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Professional Indemnity Insurance

Protect your Bookkeeping Business with ABN's PI Partners.

What is PI 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 on the TPB Website

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

 

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

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 business 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. If you 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 an insured'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 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

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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

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

The policy limit of liability  is on an any one loss basis 

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

$140

$165

$210

$250

$50,000 - $75,000

$146

$180

$238

$250

$75,000 - $100,000

Not applicable

$185

$245

$500

$150,000 - $200,000

Not applicable

$262

$349

$750

$500,000 - $625,000

Not applicable

Not applicable

$983

$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.

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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.

Westcourt General Insurance

 

 

 

 


Each Westcourt 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.

The Westcourt ABN policy is feature rich and complies with all requirements of the Tax Practitioners Board:

 Policy Feature  What This Means  TPB Requirement Westcourt ABN 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 Westcourt ABN policy also accords with TPB recommendations for additional policy features:

 Policy Feature  What This Means  TPB Requirement Westcourt ABN 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

Cyber & Privacy Breach Liability

Westcourt are pleased to announce a Cyber & Privacy Breach Liability sub-limit extension to your existing professional indemnity policy, effective May 2016.

Sum insured options are $100,000 and $250,000 excess is $500.

We’ve always adopted an innovative approach for bookkeepers over the years, be it structuring policy wordings specific to new income stream models, the provision of unlimited reinstatements etc.

There has in recent times been an escalation of cyber-attacks on businesses, one in particular launched via an accounting software platform.

In order to address concerns raised by the bookkeeping community and with the assistance of our pro-active and experienced underwriters at Woodina Underwriting Agency, we now have an optional extension to our already gilt-edged policy wording at a very reasonable price.

This offer will commence with all renewals and new business in May 2016; however, we are pleased to advise it has been extended to include April 2016 renewals based on a 12 month premium.

To apply for pricing, ABN Members can log into their ABN Member Centre to receive instructions on this process and to apply for PI Insurance.

Should you have any questions do not hesitate in contacting us on 02) 9771 3144.

Who Stands Behind ABN’s Policy?

The Broker - Headed by Tony Charman (AR #239937), authorised representative of Westcourt General Insurance Brokers Pty Ltd (AFSL: 238447). Our relationship has been forged since ABN's inception in 2001 and we continue to choose this broker because of their personalised service to our members. The broker is your representative. They deal with applications and annual renewals of your policy. It is their role to ensure that you get a policy that suits your circumstances and in the unfortunate event of a claim, to be your reference point with the insurer. They work closely with the underwriter to ensure that the terms and conditions of the policy meet your needs and maintain currency with changes in the industry.

The Underwriter - Woodina Underwriting Agency, based in Brisbane and with capacity provided by Lloyd’s of London, provide innovative expertise in the professional negligence, IT and liability sectors. They specialise in schemes, combining competitive premiums, tailor-made coverage and their unique in-house solicitors  claims handling model.

The Insurer Lloyds of London. Lloyds are the international benchmark against which other insurers are measured. Lloyd’s enjoys strong financial security and every policy is supported by an “A” (Excellent) rating from A.M.Best and an “A+” (Strong) rating from Fitch and Standard & Poor’s.

Do I Also Need To Consider Public Liability Insurance?

Public liability insurance protects you, and your business, from financial loss caused by injury or property damage to a member of the public anywhere in Australia as a result of negligence. Public liability insurance has become a very important segment of a business insurance portfolio as it also offers legal defence costs and provision for damages in the event of a negligence claim, be it spurious as is often the case in this day and age, or not.

Westcourt General Insurance Brokers can also arrange public liability insurance for you. When it is paired with PI cover, excellent savings are possible

How To Obtain PI Insurance

Arranging PI cover through Westcourt ABN policy is a straight-forward process but, importantly, it is also a personable experience that involves a “hands on” approach with our broker. ABN Members can log into their ABN Member Centre to receive instructions on this process and to apply for PI Insurance.

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