amount of Cover

The maximum amount of money the insurer has agreed to provide

$250,000 to $1 million, depending on your turnover

PI Insurance Ticks

Scope of Cover

The terms and conditions on which indemnity is provided

Civil liability arising from any act, error or omission in the provision of BAS services.

PI Insurance Tick

Persons Covered

The persons to whom the insurance extends

  • Agents
  • Directors
  • Partners
  • Employees
  • Contractors (if they do not have their own cover)
PI Insurance Tick

Exclusions

The terms and conditions on which indemnity is excluded

Cannot exclude the work of contractors if this means there is no cover for the BAS services provided to the client by that contractor

PI Insurance Tick

Excess

The first part of the loss which has to be paid by the policy holder

Cannot exceed the greater of 4% of turnover, or $1000

PI Insurance Tick

Insurance Provider

The entity providing the PI policy

An APRA approved insurer

PI Insurance Tick

 

The Bookkeepers Charman PI policy also accords with TPB recommendations for additional policy features:

 Policy Feature  What This Means  TPB Requirement Bookkeepers Charman PI Policy

Amount of Cover

Covers claims made against the insured (provided they are not the perpetrator) for losses through dishonest or fraudulent actions, or caused through loss of monies

Innocent party fraud/dishonesty and fidelity cover (except for sole practitioners)

PI Insurance Ticks

Legal defence costs

The costs associated with defending a claim for civil liability

That such costs form part of the cover.

PI Insurance Tick

Automatic Reinstatement

In the unfortunate event that you have to make a claim on your policy, the limit of cover is automatically reinstated. This ensures that if there is another claim against you, the full amount of your cover applies

At least one, and preferably multiple, automatic reinstatements

PI Insurance Tick

Run-off Cover

Cover for unknown claims made and reported following the expiration of the policy arising out of acts, errors or omissions occurring during the period of run-off insurance cover

Run-off cover should be taken out if the BAS Agent ceases to provide BAS services during the period of their registration

PI Insurance Tick

Download an Aviso EIA Brochure

About Aviso EIA

Aviso EIA has a long, rich history. Formerly two separate entities, Insurance Aid General Brokers and Eagle Insurance, Aviso EIA brokers have been in business since 1986.

With offices from the Northern Territory, throughout Queensland and into New South Wales. Aviso EIA has over 45 staff, numerous Authorised Representatives and a dedicated in house claims department, at the ready to support your insurance requirements while you focus on your business.

We don’t think of our clients as ‘transactions’; we provide high-value, personalised service to meet their specific requirements.

Contact Us

To find out more information on the comprehensive offering available with Aviso EIA to ABN Members, visit the Aviso EIA website or call our friendly team.

T: 1800 132 453
E: insurance@avisoeia.com.au
W:www.avisoeia.com.au 

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