Whether you are an independent bookkeeper out on your own, or you contract out part time bookkeeping help, proper insurance is a must! Insurance isn't just for those that hold the CPA designation and a bookkeeper should carry both E&O and General Liability insurance.
Typically bookkeepers process invoices, produce financial reports and statements, balance bank accounts, and keeping track of expenses. Everyone is human and errors do occur. Without insurance you may be left with a loss.
General Liability insurance protects against personal injury or property damage regardless of fault. For example, if your bookkeeper claims that you or one of your staff caused damage to their property or caused them injury, you could face a lawsuit or settlement expense.
Professional Liability is also known as Errors & Omissions (or E&O Insurance ) and is protection against an errors with regard to a client's finances. E&O protects the actual work being performed.
Years of claims have led to a growing trend, requiring bookkeepers to carry insurance. Whether you are out on your own, or you contract out help, it's time you insure the risk.
Please contact us for additional information.