It is important to understand what you are buying when purchasing Professional Indemnity insurance especially if buying from an insurer of insurance broker operating a scheme for a particular profession or industry. Some insurers and brokers offer insurance cover under Master Policies which have one sum insured for all participants in the policy. This means [...]

A Professional Indemnity Insurance policy is whats know as a “Claims Made” policy which is a policy that responds when a Claim is notified, not when the event happened. This makes it so important to continue to renew Professional Indemnity insurance each year. For example a bookkeeper did work for a client in 2007, however [...]

Top questions to ask about potential Professional Indemnity Insurance cover These questions are aimed to provide you with the information to know the answers and be comfortable with what you are getting!  1.                 Does the policy cover every aspect of your bookkeeping/consulting business?  It needs to include that you provide all aspects of bookkeeping work from [...]

Unlike most classes of Business Insurance, Professional Indemnity Insurance works on a “claims made” basis. That is when a claim circumstance is notified to the insured and not when the event happened. For example, you may have made a mistake three years ago and had not been made aware of it until this year. The claim [...]

The Chair of the Tax Practitioners Board (TPB), Dale Boucher, today announced details of requirements for registered tax and BAS agents to have professional indemnity insurance coverage starting from 1 July 2011. The TPB are aware that approximately 70 percent of BAS agents did not have PI insurance cover when they were first registered with [...]

The Australian Government’s new tax agent & bookkeeping regulations came into effect from March 1st and have made some significant changes to the industry. What is of real interest to most people however, are the flow-on effects for small businesses. First of all there’s the good news. As a small business you stand to receive [...]