When calculating insurance prices for Professional Indemnity (PI) coverage for bookkeepers and BAS agents, several factors are typically taken into consideration, such as cover liability limits, business annual turnover, geographic location and additional services provided.
Selected activities |
Selected business annual turnover |
Selected cover limit of liability |
Cost starting from* |
Accounts preparation and bookkeeping |
$100,000 |
$1,000,000 |
$635 annually |
Accounts preparation and bookkeeping |
$200,000 |
$2,000,000 |
$775 annually |
Accounts preparation and bookkeeping Taxation / GST; Accounting software |
$100,000 |
$1,000,000 |
$968 annually |
* The price indicated is for policy premium only and is exclusive of GST, stamp duty, levies, service/broker fees, and credit card surcharge where such additional fees apply. Premium prices may start at this price and are subject to fluctuate depending on the level of risk/cover chosen when applying for cover as determined by the relevant insurer.
We leverage our strong market relationships to help deliver competitive insurance policies. Choose from limits of liability (up to $10 million), activities and other business attributes.
Why should you choose Marsh to arrange your insurance solutions?
The risk exposures of each business can differ based on a variety of factors. Some known and emerging exposures faced by bookkeepers include:
Negligence or breach of duty allegations from disgruntled customers
Injury or property damage claims from a third party
Property damage due to natural disaster
Cyber-attacks if your customer or business data is stored by a third party, including accounting software and tools.
Claims made means that you (the insured) are covered for claims made against you during the current term of insurance. Even if the incident happened in the past.
Professional indemnity policies provide a 'claims made' basis of cover. This is because advice or service errors in many professions may not be discovered until weeks, months or even years after the mistake was made.
Therefore, a professional indemnity policy or 'run-off' policy must be in place for a claim to be met by an insurer.
It’s also important to note that, if the limit of indemnity was changed, the limit that applies is the one purchased when the claim is notified – not when the work was completed.
Our team supports bookkeepers to provide risk and insurance advice that’s tailored to your unique risk exposures.
Packages we recommend to consider often include:
Professional indemnity insurance
Public liability insurance.
A certificate of currency is proof that you hold a current insurance policy.
Please contact us once you have paid for your policy and we will provide you with your certificate of currency.
Insurers use a range of details to calculate your insurance premium. These include your:
Level of cover
Business turnover
Prior claims history.
Insurers may also factor in the number of claims they expect to receive in a year for a particular business type.
You can count on Marsh to arrange insurance solutions to help protect you and your firm with comprehensive cover.
*Subject to terms, conditions and exclusions of the policy.
**Please refer to the Tax Practitioners Board’s Explanatory Paper TPB (EP) 03/2010 ‘Professional Indemnity Insurance’ for full details. It is your responsibility to assess whether a professional indemnity insurance policy is adequate for your business and risks in accordance with the Tax Practitioners Board’s requirements.
LCPA 24/156
This is a general overview of the policy. Please call us and ask for a copy of the insurer’s policy wording. We recommend you read the policy wording, so you have an understanding of the policy terms, conditions and exclusions before you decide whether this policy suits your needs.
Marsh Advantage Insurance Pty Ltd (ABN 31 081 358 303, AFSL 238369) (“Marsh”) arranges the general insurance (i.e. not the Discretionary Trust Arrangement) and is not the insurer. This page contains general information and does not take into account your individual objectives, financial situation or needs. For full details of the terms, conditions and limitations of the covers, refer to the specific policy wordings and/or Product Disclosure Statements available from Marsh on request. Marsh makes no representation or warranty concerning the application of policy wordings or the financial condition or solvency of insurers or re-insurers. Marsh makes no assurances regarding the availability, cost, or terms of insurance coverage. Any statements concerning actuarial, tax, accounting, or legal matters are based solely on our experience as insurance brokers and risk consultants and are not to be relied upon as actuarial, accounting, tax, or legal advice, for which you should consult your own professional advisors. The Discretionary Trust Arrangement is issued by the Trustee, JLT Group Services Pty Ltd (ABN 26 004 485 214, AFSL 417964) (“JGS”). Any advice or dealing in relation to the Discretionary Trust Arrangement is provided by JLT Risk Solutions Pty Ltd (ABN 69 009 098 864, AFSL 226 827) (“JLT”). JGS and JLT are businesses of Marsh McLennan. The cover provided by the Discretionary Trust Arrangement is subject to the Trustee’s discretion and/or the relevant policy terms, conditions and exclusions.
