Why Have Professional Indemnity Insurance?
Regrettably, some bookkeepers have opted to conduct their businesses without professional indemnity cover. This is a dangerous practice. Professional indemnity insurance is a necessity for any business in the litigious environment in which we operate. Bookkeepers are not exempt from liability – if someone suffers loss, and you are the cause, you may be held liable. As bookkeepers, you are in the front row, preparing figures for your clients to hand to banks and other lending institutions that rely upon these figures you have prepared. Your clients also rely upon your work because the data that you have compiled or maintained is used by your client or their accountant in preparing such things as their Business Activity Statement. In addition, the Tax Office have publicly announced their intention to increase the level of audits conducted on the business community to ensure adequate levels of compliance. This further places the work of bookkeepers under the spotlight. How ABN Can Help Th
